Hello,

Most people know that the higher one's credit score, the better your chances for obtaining a credit card or a line of credit against a business or home. Many people do not realize that a low credit score (below 700) can lead to a much higher rate of interest for any credit card or line of credit that one is able to obtain. These factors are particularly important these days, when credit is drying up and threshholds for extending credit are becoming more stringent.

Here are some tips for increasing a credit score to the high level and for maintaining a high credit score:

1. Sign up with an agency that monitors your credit score and which provides you with periodic updates on your credit report and score (FreeCreditReport.com is the one I use because they are inexpensive and reliable);

2. Pay the minimum + 10% of the entire balance owed every month so that the balance owed on any credit card or credit line will not increase, leading to mandate from the lender to speed up payments;

3. Maintain a small (under 25% of the total credit limit) balance on every credit card and, as above, pay off responsibly - this shows lenders that you can be trusted with a credit balance;

4. Get and keep at least three credit cards, each from a separate lender (Chase, Bank of America, and CapitolOne are good examples). One each of MasterCard, VISA, Discover Card, and American Express is also a good idea because it keeps the positive credit information coming to your credit report from several different sources. Gas cards and store cards are not as useful as general credit cards;

5. Do not buy with credit anything that you can not afford with cash.

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Very Respectfully Yours,

Laura

drlaurapost