Best of the Week
Most Popular
1. US Housing Market House Prices Bull Market Trend Current State - Nadeem_Walayat
2.Gold and Silver End of Week Technical, CoT and Fundamental Status - Gary_Tanashian
3.Stock Market Dow Trend Forecast - April Update - Nadeem_Walayat
4.When Will the Stock Market’s Rally Stop? - Troy_Bombardia
5.Russia and China Intend to Drain the West of Its Gold - MoneyMetals
6.BAIDU (BIDU) - Top 10 Artificial Intelligence Stocks Investing To Profit from AI Mega-trend - Nadeem_Walayat
7.Stop Feeding the Chinese Empire - ‘Belt and Road’ Trojan Horse - Richard_Mills
8.Stock Market US China Trade War Panic! Trend Forecast May 2019 Update - Nadeem_Walayat
9.US China Trade Impasse Threatens US Lithium, Rare Earth Imports - Richard_Mills
10.How to Invest in AI Stocks to Profit from the Machine Intelligence Mega-trend - Nadeem_Walayat
Last 7 days
China Hang Seng Stocks Index Collapses and Commodities - 24th May 19
Costco Corp. (COST): Finding Opportunity in Five Minutes or Less - 24th May 19
How Free Bets Have Impacted the Online Casino Industry - 24th May 19
This Ultimate Formula Will Help You Avoid Dividend Cutting Stocks - 24th May 19
Benefits of a Lottery Online Account - 24th May 19
Technical Analyst: Gold Price Weakness Should Be Short Term - 24th May 19
Silver Price Looking Weaker than Gold - 24th May 19
Nigel Farage's Brexit Party EU Elections Seats Results Forecast - 24th May 19
Powerful Signal from Gold GDX - 24th May 19
Eye Opening Currency Charts – Why Precious Metals Are Falling - 23rd May 19
Netflix Has 175 Days Left to Pull Off a Miracle… or It’s All Over - 23rd May 19
Capitalism Works, Ravenous Capitalism Doesn’t - 23rd May 19
The Euro Is Bidding Its Time: A Reversal at Hand? - 23rd May 19
Gold Demand Rose 7% in Q1 2019. A Launching Pad Higher for Gold? - 23rd May 19
Global Economic Tensions Translate Into Oil Price Volatility - 22nd May 19
The Coming Pension Crisis Is So Big That It’s a Problem for Everyone - 22nd May 19
Crude Oil, Hot Stocks, and Currencies – Markets III - 22nd May 19
The No.1 Energy Stock for 2019 - 22nd May 19
Brexit Party and Lib-Dems Pull Further Away from Labour and Tories in Latest Opinion Polls - 22nd May 19
The Deep State vs Donald Trump - US vs Them Part 2 - 21st May 19
Deep State & Financial Powers Worry about Alternative Currencies - 21st May 19
Gold’s Exciting Boredom - 21st May 19
Trade War Fears Again, Will Stocks Resume the Downtrend? - 21st May 19
Buffett Mistake Costs Him $4.3 Billion This Year—Here’s What Every Investor Can Learn from It - 21st May 19
Dow Stock Market Trend Forecast 2019 May Update - Video - 20th May 19
A Brief History of Financial Entropy - 20th May 19
Gold, MMT, Fiat Money Inflation In France - 20th May 19
WAR - Us versus Them Narrative - 20th May 19
US - Iran War Safe-haven Reasons to Own Gold - 20th May 19
How long does Google have to reference a website? - 20th May 19
Tory Leadership Contest - Will Michael Gove Stab Boris Johnson in the Back Again? - 19th May 19
Stock Market Counter-trend Rally - 19th May 19
Will Stock Market “Sell in May, Go Away” Lead to a Correction… or a Crash? - 19th May 19
US vs. Global Stocks Sector Rotation – What Next? Part 1 - 19th May 19
BrExit Party EarthQuake Could Win it 150 MP's at Next UK General Election! - 18th May 19
Dow Stock Market Trend Forecast 2019 May Update - 18th May 19
US Economy to Die a Traditional Death… Inflation Is Going to Move Higher - 18th May 19
Trump’s Trade War Is Good for These 3 Dividend Stocks - 18th May 19
GDX Gold Mining Stocks Fundamentals Update - 17th May 19
Stock Markets Rally Hard – Is The Volatility Move Over? - 17th May 19
The Use of Technical Analysis for Forex Traders - 17th May 19
Brexit Party Set to Storm EU Parliament Elections - Seats Forecast - 17th May 19
Is the Trade War a Catalyst for Gold? - 17th May 19
This Is a Recession Indicator No One Is Talking About—and It’s Flashing Red - 17th May 19
War! Good or Bad for Stocks? - 17th May 19
How Many Seats Will Brexit Party Win - EU Parliament Elections Forecast 2019 - 16th May 19

Market Oracle FREE Newsletter

U.S. House Prices Analysis and Trend Forecast 2019 to 2021

Credit Card debt ? Top tips on Increasing and protecting your credit score / ratings

Personal_Finance / Analysis & Strategy Dec 09, 2006 - 12:51 AM GMT

By: Nadeem_Walayat

Personal_Finance

With Households on both sides of the atlantic hitting record amounts of credit card debt, it has never been more important to ensure that you protect and improve your credit score ratings to enable you get the lowest interest rates and best terms when negotiating loans or applying for credit credits. Basically the higher your credit score the lower your payments will be !

Credit Card debt ? Top tips on Increasing and protecting your credit score / ratings

The Market Oracle has prepared a list of top tips that will help you take the right steps to save money on credit payments.


  1. Your credit rating is a function of your total debt divided by your total credit limit, so closing unused accounts without paying down debt, may have the effect of worsening your credit limit. So our advice is to close unused accounts as your total outstanding debt reduces so as to keep a healthy 50/50 ratio, the higher you go the lower your credit scoring.
  2. You must have credit to have a credit history , this includes current accounts WITH an overdraft facility, if this is your first credit card, then look at getting one of the beginner cards such as the Capital One Classic which is much easier to obtain.Get Your Equifax Credit Report Now! (USA)
  3. Keep well managed accounts open , even if not used, i.e. accounts with a lot of history of good usage, as with credit scoring, good account management history matters. Though too many cards can also be a negative, try not to have more than a maximum of 6 active credit cards at anyone time.
  4. DON'T MISS PAYMENTS ! - Don't be late - Period - Manage your monthly payments, use direct debts and standing orders, if in doubt PAY EARLY ! This is not just for credit cards but for ALL bills ! I.e. gas, electric, council tax.
  5. Have a spread of account types , such as overdraft, current, credit card, mortgage, loans.
  6. Don't open a lot of new accounts at the same time - Pace your credit card account openings at say no more than 2 in a six month period.
  7. Periodically check your credit file for errors , say at least once every 12 months. Click for a free 30 day trial with Experian (UK)
  8. Self-Employed - If your planning to go self employed then you may want to apply for your credit cards before you cease being employed as this can be a negative in credit scoring.
  9. Read and understand your cards Terms & Condition s, so as you are not hit by a charge out of the blue i.e. some cards may require you to spend at least £500 over a 12 month period etc.
  10. Beware of mass marketing tricks - In truth, being "pre-approved" or "pre-selected" for credit is not only a waste of time, it can also be a hazard. This marketing trick is most generally used by companies looking for a soft touch - people who will be easily beguiled by the glossy literature with dazzling headline rates and are not too inclined to read the small print in other words, not the sort of person who researches best buys carefully and is wary of catches. In the worst case, being on the lists of marketers who mass-mail this sort of material can get you into trouble, because the ready-completed forms being sent to old addresses from out-of-date databases leave home-movers and people in homes of multiple occupation open to identity theft, as fraudsters scoop up the junk mail in communal halls and waste bins. If you think you might be at risk in this way, contact the Mailing Preference Services (i.e. mpsonline.org.uk)
  11. And above all - Make sure your on the electoral register ! As your application in all likely hood will be automatically rejected if you are not on the electoral roll, or at the very least suffer greatly in the score given.

Recommended Credited Referance agencies, which offer free trails and special discounts

Legal, effective credit report repair
Get Equifax Score Power
Credit Repair

 

Nadeem Walayat

(c) MarketOracle.co.uk 2005-2006

Disclaimer - This Article / Analysis is provided for general information purposes only and not a solicitation or recommendation to enter into any market position, and you are reminded to seek independent professional advice before entering into any investments or trading positions.
The Market Oracle is a FREE Financial Markets Forecasting & Analysis online publication. We aim to cut through the noise cluttering traditional sources of market analysis and get to the key points of where the markets are at and where they are expected to move to next
! http://www.marketoracle.co.uk

This article maybe reproduced if reprinted in its entirety with links to http://www.marketoracle.co.uk


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules