6 Simple Habits That Build Good Credit.

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6 Simple Habits That Build Good Credit
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• If you are wondering how to improve your credit
  score, then there are some habits that you need
  to adopt to build your credit history and improve
  your credit score. These habits arent difficult
  to implement and they will pay dividends in the
  long run as your credit score improves over time.
  To start building good credit, be sure to
  consider the following 6 simple habits that build
  good credit scores.

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1Have a Budget

• You may have heard that you should budget your
  money to build good credit, but what exactly does
  that mean? It means knowing how much money you
  make and how much you need to spend every month.
  Write down all of your expenses and stick to
  them. If you find yourself struggling to make
  ends meet or save any extra money at all,
  re-evaluate whether your spending habits are
  realistic. Make sure youre paying yourself first
  so that if anything happens, like an emergency or
  unforeseen expense, youll still have enough
  money for living expenses. One way to do that is
  by setting up automatic transfers into a savings
  account each month. Remember The point of
  creating a budget is not just to write down
  numbers its also about sticking to it!

2 Negotiate your Credit Card Interest Rate
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3 Keep Debt Low

• If youre paying sky-high interest rates on a
  credit card, consider calling your bank and
  asking for a lower rate. Most of us live by the
  rule of thumb when it comes to credit cardswe
  charge 500 and pay off 50 each month. But there
  are better ways to manage debt. Here are three
  tactics that will help you improve your
  creditscore in short order 1) Pay more than your
  minimum balance Your payment history is one
  factor in calculating your credit score, so if
  you pay less than your minimum payment each
  month, it can hurt your score. Aim for at least
  double your monthly minimum, but even just adding
  10 per month to make sure youre always making
  at least some payment can have an impact over
  time. 2) Keep balances low The amount of credit
  youre using compared with how much credit you
  have available plays a role in determining your
  credit score. When too much credit is being used,
  lenders assume a greater risk of default and
  increase fees or reduce limits neither of which
  is good for your overall financial health.

• One of the simplest ways to improve your credit
  score is to keep your debt low. The less debt you
  have, especially on a revolving line of credit,
  like a credit card, the better.

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4 Dont Spend What You Dont Have

• And that means paying off high-interest loans and
  debt as soon as possible. A lower debt-to-credit
  ratio (aka debt-to-limit ratio) will help improve
  your credit score over time because it tells
  creditors youre more likely to repay them. The
  less debt you have, regardless of its interest
  rate, will always be beneficial to improving your
  score. Also, make sure you pay any bills on time
  if there are late payments in your credit
  history, make sure they are current before
  attempting to repair or build up your credit. To
  track which bills need to be paid when setting up
  reminders using tools like Due and Wunderlist or
  get an app for tracking all household bills such
  as those found in MoneyHubs App Directory. If
  you have any late payments in your past, consider
  paying those accounts first so that when lenders
  do look at whats called a credit report snapshot
  (as opposed to a full report), they can see that
  all outstanding debts are being responsibly
  handled by you.

This may seem obvious, but if youre not spending
what you dont have, you cant go into debt. If
you want to build good credit and improve your
credit score, it all starts with limiting your
spending to what you have in your account.
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5 Know Your Score

• A recent study found that credit card users who
  carry a balance accrue 4.5 billion worth of debt
  each yearthats 1 billion more than 10 years
  ago! Dont let that happen to you by living
  within your means and paying down any outstanding
  debts each month. Live frugally until your
  balance is zeroed outand then keep it there.

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6 Start Saving and Investing Today

• A great place to start with improving your credit
  score is to understand what goes into calculating
  it. Your credit score is calculated based on 5
  key factors. The most important one is your
  payment history, which counts for 35 of your
  overall score. This includes things like paying
  on time, how much you owe, and how long youve
  been using a given line of credit (e.g.,
  revolving credit versus installment). One good
  habit that can help improve payment history?
  Paying more than your minimum balance due (use
  our quick tool to find out what yours is) can
  significantly boost your score over time. Second
  in importanceaccounting for 30 of your scoreis
  amounts owed, meaning balances and limits across
  all accounts.

The most important thing you can do to improve
your credit score is also one of the simplest
Start saving and investing today. The more money
you put away in a savings account, 401(k), or
IRA, and then let compound over time (through
investment returns) with regular contributions,
increases your net worth.
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• And increasing your net worth is one of the major
  ways to improve your credit score. Whether its
  through a traditional retirement account like a
  401(k) or an employer-sponsored matching program,
  or through something like an individual
  retirement account (IRA), make sure youre
  putting enough money aside so that every paycheck
  goes toward at least one of these savings
  vehicles.

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