Needless to say, a credit card with a good standing is invaluable. It's used for a number of purposes, such as obtaining a loan for a house or business. What about those who don't necessarily have the best scores to show off? Is it possible for these men and women to improve matters, so that they're on better financial terrain? In order to do this - and the likes of Bob Jain can agree - here are the big do's & don'ts you should follow.
DO be timely with payments. It cannot be stressed enough: being late on a single payment can be disastrous for your credit score. This is why you have to make them as soon as you can, ensuring that no late fees are accumulated. It also doesn't hurt that it will keep your credit score from falling. For those who might not be attentive, as far as the aforementioned payments are concerned, it's probably time to change up your strategy.
DON'T apply for many credit cards. Bob Jain CS, as well as other authorities in finance, will tell you that multiple credit cards aren't recommended. One of the reasons for this is that you're responsible for covering multiple balances, which can become quite messy. When you're unable to do so, the likelihood of debt becomes much greater. Having one credit card and one debit card will be fine, so don't go overboard.
DO act responsibly with your credit card. To say that credit card ownership entails responsibility would be an understatement. In order to get your score up, Bobby Jain CS will stress the importance of modest use. In other words, you shouldn't make too many purchases during a single month, since it could be difficult for you to pay it all back later on. To keep your credit score from falling, responsible use of credit cards is essential.
DON'T be hasty with credit score improvement. Anyone who has improved their credit score will tell you that the process doesn't unfold overnight. As a matter of fact, it takes time for the aforementioned score to become better. The best way to go about this is by exercising patience, along with following the steps covered earlier. Do not become discouraged, no matter how long it takes; your score will improve soon enough.
DO be timely with payments. It cannot be stressed enough: being late on a single payment can be disastrous for your credit score. This is why you have to make them as soon as you can, ensuring that no late fees are accumulated. It also doesn't hurt that it will keep your credit score from falling. For those who might not be attentive, as far as the aforementioned payments are concerned, it's probably time to change up your strategy.
DON'T apply for many credit cards. Bob Jain CS, as well as other authorities in finance, will tell you that multiple credit cards aren't recommended. One of the reasons for this is that you're responsible for covering multiple balances, which can become quite messy. When you're unable to do so, the likelihood of debt becomes much greater. Having one credit card and one debit card will be fine, so don't go overboard.
DO act responsibly with your credit card. To say that credit card ownership entails responsibility would be an understatement. In order to get your score up, Bobby Jain CS will stress the importance of modest use. In other words, you shouldn't make too many purchases during a single month, since it could be difficult for you to pay it all back later on. To keep your credit score from falling, responsible use of credit cards is essential.
DON'T be hasty with credit score improvement. Anyone who has improved their credit score will tell you that the process doesn't unfold overnight. As a matter of fact, it takes time for the aforementioned score to become better. The best way to go about this is by exercising patience, along with following the steps covered earlier. Do not become discouraged, no matter how long it takes; your score will improve soon enough.
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For more fiscal tips from Robert Jain CS, please consult Bob Jain Credit today.. Also published at Bob Jain: The Do's & Don'ts Of Credit Score Improvement.
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