Tips For Keeping Your Credit Score Up
June 2013 - Volume XVII , Issue 6 June 2013 - Volume XVII , Issue 6
Owners : Len Hume & Annette Marchionda
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Tips For Keeping Your Credit Score Up
Once your credit history is established , keep the following tips in mind :
� Keep credit accounts active . As children leave the household and retirement looms on the horizon , many may seek to simplify their finances . What you might not realize is that closing old credit accounts with a positive credit history could negatively affect your credit score , especially if this process is done all at once . Keep the older accounts open , and use them for small purchases .
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Encourage financial independence . It ' s a common trend for the current generation to assist their children and grandchildren financially , even helping purchase large-ticket items like tuition , homes and vehicles . Co-signing for a loan affects these generous folk ' s credit accounts as well as their children ' s , and the behavior of either can affect the credit scores of both . Before co-signing , consider the length of the loan ' s terms and have confidence that payment obligations will always be met .
� Know how to protect your score , even in disasters . Natural disasters can happen at any time , and in any location . Those who are affected by a natural disaster can ask lenders to flag their accounts while they get their lives sorted out after the disaster . When lenders flag an account in this manner , the account is no longer used when your credit score is calculated . This can have both positive and negative effects .
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Review your credit files and your score . By checking to make sure your credit files are accurate and knowing your credit scores , you can make changes to your credit habits , improve your scores , or continue down the path of being a good credit manager . Everyone should get a copy of his or her credit report annually .
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