Happy Valentine’s Day to Your Credit Report

Time to show some love to your credit report! Here are five tips how:

  1. Pay down balances below 30 percent to give your score an instant boost.
  2. Be a transactor, not a revolver, for a better score. A transactor pays the bill in full each month; a revolver carries a balance from month-to-month.
  3. Use your longstanding credit cards every six months to prevent them from being shut down due to inactivity, which usually results in a loss of positive points on your credit score.
  4. Dispute $0 balance collections to get them removed from your credit report. Oftentimes, they are reporting with inaccurate information which is illegal. Also, if an account was sold to collections, the original creditor cannot show a balance owing, because they can no longer collect on the debt. Don’t ask for the balance to be corrected; use that inaccuracy as an opportunity to remove the derogatory account altogether. By law, a credit report must be 100 percent accurate.
  5. Get your home loan before buying a car. Don’t make the bad mistake of buying a car before a home!

Above all, do not charge more than you can afford to pay when the billing statement arrives. Spending beyond your means is no way to show your finances any love.

Love your credit and you will receive love back in the form of saving money on interest and insurance premiums. If your credit needs some help, pick up a copy of this guide here.

5 thoughts on “Happy Valentine’s Day to Your Credit Report

  1. Happy Valentine’s Day Carolyn! Best, CII

    On Fri, Feb 14, 2020, 11:27 AM Ask Carolyn Warren wrote:

    > askcarolynwarren posted: “Time to show some love to your credit report! > Here are five tips how: Pay down balances below 30 percent to give your > score an instant boost. Be a transactor, not a revolver, for a better > score. A transactor pays the bill in full each month; a rev” >

  2. Happy Valentine’s Carolyn,
    I bought your book credit like pro on amazon. I download it to my phone. Whao! thank you for your book. I followed the instruction and letters and I was able to delete 3. They reply to me as verify and I sent back to them one of your letter after the company could not verify the account to me. Thank for help and advice, God bless you and your family.
    Miguel

    • Thank you for sharing your success with me, Miguel. Well done!
      Happy Valentine’s Day to you, also. And thank you for the God bless, too. I appreciate it very much and the same blessings to you and your family.

  3. Hi Carolyn,

    I am thoroughly enjoying your book, Repair Your Credit Like the Pros. I am looking to help others repair their credit since I already have a high score and realize how important it is. Quick question: What benefit does it serve companies to report a consumer’s negative items to the bureaus since it costs them money and they are not actually required to?

    • That’s a very good question, Jadrien. By having the power to report non-payment, the creditors give more incentive to borrowers to pay. Bad credit punishes borrowers in many ways, including auto insurance premiums, higher interest rates, and denying a home loan. People who don’t care enough to pay on time now have a personal reason to do so.

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