Credit Game

There are 5 main rules in the credit game. Keeping your finances on track is simple just because you are dealt one bad hand doesn’t mean you can’t win the game. Knowing how to spot a bad hand is the key to winning the game!

1. Unrecognizable Information
Identity theft is becoming a rising trend. If you find numerous items on your report you do not recognize it is possible someone has been using your identity. If this happens you will want to contact the police, creditor, and credit bureaus immediately. It’s important to check your credit to insure that you do not become a victim of identity theft. 

2. Mistaken identity
With over millions of people in the United States, a few crossed credit records can be expected from time to time. Credit bureaus can easily make mistakes due to the fact there are SSN that are similar and people with the same names. If you find something that does not belong on your report, contact the credit bureaus to have your report corrected. Checking your credit is essential to maintaining good credit, why should you have to pay for someone else’s mistake.

3. Maxed-out credit cards
Keep balances low on credit cards and other “revolving credit”. High outstanding debt can affect a credit score negatively. High outstanding debt can affect a credit score negatively. You should keep your balance at half or less for example if you have a $1000.00 credit limit you should keep it at $500.00 or lower.  

4. Late payments
Paying accounts late may adversely affect your credit. If you find yourself more often ask your self why. If you determined the reason is due to your pay schedule ask your creditor to move your due date to a different time of the month. Maybe you determined you just can’t remember if that is the case sign up for auto bill pay. Auto bill pay is now offered through many banks or you can ask the creditor if they do auto withdrawals.

5. Credit score differences
It is common for your score to have a slight difference, because different creditors report to different bureaus. However, if you find a large difference in scores make sure to investigate this could be a sign of identity theft also.