5 credit rules everyone should follow
News from MSN Money:

This post comes from Jeanine Skowronski at partner site Credit.com.

Managing credit correctly requires a certain amount of discipline. If you let your spending get out of control or take on too many loans, you could face big money troubles.

That’s why, when it comes to borrowing, it’s important to have some guidelines. Here are five rules all consumers should follow so their finances and their credit score remain intact.

1. Make payments on time

Stellar payment histories are key when it comes to establishing a good credit score. They account for the largest percentage of all components used to calculate most credit scoring models and one missed bill will certainly cost you. As this FICO study illustrates, a recent late payment can cause as much as a 90-110 point drop on a

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News from Turn to 10.com:

By: Bob Hansen | NBC News

Buying a house or refinancing a loan is a big deal, but sometimes something as small as a late payment can make your plans come crashing down. 

In fact, a single late payment on a mortgage can push down your credit score as much as 60 to 110 points.  

And that can get in the way of a new home loan or refinance. 

“30 days? Bad. 60 days? Real bad. 90 days is going to be very difficult. It could be two to four years before you can get another mortgage,” said SDSU Real Estate Professor, Matt Goldman. 

Teresa Halleck, of San Diego County Credit Union says they have to look at scores and payment history to decide who will be a good risk in the future. 

“It shows demonstrated ability to pay and commitment to the lender that you’ll do so going forward,” said Halleck. 

A late payment on your car or your credit card can also have an impact on your credit score. 

It makes a difference on what rate you get. 

Which is why it’s not a good idea to make your payments too close to the end of the grace period. 

…………… continues on Turn to 10.com

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