While you're at it, look for any errors or possible fraudulent activity on your accounts. You can order one free report creditreport Knoxville per year from each bureau through the government-authorized AnnualCreditReport.com; otherwise you'll pay a small fee. You can also order a FICO® credit score (the score most commonly used by lenders) for $19.creditreport Knoxville 95 from MyFICO.com to know exactly where you stand.
Generally, FICO scores over 740 are considered excellent, while those falling below 620 may make it tough to even qualify for a loan. "It definitely pays to have a good FICO creditreport Knoxville Score," says Greg Pelling, vice president of Scoring and Analytics at FICO, the leading developer of credit scores. "Based on today's rates, a good score could save you almost $6,000 in interest payments on a three-year, $25,000 car loan. Or save you $30,creditreport Knoxville 000 on a $100,000 home loan over 30 years, if your score is above 740 rather than below 620. Lenders base their decision on many factors but your creditreport Knoxville FICO score plays a major role." Banish late payments. A single late mortgage payment could knock 100 points off your score, so set up automatic payments for recurring bills (mortgage, utilities, etc.). free consumer credit report Also consider setting up automatic minimum credit card payments if you're prone to forgetting or travel a lot. And sign up for text or email alerts from your bank or credit union for when your balance creditreport Knoxville drops below a minimum amount. Monitor 'utilization.' Exceeding individual credit limits is another good way to get dinged. In fact, the lower your credit utilization ratio (the percentage of available credit you're using), the better. Try to keep your overall utilization ratio -- and the ratios on individual cards or lines of credit -- below 30 percent. Although it usually it makes sense to pay down credit accounts with higher interest rates first, if you've tapped more than 30 percent of available credit on a particular card, bringing that percentage down first may help boost your score more quickly. free credit report a year Timing is critical. Even if you pay off your balance each month, creditreport Knoxville showing a high utilization ratio at any time during the month could conceivably hurt your score if the creditreport Knoxville statement balance is elevated when it gets reported to the credit bureaus. This is especially problematic for creditreport Knoxville people whose credit limits were lowered after the recession began.
A few suggestions:
- Spread purchases among multiple cards to keep individual balances lower -- while still paying off as much as you can each month, of course. Make an extra payment midway through the billing cycle so your reported outstanding balance appears lower. Ask lenders to reinstate higher limits if your payment history has been solid -- but don't tap the extra credit just because it's there.
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