22 - TCnbc Magazine
Credit is like a muscle and needs to be exercised in order to grow. Personally, I use my credit cards for everything, however making sure I have enough in my actual account so I can pay them all off in full every month. That way I’m never carrying a balance and I’m showing I can manage credit. Plus its a way to rack up points! In doing this for the last few years, I’ve seen an improvement in my credit score.
Fixing Credit After Foreclosure
Its important when going through foreclosure to keep all other lines of credit current, maintained, and paid as scheduled . That way there is only one line of negatively affected credit. If you maintain payments on other lines of credit, your credit report will only reflect the missed mortgage payments and foreclosure. It’s been compared to a report card – you got A’s in every other class (lines of credit) and an “F” on only one line of credit because of the foreclosure. The A’s are going to pull your credit score up, like they would help maintain a healthy GPA.