Improving your Credit Rating

South of the border, credit is already tightening because of the worsening economy. The same thing may soon happen here – so this is a great time to improve your credit rating. Here are top tips from the credit rating agencies.

• Pay your bills on time. Although the payment of your utility bills, such as phone, cable and electricity, is not recorded in your credit report, some cell phone companies may report late payments and that could affect your score.
• Try to pay your bills in full by the due date. If you aren’t able to do this, pay at least the required minimum amount shown on your monthly credit card statement.
• Try to pay off your debts as quickly as possible.
• Don’t go over the credit limit on your credit card. The higher your balance, the more impact it has on your credit score.
• Reduce the number of credit applications you make. If too many potential lenders ask about your credit in a short period of time, this could have a negative effect on your score.
• Make sure you have a credit history in your own name. This is especially critical for women who rely on their hiuusbands to run their finances. If you become single you will have a low score because you do not have a record of owing money and paying it back.

This simplest way to build a credit history is by using a credit card.

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