Golden Financial Services Talks About How to Increase Your Credit Score in Less Than a Year
Too many Americans don't know their credit score, have no credit, don't know what's on their credit report and don't even know what a FICO score means.
Increasing your credit score is something that we should all work on doing.
According to Golden Financial Services, teaching Americans these basic fundamentals will not only educate Americans, but also put them on a path towards having good credit.
Everyone should know the basics to building good.
Currently in the United States less than 50% of Americans have obtained their free credit report this year, which everyone is entitled to.
On top of that, "the average FICO score in America is 691 (FICO).
Around 2% of undergraduate students have no credit history.
" Source: FINRA Investor Education Foundation, Sallie Mae, TransUnion, Experion, 7.
26.
2012 These facts prove that Americans need to devote more time and learn more about their credit.
A credit score is what lenders look at and base their decisions on.
For a credit card company, bank or loan company to loan consumers money, they need to know the risk involved.
The credit bureaus including Transunion, Experian and Equifax provide to lenders a consumers credit score, which basically helps a loan company to evaluate the risk involved with loaning someone money.
If someone has a low credit score and they get approved for a loan, they may be given a high interest rate.
If a person has a good or high FICO score, they pose less of a risk to lenders where they are rewarded with a better interest rate.
Therefore having good credit can pay off.
Having a high FICO score helps a person if they are looking to lease or buy a new car, buy a new home and even rent an apartment.
Having a good score also helps consumers with saving money in interest.
If consumers have a bad score, they will automatically get the highest interest rates when getting approved on loans.
Also this day and age many consumers are having to declare bankruptcy, have fallen behind on bills, join debt settlement or debt consolidation programs and need to rebuild their FICO score.
To increase your credit score by up to 100 points in 12 months or less, consumers will need to follow the rules that Golden Financial Services is providing to the public.
These rules are guaranteed to work and its free information.
A few of the most important rules included: - Keep your credit card balances low.
If you can keep your credit card balances below 30% of what your credit limit is, this will help to build good credit.
In other words, don't max out your credit cards because this can lower your credit score.
If you already have maxed out credit cards and have fallen behind on your accounts, then debt settlement can help you with settling your debts, getting them paid off and allowing you to start fresh.
- Use your credit cards and pay them off in full each month.
If you can do this, this is a great habit to get into and will really help with building good credit.
However as mentioned on rule one, if you do accumulate a balance on your cards, make sure to keep your balance below 30% of what your limit is in order to build credit.
- Have a good mixture of accounts including revolving credit and also installment loans like a car payment or mortgage payment.
Lenders like to see that you have a good mixture of accounts on your credit report that you are paying responsibly on.
To learn all of the 9 best practices to building good credit and increasing your credit score, visit the new page that was released by Golden Financial Services.
Increasing your credit score is something that we should all work on doing.
According to Golden Financial Services, teaching Americans these basic fundamentals will not only educate Americans, but also put them on a path towards having good credit.
Everyone should know the basics to building good.
Currently in the United States less than 50% of Americans have obtained their free credit report this year, which everyone is entitled to.
On top of that, "the average FICO score in America is 691 (FICO).
Around 2% of undergraduate students have no credit history.
" Source: FINRA Investor Education Foundation, Sallie Mae, TransUnion, Experion, 7.
26.
2012 These facts prove that Americans need to devote more time and learn more about their credit.
A credit score is what lenders look at and base their decisions on.
For a credit card company, bank or loan company to loan consumers money, they need to know the risk involved.
The credit bureaus including Transunion, Experian and Equifax provide to lenders a consumers credit score, which basically helps a loan company to evaluate the risk involved with loaning someone money.
If someone has a low credit score and they get approved for a loan, they may be given a high interest rate.
If a person has a good or high FICO score, they pose less of a risk to lenders where they are rewarded with a better interest rate.
Therefore having good credit can pay off.
Having a high FICO score helps a person if they are looking to lease or buy a new car, buy a new home and even rent an apartment.
Having a good score also helps consumers with saving money in interest.
If consumers have a bad score, they will automatically get the highest interest rates when getting approved on loans.
Also this day and age many consumers are having to declare bankruptcy, have fallen behind on bills, join debt settlement or debt consolidation programs and need to rebuild their FICO score.
To increase your credit score by up to 100 points in 12 months or less, consumers will need to follow the rules that Golden Financial Services is providing to the public.
These rules are guaranteed to work and its free information.
A few of the most important rules included: - Keep your credit card balances low.
If you can keep your credit card balances below 30% of what your credit limit is, this will help to build good credit.
In other words, don't max out your credit cards because this can lower your credit score.
If you already have maxed out credit cards and have fallen behind on your accounts, then debt settlement can help you with settling your debts, getting them paid off and allowing you to start fresh.
- Use your credit cards and pay them off in full each month.
If you can do this, this is a great habit to get into and will really help with building good credit.
However as mentioned on rule one, if you do accumulate a balance on your cards, make sure to keep your balance below 30% of what your limit is in order to build credit.
- Have a good mixture of accounts including revolving credit and also installment loans like a car payment or mortgage payment.
Lenders like to see that you have a good mixture of accounts on your credit report that you are paying responsibly on.
To learn all of the 9 best practices to building good credit and increasing your credit score, visit the new page that was released by Golden Financial Services.
Source...