We conclude our credit discussion with a few more tips and hope you learned a few things to improve your score!
How can I check my credit score?
Everyone is allowed a free credit report from all 3 of the credit bureaus each year. Simply go on line at www.annualcreditreport.com. If you want a FICO Score, you will need to pay for it. You can also pay a monthly fee to have your credit report monitored.
What if my credit score is low?
If you’re establishing credit for the first time, or you need to repair your credit, there are ways to boost your score. Look for a secured credit card. This is like a regular credit card, except that you will need to open a certificate of deposit or savings account that acts as collateral. The money stays in the bank and will actually earn you interest while the credit card improves your credit score. That is, as long as you use the card carefully. Make your payments on time and the information will be reported to the credit bureau. Make sure to keep on top of all your other bills and bank account. In 12 months, your score may go up enough to have the card converted to a regular credit card. One thing to note- prepaid cards are not reported to the credit bureaus, so even if you manage those well it won’t help your credit score.
Questions about your credit? Call the Consumer Credit Guru, Ray Schantz at (305) 245-2211 extension 384 or send him an email RSchantz@communitybankfl.com