10 Improve-Your-Credit-Score Resolutions for 2012

Let’s get real. You might make that resolution to workout more, eat less, lose weight, and be the healthier version of you…but by the next holiday season, you’ll just be tempted all over again with those favorite indulgences, whether your taste buds can’t resist mashed potatoes and gravy or pecan pie. This year, instead of worrying about the number on the scale, why not make some resolutions that will impact what might be considered a far more important number: your credit score.

Ovation proudly presents our top ten credit repair resolutions for 2012:

10…Request a copy of your credit report from all three of the major credit agencies and make sure the information reported is accurate.

9…Create a budget. Make sure you create a budget you can live with that allows you to pay all of your bills, every month. Start by cutting out the daily latte and go from there.

8…Prioritize savings. Put enough money in savings to cover at least three, but preferably six months of bills just in case the unthinkable (job loss, catastrophic illness) happens.

7…Avoid the credit trap. Just because the credit card company gives you a line of credit of $5,000 doesn’t mean you should spend it. Keep your balances at 30-50% of the total credit available.

6…Use Ovation’s payment tools. You can use our tools to develop a plan to get out from under your debt. You can create a plan that works for you, targeting the card with the highest balance, the one with the highest interest rate, or something in between.

5…Sleep on it. Before you use your credit card to buy that new phone, TV, or other device that’s tempting you, sleep on it. Think about whether or not the cost plus interest will still be a good deal…or if it will just be another burden.

4…Take identity theft seriously. Shred, don’t toss. Don’t apply for credit over the Internet just because someone offers you easy credit through an anonymous email. And revisit resolution #10!

3…Don’t use credit as income. Using your credit cards as a way to extend your monthly income is a certain sign of trouble. If you’re having trouble making ends meet, work a few extra hours, cut spending wherever possible, and

2…Don’t be afraid of using your credit cards as a tool. Use credit cards sparingly, as a way to build your credit rating, by charging small amounts that you can easily pay off each month. If you do have to charge something large, like a car repair, make a plan to pay it off in a few months’ time.

1…Pay every credit card bill on time, every month, all year. Whenever possible, pay more than the minimum payment.

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