Tips to improve your oh-so-important credit score
By: Darrell Castle
Hello, this is Darrell Castle. I’m an attorney licensed to practice law in the state of Tennessee and I’ve been doing a series of videos on the topic of credit. And today on this video, we’re going to be talking about how to raise your credit score.
Your credit is very very important. It is what banks and other lending institutions use as a reference point to decide what your credit will cost, what your interest rate will be or even if you will be able to get financing. So, it is very very important.
But I admonish you when you’re using credit, be careful with it; it is dangerous and can be like a drug. It can be addictive. Though it can help you and be completely necessary, like a drug it can be addictive and plague you the rest of your life.
Now, having said that I’ll tell you that to raise your credit score, you’ll need an expert. We recommend “7 Steps to a 720” – that’s a very good course. It will teach you over the internet in a few good lessons how to raise your credit score and how to do it yourself. It doesn’t take bad things off your credit report; nobody can do that legally. It teaches you how to raise your credit score in spite of those bad things.
Now, there are some things you can do in the meantime.
#1 – On the credit cards that you have, never have a credit balance that is more than one-third of your limit. In other words, if your credit limit on that card was $1,000, don’t let your balance get above $330, and if you do it will hurt your score.
#2 – This is the most important – always pay on time and never miss a payment. That is the most important thing, no exceptions.
Also, if you’re really in trouble and you get in kind of a hole and you just can’t get a credit card, then you should consider a secured loan or a secured credit card where you deposit money to a bank or credit union and then use a card towards that limit like $500-600. The bank knows they’ll get their money because they have your money on deposit.
Finally, I’ll tell you folks that no one can raise your credit score for you; you’ll have to do it yourself. Use the things you are taught by the courses you take and whatever expert you use to raise your credit score. But they can’t do it for you. You have to do it yourself. You’ve got to get out there and take action and do it yourself.
And remember, folks, my advice to you always is to get out of debt and stay out of debt.
If you’re considering filing for bankruptcy OR if you have any questions on how to improve your credit score, you can speak to one of our experienced bankruptcy attorneys, free of charge, by calling (901) 327-2100 or by filling out one of the contact forms on this page.