Saturday, October 01, 2016
Know your score with our Bright Track credit report
Building your credit score
With Dupaco’s Bright Track, it’s easier than ever to keep tabs on your credit score.
Knowing that all-important number can help you better manage your credit so you can pay lower insurance and interest rates—and save more green.
If you find your score isn’t as high as you’d like it to be, ask yourself whether you’re practicing these credit-building habits:
Are you maintaining low credit card balances?
“The misconception is that you have to have a balance on your credit card to help you develop credit, and that’s not the case,” Shore-Vaassen says. “You don’t have to make purchases on it. You just have to keep it open and active, and it will show good capacity and being reported as paid.”
Are you making payments on time?
“It’s huge. Payment history is the biggest part of your credit score,” she says.
Are you monitoring for errors on your report?
Check that your report contains only items about you, and look for information that is inaccurate or incomplete, the Consumer Financial Protection Bureau advises.
“If you find errors, you should contact the credit reporting agency from whom you obtained the report, and the creditor or whoever provided the information. The copy of your credit report will include information about how to dispute inaccurate or incomplete information,” the CFPB says.
While it can be tedious and time-consuming, it’s well worth your time to correct errors on your report, Shore-Vaassen says.
Are you limiting the number of accounts you open?
By Emily Kittle