Most people don't know it -- but their credit score plays a major role in determining the interest rate on a new loan. People often conclude that if they apply for and get a loan, they have good credit. Not true. Many people with so-so credit get loans, but at a much higher interest rate than people with a good credit score. As a result, more of their payment goes toward interest, rather than principal. Having a good credit rating will save you money.
How to Improve Your Credit Score
- Credit Limit: Make sure the credit limit on each credit card account is correct. The amount you owe on a credit card compared with the credit limit on that card creates your debt to credit ratio, which affects your credit score. If your credit report says your credit limit is lower than it really is, your debt to credit ratio will be higher, resulting in a lower score.
- Frequency of Use: The more often you use your credit cards, the lower your credit score, even if you pay off the balance every month. Use your credit cards less often and you'll improve your score.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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