The new year is here, which means it's time to buckle low on the resolutions of your new year. While some items on your list may be easier to achieve than others, improving your credit is not only feasible but necessary in 2014.
To make sure that you follow through resolution this new year, follow the steps below.
Know your report and scores
3-bureau creditThere are not improving your credit if you do not know where he is. To understand how to improve your credit, you'll need to know exactly what your credit score is, the status of your credit accounts and your credit profile and why this information is that it East.
You can obtain your full credit report 3-desk for free once a year from annualcreditreport.com; However, this service will not give you your credit score. If you want your 3-bureau credit report and your three credit scores, you can sign up for a free trial of one of the top credit report monitoring services and they provide that information instantly.
constantly monitor your credit and correct credit report errors
Getting your report and the initial credit scores is important because you need to understand where you begin your journey to a better credit. It is even more important to monitor your credit reports and scores to make sure your throughout the year shares are indeed improving your credit. This will be proof that you are fulfilling your New Year's resolution.
credit report monitoring services monitor your credit daily, alerting you immediately of any changes. Many of these services update your credit report and score often, so you can get the most-tp-possible date information. Identity Guard, for example, update your credit information every three months. This is the best way to stay on top of your credit and take fraud.
Monitoring your credit will also help you find errors in your credit report. credit report errors hurt your credit score if not fixed, and worse, they can be a sign of identity theft, which can be detrimental to your credit score. Millions of Americans have errors on their credit reports, learning to correct credit report errors.
Reduce your debt and maximize your available credit
Lowering your credit utilization rate is a great way to improve your credit score. It is as follows:
Having a high utilization of credit means that you have more debt than credit available for you to use. To help reduce this ratio, pay off your debt by making timely payments on your credit accounts.
If you work to improve a credit score that is already good, you can also qualify for a balance transfer card. Many of these cards offer a 0% introductory APR for over a year. By transferring the balance of your credit card for one of these cards, you will be able to pay off your debt faster without worrying about paying interest charges . Getting a balance transfer card will also increase your available credit limit, lower your credit utilization and improving your credit.
Be sure to only apply a balance transfer card if you think you will be approved. Credit inquiries occur on your credit report when you apply for a credit card. Although it may hurt your credit score slightly at first, if you are approved, your credit utilization will improve and more than offset the initial effect of the application.
Get a secured credit card if new credit is not an option for you
A secured credit card is a great way to show that you are responsible with credit if your score credit is not good enough to get a new regular (unsecured) credit card. They are easy to use - you put a specific amount on the card, for example, $ 300, and it becomes the limit available for you to spend. You can use it in stores like a regular credit card, and pay at the end of the month. Make sure you get a secured credit card that reports to the credit bureaus, such as Capital One Mastercard secure, so your timely payments and solvency will not go unnoticed.
Learn more about improving your credit by visiting our view credit report monitoring page. Now get those New Year resolutions. Happy New Year!