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Credit Score Improvements - How to Use the Credit Pie

April 22, 2012 | Comments: 0 | Views: 121

If your banker is breathing fire down your neck, attempting to foreclose on your home, threatening to take away your car, you may be too late. But... If you're at the cross roads, somewhere prior to losing it all due to bad credit, poor choices and lack of financial strategy, we're here to help you fix it.

  1. Don't wait until it's too late. If your credit score is creeping downward, stop before the spiral begins and get some help. Sometimes just a few more dollars in the budget can make a difference. Did you know that $100 more income each month would have stopped the majority of foreclosures from happening over the past seven years?
  2. Cash it in. If you budget well and still have too much month at the end of the money, cut the budget some more. Really, yes! You CAN cut deeper. Try these quick details that most folks miss... STOP going to Starbucks. Take coffee from home instead. (HINT: Buy a commuter cup!)
  3. Ebay works. Sell some stuff there and pay off your debt. If you have too many credit cards, pay them off. Don't cut them up or close the accounts, just stop using them. You can, if you must, freeze them into a block of ice you'd have to melt before you use them. (And you thought icing your finances meant somebody floated up river!)
  4. Walk or Carpool. Yes, you do have to buy shoes, but they don't have to cost as much as tires for your car. Get into shape and walk those extra miles to work one day a week. At the price of gas that could BE your extra $100 a month!
  5. Pay your bills on time. Late fees and extra charges add up. Pay those bills when you get them and you'll have less problem covering the charges, because there won't be any extra charges. While you're on the phone with them, ask if they have any ways to automatically reduce your bill. Yes, you can use water savers, night time hour watering schedules and better regulated heater/ac thermostats.
  6. Double up on credit card payments. Pay your bill the first part of the month. The second part of the month, pay anything you can afford toward reducing the total amount of the bill. Extra payments show up as points on your credit score. Do those!
  7. Eliminate new inquiries. While they only remove a point or two, every single point that's subtracted can make a difference in the amount of interest you pay on your home loan. Until you have it, don't apply for any other credit.

Alice C. Edgars understands the need to improve your financial well being and maximize your financial impact with a great credit score. Visit and get a subscription to her amazing, informative newsletter. You'll understand killer values and lifestyle financial impact while you find your dream at PLUS!

Source: EzineArticles
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