Local

April 12, 2012

9 tips for better credit

MSN Money

1. Get a credit card if you don’t have one: Don’t fall for the myth that you have to carry a balance to have good scores. You don’t, and you shouldn’t. But having and using a credit card or two can really build your scores.

2. Add an installment loan to the mix: You’ll get the fastest improvement in your scores if you show you’re responsible with both major kinds of credit: revolving and installment.

3. Pay down your credit cards: Paying off your installment loans can help your scores but typically not as dramatically as paying down — or paying off — revolving accounts such as credit cards.

4. Use your cards lightly: Racking up big balances can hurt your scores, regardless of whether you pay your bills in full each month. What’s typically reported to the credit bureaus, and thus calculated into your scores, are the balances reported on your last statements.

5. Check your limits: Your scores might be artificially depressed if your lender is showing a lower limit than you actually have. Most credit card issuers will quickly update this information if you ask.

6. Dust off an old card: The older your credit history, the better. But if you stop using your oldest cards, the issuers may decide to close the accounts or stop updating them to the credit bureaus. The accounts may still appear, but they won’t be given as much weight in the credit-scoring formula as your active accounts, said Craig Watts, an executive at Fair Isaac, the company that created the FICO score.

7. Get some goodwill: If you’ve been a good customer, a lender might agree to simply erase that one late payment from your credit history. You usually have to make the request in writing, and your chances for a “goodwill adjustment” improve the better your record with the company (and the better your credit in general). But it can’t hurt to ask.

8. Dispute old negatives: Say that fight with your phone company over an unfair bill a few years ago resulted in a collections account. You can continue protesting that the charge was unjust, or you can try disputing the account with the credit bureaus as “not mine.” The older and smaller a collection account, the more likely the collection agency won’t bother to verify it when the credit bureau investigates your dispute.

9. Blitz significant errors: Your credit scores are calculated based on the information in your credit reports, so certain errors there can really cost you. But not everything that’s reported in your files matters to your scores.




All of this week's top headlines to your email every Friday.


 
 

 

US Army, Raytheon achieve first inflight lethal intercept of low quadrant elevation rocket

YUMA PROVING GROUND, Ariz. – Raytheon successfully intercepted and destroyed a low quadrant elevation 107mm rocket as part of the second series of guided test vehicle flight tests of the Accelerated Improved Intercept Initiative program. The intercept is a major test milestone before the U.S. Army live-fire engagements begin in September. “Beginning only 18 months...
 
 

New Navy vessel named after Yuma

The U.S. Navy has decided to name one of their newest Joint High-Speed Vessels after the city of Yuma, Ariz., forming an even deeper bond between the local community and our military. Political officials from the state of Arizona and the city of Yuma were informed of the decision by the Honorable Ray Mabus, Secretary...
 
 

Navy to name new vessel after city of Yuma, Ariz.

U.S. Sen. John McCain of Arizona is praising the Navy’s decision to name its latest Joint High Speed Vessel after the city of Yuma. McCain says the naming is a “worthy recognition of the people of Yuma and all they do to support the men and women of our military.” Navy Secretary Ray Mabus says...
 

 
welcome1-2

Welcome home

Marine Corps photograph by Lance Cpl. Uriel Avendano Cpl. Jose Luis Hernandez, a Marine Attack Squadron 513 power line mechanic and a native of Willacoochee, Ga., proposes to his longtime girlfriend Zuleika Oleo, a native of Yu...
 
 
Marine Corps photograph by Lance Cpl. Zachary Scanlon

Yuma community residents adopt a squadron

Marine Corps photograph by Lance Cpl. Zachary Scanlon Left: Debi Mustain, the Coyote Ranch assistant troop committee coordinator and a native of Yuma, Ariz., and Peggy Munger, the Coyote Ranch troop committee coordinator and a ...
 
 
field-meet1

MCAS Yuma H&HS Field Meet

Marine Corps photograph by Lance Cpl. Uriel Avendano Marines from Headquarters and Headquarters Squadron, based out of Marine Corps Air Station Yuma, Ariz., took part in a squadron-wide field meet in which all the sections comp...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


Directory powered by Business Directory Plugin