With A Good Credit Score Vital Today, National Debt Relief Program Offers Tips To Raise One's Credit Score
Online PR News – 03-January-2011 – – An improved credit score is within reach of all Americans today. National Debt Relief, a free matching service connecting consumers with providers of debt relief programs offers valuable tips to improve one's credit score in the quickest time frame possible.
The majority of people with a low credit score have likely misused credit. Understandably, some people develop bad credit because of situations beyond their control. These may include sickness, loss of employment, etc. Fortunately, there are ways to raise and improve one's credit score. Here are a few good tips to help consumers maintain a high credit rating.
Limit the Amount of Credit Accounts
If a person has too much available credit, the temptation to spend money will arise. To avoid this common problem, consumers are advised to avoid opening several lines of credit. If a person is a student or has good credit, it is fairly easy to get approved for a major credit card. Although credit card companies will generously extend credit, consumers do not have to accept their offer.
Closing a credit account may decrease a person's credit rating. If consumers are unable to exercise self-control and need to close a few credit accounts, it would be better to cancel the newest credit accounts.
Pay More than the Minimum Payments
Carrying a small revolving credit card balance is not harmful. However, if a person uses their credit card very regularly, it is essential to payoff the balance periodically. The minimum payments barely reduce the finance fees. Thus, to maintain a low credit card balance and a high credit rating, consumers are recommended to strive to pay more than the minimum payment.
Avoid Credit Card Cash Advances
Most credit cards offer cash advances. With this option, a person may visit an ATM machine and withdraw funds from their credit account. Consumers should be aware that credit card companies charge high rates and extra fees for cash advances. In this case, minimum payments may increase until the cash advance funds are repaid.
Make Regular Credit Card Monthly Payments
Skipping a credit card payment has several consequences. Aside from the credit card company reporting late payments to the three credit bureaus, companies also charge late fees and may increase the interest rate by several points. Failure to repay a credit card will result in a snowball effect. When this happens, it can become impossible to keep up with the payments.
A free debt relief analysis is offered by National Debt Relief Program and can be taken advantage of at their website: