Florida consumers likely know that the only way to keep a high credit score is to prevent negative marks on their record. Unfortunately, the economic downturn in recent years has taken a high toll on many consumers’ credit. Additionally, many consumers have incurred credit card debt, which is one of the toughest forms of credit to consolidate or eliminate.
Recently, a report was issued that provided consumers with a few simple steps to improving their credit. The first step is making any payments on time so that late fees and notices do not negatively impact the credit score. Second, when credit cards are paid off, consumers should resist the urge to cancel them; rather, they can opt to reduce the available credit and keep payments current. Using a secured line of credit is also beneficial for consumers with lower credit scores.
Next, consumers can benefit from communicating with lenders and working out payment options for any debt that is lingering or difficult to manage. Finally, consumers should periodically check their credit report to protect themselves from errors, as well as checking for potential identity theft. Knowing what is present on the credit report can greatly help consumers understand their financial situation, history obligations.
While these tips may help consumers reduce or eliminate credit card debt, there are many consumers in Florida and elsewhere that have complex financial needs. For these individuals, following the above steps may not be enough to reduce or eliminate debt. Fortunately, there are additional options available, including legal options such as debt consolidation or bankruptcy, that can be successful in helping consumers find their way to financial freedom.
Source: Auto Credit Express Blog, Five Simple Ways to Improve Your Credit, Dave Lalonde, Dec. 28, 2013