Path to Good Credit

Path to Good Credit

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App details

Release date

0001-01-01

Last update

0001-01-01

Product ID

XPDFFNQ46CZ7WD

Categories

Personal finance

About Path to Good Credit

Whether you’ve made some mistakes and need to repair your credit or just want to keep your credit looking good, the tips in this app offer good advice. We offer daily/ weekly updates on credit building tips thru this APP

Building good credit takes time. It’s important to note that repairing bad credit is a bit like losing weight: It takes time and there is no quick way to fix a credit score. In fact, out of all of the ways to improve a credit score, quick-fix efforts are the most likely to backfire, so beware of any advice that claims to improve your credit score fast. The best advice for rebuilding credit is to manage it responsibly over time. If you haven’t done that, then you need to repair your credit history before you see credit score improvement.

3 Important Things You Can Do Right Now

Check Your Credit Report
Setup Payment Reminders
Reduce the Amount of Debt You Owe

How to Fix a Credit Score & Maintain Good Credit

Contributing 35% to your score calculation, this category has the greatest effect on improving your score, but past problems like missed or late payments are not easily fixed.

Pay your bills on time.

Delinquent payments, even if only a few days late, and collections can have a major negative impact on your FICO score.
If you have missed payments, get current and stay current.
Be aware that paying off a collection account will not remove it from your credit report.
It will stay on your report for seven years.
If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.
This won’t rebuild your credit score immediately, but if you can begin to manage your credit and pay on time, your score should increase over time. And seeking assistance from a credit counseling service will not hurt your FICO score.

Amounts Owed Tips

This category contributes 30% to your score’s calculation and can be easier to clean up than payment history, but that requires financial discipline and understanding the tips below.

Keep balances low on credit cards and other “revolving credit”.
High outstanding debt can affect a credit score.
Pay off debt rather than moving it around.
The most effective way to improve your credit score in this area is by paying down your revolving (credit cards) debt. In fact, owing the same amount but having fewer open accounts may lower your score.
Don’t close unused credit cards as a short-term strategy to raise your score.
Don’t open a number of new credit cards that you don’t need, just to increase your available credit.
This approach could backfire and actually lower your credit score.

Length of Credit History Tips

If you have been managing credit for a short time, don’t open a lot of new accounts too rapidly.
New accounts will lower your average account age, which will have a larger effect on your score if you don’t have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user.

New Credit Tips

Do your rate shopping for a given loan within a focused period of time.
FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.
Re-establish your credit history if you have had problems.
Opening new accounts responsibly and paying them off on time will raise your credit score in the long term.
Note that it’s OK to request and check your own credit report.

Types of Credit Use Tips

Apply for and open new credit accounts only as needed.
Don’t open accounts just to have a better credit mix – it probably won’t raise your credit score.
Have credit cards – but manage them responsibly.
In general, having credit cards and installment loans (and paying timely payments) will rebuild your credit score.
Note that closing an account doesn’t make it go away.

Key features

  • Free Credit Advise
  • Free Tips for good Credit Score
  • Not associated with any product or site
  • Best App for analyzing Credit union, Credit Cards, Credit rating, Credit Score, Credit history, Credit report, Credit Counseling and consolidation