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  1. #1
    Registered User Senior Member
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    115

    5 Habits You Want to Have to Keep Your Score High

    1. Be vigilant and check your credit report for possible errors or ID theft.

    2. Plan for success with monthly payment schedules to be certain your bills are paid as agreed.

    3. Minimize use of availabele credit. No need to use it all just because it is available. This helps keep your utilization ratio low whenever the credit card company decides to report your balance to the bureaus. Some companies report at the beginning, some in the middle, & some towards the end.

    4. Not always looking for new credit or applying every other month. Keep your inquiries to a minimum. Just get a few good cards and stick with them until they are no longer beneficial to you. The Chase Freedom, Citi Doublecash, and Discover IT cards are very popular. For mileage and hotel rewards, look for specific cards.



    5. Protecting yourself from ID Theft. While checking your credit report often is a first step, a supplemental service or monitoring may be a financial life saver. As we all know cyber crime is growing ferociously.
    Last edited by Frank C; 09-30-2015 at 07:51 AM.

  2. 5 Habits You Want to Have to Keep Your Score High
  3. #2
    Registered User Senior Member
    Posts
    240
    I am pretty content with my credit cards but I am kind of on the market for a new car if the deal is good enough.

  4. #3
    Joanne -

    We've been discussing the advantages (including cost advantages) of leasing cars when the manufacturer offers $0 down offers. Check it out here.

  5. #4
    You don't have to apply each time for credit every six months but take advantage of special offers every year or so when it is better than what you have.

    A new card with 2% or higher or a new auto lease may be a good idea as David mentioned. Just see if it fits into your overall plan.

  6. #5
    Quote Originally Posted by fixmyscore View Post
    4. Not always looking for new credit or applying every other month. Keep your inquiries to a minimum. Just get a few good cards and stick with them until they are no longer beneficial to you. The Chase Freedom, Citi Doublecash, and Discover IT cards are very popular. For mileage and hotel rewards, look for specific cards.
    Just remember that some inquiries are "soft" inquiries and some are "hard" inquiries.

    I am not sure that most people are familiar with the distinction, so I'll explain.

    Soft Credit Inquiry

    A soft credit inquiry, or "soft pull", is refers to a type of inquiry into your credit history that will not adversely affect your credit score.

    Usually you will not even know that there has been a soft inquiry of your credit.

    A common example are solicitations you receive in the mail offering you a new credit card or a personal loan. That offer most likely came after soft credit inquiry to see if you are likely to qualify.

    When you check your own credit report, this also is a soft pull.

    Hard Credit Inquiry

    A "hard pull" on your credit report is different, and it will have a small negative impact on your credit score.

    A hard credit inquiry occurs anytime you actually take out a loan or a new credit card. At that time, the lender conducts a hard pull on your credit report. And this hard inquiry stays on your credit report. It also lowers your credit score by about five points for six months.

    Just "window shopping" for a new card (like seeing if you are pre-qualified using a card issuer's online tool) will not necessarily result in more than a soft pull. But once you submit that application, the hard pull will negatively impact your score.

    This is the reason you want to guard your credit report from too many hard pulls (and taking out too many new card or other loans).

    So make sure you really plan on using the new card you apply for, and you are not taking it out just to save money on one purchase. Because that limited incentive may not be worth the hit to your credit score.

    By limiting hard credit inquiries, you will help keep your credit in better shape. And when you really need a new loan or card, it will be easier to qualify.

  7. #6
    Registered User Semi Pro Member
    Posts
    270
    Also, don't be the person who always pays for people at a restaurant or entertainment. You can get yourself in debt pretty quick for being overtly generous.

    Paying the tab $50-$100 here and there adds up. And then it could turn into helping to pay for friends's rent or car payment.

  8. #7
    If you are reading this thread, you may also be interested in our post on our Tips to Improve Your Credit Without Using a Credit Card.

  9. #8
    Registered User Senior Member
    Posts
    192
    Keep a great payment history and credit mix too. You can't just have credit cards and an auto loan.

  10. #9
    Registered User Pro Member
    Posts
    554
    Hey fixmyscore,

    To piggyback on No. 2 make sure you don't overspend on the account that is scheduled to make payments.I guess that was an oversight or something we should already know.

  11. #10
    Registered User Senior Member
    Posts
    120
    not sure how i missed this one ... good info here. Thx

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