The Fab Five: 5 things you can do right now to improve your credit score

The Fab Five: 5 things you can do right now to improve your credit score
Happy 2008! Well, the holidays are over and we all know
what that means: it's time to make our list of resolutions.
From eating less to exercising more, everyone has different
goals for the New Year. There is one, however, that should
be on all our lists...

Make a resolution to manage your credit, every day.

Whether you have good credit that you want to maintain, or
need to improve your credit score a bit, there are 5 things
you can start doing right now to make your credit
resolution a reality.

1. Review your credit report. Inaccurate information on
your credit report can harm your credit health. So, one of
the first things you should do is order your 3-in-1 Credit
Report, read each section and make sure all the information
is correct. If you do find errors, you can dispute the
information and get it fixed.

It may surprise you, but your credit report can change on a
daily basis. Ordering it once a year just isn't enough. You
should check your credit report regularly (and remember,
checking your own report does not negatively impact your
score). The best way to stay on top of changes is by
monitoring your credit reports & credit scores regularly.

2. Pay your bills on time, put big red circles on your
calendar. Write yourself notes. Send reminder emails. Do
whatever it takes to pay your bills on time every time.
Late payments have one of the greatest negative effects on
your credit scores, so know your due dates.

If you struggle with paying on time, consider paying your
bills online or signing up for automatic payments. Many
lenders and companies offer these services for free.

3. Don't let credit card debt pile up. It's easy to charge
a little here, a little there, and the next thing you know
your credit card is maxed out. While it's okay to have
credit card balances, it's not okay to charge your cards to
the max. If you do carry balances month to month, keep them
below 35% of your credit limit. Have a limit of $1,000? Aim
to stay below $350.

4. Apply for new credit in moderation. Every time you apply
for credit, it shows up as an inquiry on your credit
report. When you have a large number of inquiries within a
short period of time, it makes you look desperate for
credit. And that, in turn, can lower your credit score.

5. Establish yourself. When it comes to improving your
credit score, time is on your side. Establishing a long
history of paying your bills on time and continuing to be
smart with your credit can add points to your score.

You can do it. Follow these fab five tips and you'll be on
your way to a better credit score. Here's to an incredible
year of credit!

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Since 1999, TransUnion's TrueCredit.com has helped millions
of consumers manage their own credit health. Through a
suite of educational materials, free monthly newsletters
and easy-to-use products, the company helps consumers
understand personal credit management and empowers them to
achieve greater financial well-being. TrueCredit.com's
online products include credit reports, credit and
insurance scores, credit monitoring, debt management tools
and identity theft insurance services. TrueCredit.com is
the direct-to-consumer arm of Chicago-based TransUnion
Interactive, a subsidiary of TransUnion, a global leader in
credit and information management. Manage your credit.
Manage your life.(SM) http://www.truecredit.com .
For more information or to schedule an interview with Lucy
Duni, contact Steven Katz, TransUnion, at 312.985.2373
(skatz@transunion.com).