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Improve Your Credit Rating

With new reforms law being implemented in the finance industry left and right, it is almost inevitable for consumers to feel certain repercussions. The government, the banking industry, and the consumers are all adjusting to the new economic reality. There is a shake-up in almost everything from credit card practices, mortgage loan applications, and credit score. Our previous posts for this week dealt mostly about credit card practices. Now, we will look deeper into the expected changes on your credit report.

Justine @ Credit Karma talked about how your credit report can hurt your chances of landing a job. According to the Society of Human Resource Management, as much as 50 percent of companies look at the credit history of prospective hires. A lot of employers believe that an applicant’s credit report says much about his character, work attitude, and future job performance. For the 14.5 million individuals who had just lost their job, turning to their credit card can actually be damaging to their future employment. Be sure to have a repayment plan in place whenever you take on debt.

Sharon @ Mint listed the 10 Commandments when it comes to maintaining a good credit score. As you probably already know, the credit score can make or break your finances. In fact, it will even affect your chances of getting a job. Among the commands found on the post include not limiting loan types, not missing payments and not closing unused credit card accounts among others.

Tracy @ the Card Offers Blog offers advice to new credit card users with her post titled “What Does a New Credit Card User Need to Know?”. Basically, she cautions users against abusing their credit privileges. Less banks are issuing credit cards these days and they only do so when they have a reasonable expectation that the user can and will pay it back. If you make a lot of missteps on your first card, it might take years before additional credit is extended to you by any company.

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Category: Credit, Credit Reports

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2 Responses

  1. Checking and monitoring your credit is important now more than ever before. With banks and lenders being more critical of borrowers past lending habits, it is important to ensure your credit is in good standing. If you don’t want to pay for it, try a free credit report instead.

  2. [...] few weeks ago, we provided a list of blogs that can potentially help you improve your credit standing. With the credit score situation becoming worse for many Americans today though, we decided to [...]

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