Emily Hanford-Ostmann is an Emmy-nominated producer and graduate of the E.W. Scripps School of Journalism at Ohio University.
Spring is a great time to declutter your home, but it's also the perfect time to tidy up your finances. Giving your credit score a fresh start is one move that really pays off.'You are going to make yourself a better candidate for all the things in life that you may want,' said Bobbi Rebell, a consumer finance expert with BadCredit.
org.Improving your credit score can mean lower interest rates when it’s time to apply for a mortgage, car loan or any kind of personal loan.RELATED STORY | More Americans are turning to personal loans to manage debt as expenses rise'When you get a job, they sometimes run a credit check. So having solid credit is really important and really pays off,' Rebell said.Watch as financial experts show how to easily boost your credit score:Check your credit report for errors The first way to avoid high interest rates and improve your credit is to check your credit report for errors at AnnualCreditReport.com.'Whatever looks fishy, take the time, clean it up, speak directly to the credit bureaus,' Rebell said.Improve your credit utilization Your credit utilization is the amount of credit you’re using compared to your credit limits.RELATED STORY | 64% of parents say money is tight. They want their kids to understand whyExperts suggest keeping credit utilization at less than 30% to maintain good credit. Those with excellent credit keep it below 10%.Ted Rossman, a principal analyst at Bankrate, said a credit card user can have a high credit utilization ratio even if they pay their credit card balance in full.'If you have a $5,000 limit and you charge $4,000 throughout the month, you're using 80% of your available credit. That's actually really high and that's going to hurt your score,' he said.Rossman suggests making an extra mid-month payment or asking your credit card company for a higher credit limit to bring that ratio down.Make payments on time No one wants a late ding on their credit report.Rebell recommends automating payments, even for the minimum amount.'Pay at least the minimum on time every month because the number one thing that can hurt your credit score is being late,' she said.Don’t close old credit cards Even if you’ve paid a balance in full, one thing you should not do is close old credit cards.'You're thinking, 'I don't use that anymore. What's the big deal?' But in fact, it is a big deal because it's showing that you have a long history of being a reliable borrower. And that is something that lenders really like to see,' Rebell said.Keep an old account active with small purchases or set it up to pay a streaming service once a month.Rossman said a credit score in the mid-700s is viewed positively by lenders. Below that, every 20 points matter.'If you're a 720 or a 700 or a 680, every one of these is a noticeable stair step in terms of approval odds,' he said.If you’re receiving a tax refund this spring, consider putting it toward high-interest credit card debt — a great move toward better credit, so you don’t waste your money.________________________________'Don't Waste Your Money' is a registered trademark of Scripps Media, Inc. .Follow John:Facebook: John Matarese MoneyInstagram: @johnmataresemoneyX/Twitter: @JohnMatareseFor more consumer news and money saving advice, go to www.dontwasteyourmoney.com
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