Simple way of fixing your Credit Score

Simple way of fixing your Credit Score

The most important part of your Credit Score is your Payment history. That means that by paying your accounts in a timely manner, your Credit Score will improve over time.

Easier said than done right?  Fixing you Credit Score will take some doing, remember that if you do miss a payment the history of that missed payment will remain in your report from 7 to 10 years.

For starters look at your Credit Utilization Ratio (CUR). When you look at this 30% is the magic number.

Let’s say you have a Credit Card with a $1,000.00 limit, if you have $500.00 charged to the card then you have a 50% CUR. That tells us that to keep the CUR at an optimized level we either have to lower the charges on the Credit Card or request a higher credit limit.

Here is a neat “trick” that you can consider for making your Credit Score go up. If you’ve had a line of credit open and after a couple of years you’ve paid it all off, don’t close it. You can request to lower the limit and make small purchases to keep it active and in good standing, obviously you need to make the payments in a timely manner for it to work.

And Finally, our groundbreaking trick… what’s a payment that you MUST make every month without fail if you aren’t a homeowner? Rent, that’s right, paying your rent on time can tremendously improve your credit score. All of ACUTRAQ’s Property Management affiliates can now report their tenants’ payments for FREE!!

If you are an ACUTRAQ  Client or Property Manager and you are not currently reporting your tenants payments via TU and would like to do so, please contact us at [email protected]

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