Salt Lake City, Utah (PRWEB) October 14, 2013
Finance Acceleration revealed 4 steps to improving one’s credit scores. These steps came on the heels of the October 7th Go Banking Rates article entitled "How to Get Credit Cards for Bad Credit in Salt Lake City". The article discussed methods of securing credit cards with bad credit specific to Salt Lake City, Utah, prompting Finance Acceleration to respond with a means of improving credit scores overall, allowing families to secure home and personal loans without the disadvantage of poor credit.
In the Go Banking Rates article, Clay Wyatt discussed the most popular ways to secure credit cards for those with poor credit. This is found through select credit card companies and programs, including credit cards for gas, or department stores. Though Wyatt touches on improving credit in order to get better credit opportunities, he does not provide solid methods for doing so. Wyatt closes by saying that, although credit cards are best used after improving credit scores, several options exist for those without high scores.
Finance Acceleration revealed these 4 steps to improving credit scores:
1. As Wyatt suggested, approach credit card companies offering cards that are not heavily reliant upon credit scores, including gas cards and department store cards. These cards will allow an individual to improve credit scores without suffering high interest rates and credit consequences.
2. Work to pay down existing debt. In order to improve credit scores, make consistent payments on credit cards and any other sources of debt—without paying them off entirely. In many cases, paying a debt off completely results in a damaged credit score rather than a heightened one.
3. Talk to creditors. If an individual has a positive history with a single company, many companies will be willing to erase credit-damaging moments in the debtor’s past, including erasing the memory of a single late payment or other credit-related indiscretion.
4. Set up automatic payment plans or consider debt consolidation. For many families, credit history is negatively impacted simply because they forget to pay or mistakenly assume a spouse has paid. To avoid these issues, set up automatic payment plans or consider debt consolidation to streamline payments.
To learn more, Finance Acceleration recommends viewing this informational video on getting loans for people with bad credit scores.
Clay Wyatt is a writer for Go Banking Rates. His work focuses on business and finance, with over seven years of experience working in business and economics.
Finance Acceleration revealed 4 tips to improving credit scores. These tips were developed after the Go Banking Rates article discussing how to secure credit cards even with the threat of poor credit. These tips focus on personal responsibility in finances, encouraging readers to develop healthy spending and repayment habits. Though improving credit scores can be difficult, with patience and persistence, families can improve their credit scores and be well on the way to better interest rates and a heightened ability to secure personal and home loans.
FinanceAcceleration.com is a website devoted to providing families with news and advice regarding personal finances and money management, particularly as it relates to credit history and credit scores.