How to improve credit score?
Date: Fri, 04/07/2006 - 22:15
read full article here, (URL snipped -Vikas)
"If you use your credit card heavily to reap up the air miles rewards, you may actually be hurting your credit score. Credit scores do not know your name and who pays off the credit bills at the end of each month. All they know is the outstanding amount due. Therefore, if you are due to pay 3000$ in May, and a lender checks your credit report before you make the $3000 payment, your credit score will be low. Thus, what's the lesson? Try not to use a credit card for 2-3 months before applying for a loan, example a mortgage or car loan."
"If you use your credit card heavily to reap up the air miles rewards, you may actually be hurting your credit score. Credit scores do not know your name and who pays off the credit bills at the end of each month. All they know is the outstanding amount due. Therefore, if you are due to pay 3000$ in May, and a lender checks your credit report before you make the $3000 payment, your credit score will be low. Thus, what's the lesson? Try not to use a credit card for 2-3 months before applying for a loan, example a mortgage or car loan."
Thanks for the tip,Sadhra,please join the forum,and continue to
Thanks for the tip,Sadhra,please join the forum,and continue to share your advice.
