February 29th, 2016 6:37 AM by Jackie A. Graves
Credit scores play a big role
in determining whether you’ll qualify for a loan and what your loan terms will
be. So, keep your credit score high by doing the following:
Thanks to an act of Congress, you can download one free credit
report each year at annualcreditreport.com. If you find any errors, correct
If possible, pay off the entire balance every month.
Transferring credit card debt from one card to another could lower your score.
Pay down as much as you can every month.
You’re penalized less severely for problems after a year.
Wait until after your home loan is approved to charge appliances
and furniture, as that will add to your debt.
If you’re applying for a mortgage, having too much available
credit can lower your score.
Having too many credit applications can lower your score.
However, multiple inquiries about your credit score from the same type of
lender are counted as one if submitted over a short period of time.
Even if you pay off their loan on time, the interest is high and
it may be considered a sign of poor credit management.
To view the original article