ways to improve your credit scores
TRANSCRIPT
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WAYS TO IMPROVEYOUR CREDIT SCORES
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Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about ways to improve your credit scores.
ex.pn/improvecredit
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What info is on a credit report? (And what’s not on your report?)
#CreditChatWednesday | 3 p.m. ET
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#CreditChatWednesday | 3 p.m. ET
“Credit report contains: personal information, credit history/inquiries, public
records and even consumer statements from you!”
- @KOFETIME
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#CreditChatWednesday | 3 p.m. ET
“Your name, address, payment history on accounts, balances, collections, public records and inquires.”
- Jeanne Kelly, @creditscoop
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#CreditChatWednesday | 3 p.m. ET
“Four categories of information: identification, account information, public
records, inquires. All debt related information.”
- @Rod_Griffin
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How often should people review their credit reports?
#CreditChatWednesday | 3 p.m. ET
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#CreditChatWednesday | 3 p.m. ET
“You can check your own credit as often as you like without negatively affecting your
score, so it’s good to check often.”
- @Purefy
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#CreditChatWednesday | 3 p.m. ET
“Twice a year, set a schedule January 1 and July 1, fresh start to new year and summer fun.”
- Jeanne Kelly, @creditscoop
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#CreditChatWednesday | 3 p.m. ET
“At an absolute minimum, check your report once every 12 months. It’s free at
annualcreditreport.com.”
- @Rod_Griffin
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What should you do if you find an error on your credit report?
#CreditChatWednesday | 3 p.m. ET
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#CreditChatWednesday | 3 p.m. ET
“Contact your creditors and request information on your account. Review and
then report to the FTC and file a police report.”
- @LeslieHTayneEsq
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#CreditChatWednesday | 3 p.m. ET
“Dispute it with the credit bureau reporting it and contact the creditor responsible for it.”
- Jeanne Kelly, @creditscoop
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#CreditChatWednesday | 3 p.m. ET
“Explain what you think is wrong, why, and include copies of documents that support
your dispute.”
- @AirForceFCU
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What should you do if you’re worried about credit fraud?
#CreditChatWednesday | 3 p.m. ET
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#CreditChatWednesday | 3 p.m. ET
“If you are worried about credit fraud, check your report often and consider enrolling in
a credit monitoring service.”
- @SFCUNews
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#CreditChatWednesday | 3 p.m. ET
“Monitor your credit and check the inquiries. Possibly put an alert or freeze.”
- Jeanne Kelly, @creditscoop
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#CreditChatWednesday | 3 p.m. ET
“Shred all documents with personal information, be wary of what site you give
information to and check your credit reports regularly!”
- @LeslieHTayneEsq
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Why are credit scores important? How are scores calculated?
#CreditChatWednesday | 3 p.m. ET
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#CreditChatWednesday | 3 p.m. ET
“Credit scores are a tool used by lenders to analyze the information in your report to determine lending risk. Payment history
and utilization rate are 60-70% of a credit score. Pay bills on time, keep balances low
for good scores.”
- @Rod_Griffin
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#CreditChatWednesday | 3 p.m. ET
“Scores are used to approve or deny and also at what interest rate.”
- Jeanne Kelly, @creditscoop
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#CreditChatWednesday | 3 p.m. ET
“The major factors used to calculate your credit score are your payment history,
amount owed, and length of credit history.”
- @Purefy
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#CreditChatWednesday | 3 p.m. ET
“Credit Scores represent your creditworthiness and are used for loans,
employment, insurance, etc.”
- @AirForceFCU
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How can cosigning on a loan/credit account impact you?
#CreditChatWednesday | 3 p.m. ET
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#CreditChatWednesday | 3 p.m. ET
“As the cosigner on a loan, you assume FULL responsibility. If it’s not paid, it hurts your
credit.”
- @FedChoiceFCU
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#CreditChatWednesday | 3 p.m. ET
“Co-sign should just be called JOINT. It is same as if you were taking out loan.”
- Jeanne Kelly, @creditscoop
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#CreditChatWednesday | 3 p.m. ET
“If you cosign and they don’t pay, it can wreck your credit.”
- @Rod_Griffin
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What are ways to build a great credit history?
#CreditChatWednesday | 3 p.m. ET
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#CreditChatWednesday | 3 p.m. ET
“Paying before the deadlines, and more than the minimum amount required, keeping a balance less than 50% of credit allowed.”
- Andie @moneyinmy30s
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#CreditChatWednesday | 3 p.m. ET
“By paying bills on time and lowering any outstanding credit card debt. Having accounts open for a long time,
varies types of accounts, these are all great.”
- Jeanne Kelly, @creditscoop
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#CreditChatWednesday | 3 p.m. ET
“Make payments on your accounts on time and in full every month. 35% of your FICO score is based on your payment history.”
- @care4yourfuture
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What are some of the biggest credit myths you’ve heard?
#CreditChatWednesday | 3 p.m. ET
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#CreditChatWednesday | 3 p.m. ET
“Biggest myth is that credit is not important. So not true!”
- @JusOnePay
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#CreditChatWednesday | 3 p.m. ET
“People think that if they paid off their mortgage, pay cash for cars that they are not a credit risk, they think it’s great credit, people also think a debit card reports on their credit report.”
- Jeanne Kelly, @creditscoop
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#CreditChatWednesday | 3 p.m. ET
“Myths: It is better to buy everything with cash and it is better to carry balances on
your credit cards.”
- @CaryCarbonaro
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#CreditChatWednesday | 3 p.m. ET
“Myth: If a credit score is bad it can never be rebuilt, so not true!”
- @taynelawgroup
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Any final tips for those that want to improve their credit?
#CreditChatWednesday | 3 p.m. ET
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#CreditChatWednesday | 3 p.m. ET
“Don’t focus on the number. Instead, pay attention to the list of factors affecting your
score.”
- @jennifercwhite
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#CreditChatWednesday | 3 p.m. ET
“Take care of your credit report and your scores will take care of themselves.”
- @Rod_Griffin
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#CreditChatWednesday | 3 p.m. ET
“Don’t be afraid of it, start today paying attention and you will see a difference soon.”
- Jeanne Kelly, @creditscoop
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#CreditChatWednesday | 3 p.m. ET
“If you want to close a card because of a fee try to transfer to a non-fee card with the
same company, this helps maintain credit card history.”
- @Purefy
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#CreditChatWednesday | 3 p.m. ET
“Your credit is extremely important for numerous reasons. Make on-time payments
on your account and it will help you greatly.”
- @care4yourfuture
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#CreditChatWednesdays | 3 p.m. ET
Check out all the resources and tips shared:
ex.pn/improvecredit
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#CreditChatWednesdays | 3 p.m. ET
Join Us Every Wednesday at 3 p.m. ET.
experian.com/creditchat