ORLANDO, Fla. (Ivanhoe Newswire) — A survey from the national foundation for credit counseling found more people would be embarrassed to admit their credit scores than their weight. So what can you do to boost your score?
It’s that little number that can have a big impact on your buying power. According to credit-dot-com, a credit score of 750 or higher is considered excellent, 700 to 749 is good, 650 to 699 fair, and below 650 …
To raise your three-digit score, ask a relative or friend with good credit to be added to your credit card account. Also, don’t max out your cards. Try to maintain a good credit utilization ratio by using 30 percent or less of your available credit each month. So, if you have a three-thousand dollar monthly limit, you won’t want to charge more than 900 dollars. If you have a large credit card bill, try paying it twice a month. This will make it appear that you aren’t maxing out your cards. And, don’t close out any credit cards. Cancelling a card will cause your available credit to drop. Most importantly, pay your bills on time. Just one late payment can cost you 20 points or more, and your payment history makes up 35 percent of your fico score.
Helping you boost your credit score.
It can take 30 to 60 days before you see changes on your credit score. You can get a copy of your credit report for free at annual-credit-report- dot-com. You’re entitled to one of each of your three credit bureau reports, Equifax, Experian and Transunion, every 12 months.
Contributors to this news report include: Julie Marks, Producer; Tony Dastoli, Editor and Videographer.