Your credit score, how to manage it

Submitted by: Michael Ramos www.creditrescuenow.com

Credit is so much more than a plastic card. It’s your financial trustworthiness. Having good credit means it will be easier for you to get loans and low interest rates. Low interest rates usually translate into smaller monthly payments. That’s important when you borrow money for a car or a place to live. Sometimes, people even check your credit when you apply for a job.

1. Do not close a credit card that you have had for more than 1 year.

2. Always keep your credit card balances below 50% of the limit.

3. One late pay is 35+ points off your credit score.

4. One collection account is 45+ points off your credit score.

5. Always use certified mail return receipt when you are trying to cancel a service or subscription to be sure it is received.

6. Closing an account with a balance can affect your credit score by up to 45 points.

7. Moving and changing jobs to many times can affect your credit score.

8. 10% of your credit score is based on the types of accounts you have.

9. A bill collector can not threaten to sue you unless he has the ability to do so.

10. A bill collector can not leave a message on your answering machine that you owe a debt or discuss your debt with anyone other that yourself or your spouse.