Credit Countdown to 2018 – Tip #6: 3 Credit Tips You Need to Know NOW

2018 will be here in just a few weeks, and as part of our New Year credit countdown, here are 3 credit tips you need to know NOW:

1 – Check your credit reports

You are legally entitled to one free credit report every 12 months. Review your credit reports carefully and dispute incorrect, incomplete and inaccurate information. If you find an error, write a letter to the credit bureau and the party who provided the information. Include any supporting information, like proof of payment, and keep a copy of your correspondence.

2 – Prioritize and pay your debts

The amount of debt you have is 30% of your credit score. So, how does it work? The amount of debt you have compared to your credit limits is called credit utilization. The higher your credit utilization, then the closer you are to your limits and the lower your credit score will be. Also, if you are paying off debt, you are paying interest, so you are losing money. Prioritize your debt by interest rate, and first pay off those debts with the highest rates.

3 – Create reminders to pay your bills

Your payment history is one of the key factors in determining your credit score.  That means you need to pay your bills on time, so set up reminders in your calendar.

If you improve and maintain your credit score, you’ll realize many benefits, like having access low APR offers on auto loans, not having to pre-pay for your utilities, and being approved for a home mortgage. And in order to get there, you need to have a plan that includes credit monitoring and management.

Also, if you are one of the 100 million Americans paying rent, solutions like RentReporters can help you build and improve your credit score by reporting your on time rent payments to TransUnion.

 

 

Get ready for 2018 the right way by taking control of your credit today.

For more information on RentReporters, visit here.

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