In difficult times it can seem almost impossible to keep your good credit standing. Here are some tips that you can use to assist you at anytime and especially difficult ones.
Keep An Eye On Your Credit
This can seem like a small and insignificant thing but being aware of your credit report and activity keeps your credit in the forefront of your mind. As well as, during these times we find increased identity theft activity. Monitoring services become extremely important and give you additional protection as well.
Little To No Hard Inquiries
Even though this is only accounts for 10% of the makeup of your credit score, it still has negative effects on your credit. The more that appears on your reports, means the less likely you may be approved for a loan or credit card.
Keep Your Credit Card Usage To A Minimum
Your ultimate goal should be to maintain between zero and ten percent of your available revolving credit. This ensures you the best possible score in the credit usage category of the scoring system. Of course if you find yourself much higher than that a great place to start would be to get to 30% or less.
Avoid Late Or Missing Payments At All Cost
This one is another biggie and it can have a negative effect on your credit for years. Remember a late payment isn’t reported unless it is over 30 days late.
All this is easier said than done at times. If, however, you can’t keep up with these things…
- Reach out to your provider(s) ahead of time to see what programs they may offer. Let them know you may have to miss a payment due to hardship. Be honest!
- Communicate, communicate, communicate. It is always better to than to ignore and hope the problems will go away.
- Reach out to friends and family. This always seems scary but to ask is better than to suffer in these things alone.
- Seek professional counsel and guidance.
As always if you have any questions please feel free to reach out to Garranteed Solutions at (616) 800-1017.
