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Building a good credit score can be hard. With debt, loans, and length of credit all being factors in the calculation

3 Things People With Excellent Credit Scores Do Every Day

Building a good credit score can be hard. With debt, loans, and length of credit all being factors in the calculation

3 Things People With Excellent Credit Scores Do Every Day

Building a good credit score can be hard. With debt, loans, and length of credit all being factors in the calculation, your credit score is a precarious but important number. It can be a lot to juggle, but you don’t have to be particularly financially savvy to make and keep an excellent credit score. An excellent score is in the range of 800 and above. That may seem like an unattainable score, but if you follow the habits that people with excellent scores follow, you too can build up to that score. Read on to discover three things people with excellent credit do every day. 

 

Stay vigilant 

 

One big thing that people with great credit scores do every day is stay vigilant about the things that are affecting their scores. If you haven’t already, you should be checking your credit score semi-regularly using a free credit reporting website. 

 

Despite what many people think, it doesn’t hurt your credit score if you check it yourself. If you read your report closely, you will be able to note any inaccuracies in your report, such as a mistaken auto loan or mortgage, that could be hurting your score. 

 

Another thing people with good scores check on regularly is their credit card transactions. It’s important to read through your credit card activity to make sure you aren’t being charged for anything that you didn’t purchase. For example, you might have signed up for a 12-week trial of a magazine, then forget that you’re still paying for the magazine years later. Charges that you didn’t create or forgot about can add up and hurt your score by upping your utilization, which reflects poorly on you. Make sure to dispute anything that looks fishy.

 

Set it and forget It

 

Another thing that people with excellent credit scores do is set rent and other bills on autopay. Being late for a payment on something can really hurt your credit score. By setting your bills to autopay, you won’t have to worry about remembering when everything is due. The money will simply be paid out of the account you link up. You could try setting the date for your automatic payment to a date close to when you get paid at work. That way, you know the money will be in your account and you won’t have to worry about moving money around to make the payment and avoid overdrafting. Having to pay an overdraft fee can just put you in the hole even more, which is counterproductive if you’re trying to boost your score.

 

Do yourself a favor by saving or investing

 

In the realm of setting and forgetting is investing and saving. People with excellent credit scores are often people who are holistically financially responsible. Activities that are responsible and allow you to gain capital over time, which will in turn help your score, are investing and saving. You want to make sure your savings are getting a good rate of return, so before you choose where to save or invest, make sure you check the term deposit rates at your bank. 

 

Term deposits offer fixed rates of return and your deposited money is guaranteed. If you shop around for savings account types and providers, you will be able to find something with an interest rate that suits your saving goals. Term deposits and other savings mechanisms are a great way to build your wealth, which will give you more security to work on boosting your credit score. Having a pot of money in savings is also helpful if you ever have an emergency and need to cover medical bills, car services, or a month or two of rent.   

Publish Date : 28 Ağustos 2019 Çarşamba 18:51

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