Avoid Inquiries on your credit report

Tips for Managing credit, Credit Management

Here are some tips to help you keep your credit report clean, especially the inquiries section of your credit report:

Do not apply for credit too often.

Every time you apply, an inquiry is made on your credit report and the inquiry is recorded on your report. Reports that have too many inquiries are not regarded favorably. Future creditors will feel you have been turned down frequently, or that you are seeking too much credit.

Reduce unsolicited offer for credit.

It can be very tempting to overspend if you constantly receive offers of credit in the mail. You can contact the credit reporting agencies and indicate that you wish to â€"opt out”.

If you are offered a terrific deal, such as a no payments for six months, be sure to find out if interest accrues during this period.

If you have many credit cards, you should close the ones you do not use regularly and leave no more than two or three cards.

You should never use your credit card unless you have cash in the bank or in your possession to pay for it is the time of purchase.

Since we are on the topic I might as well throw in some credit card tips:

You should use your credit cards, but be certain to pay the entire balance off each month. Do not let interest accrue on the account.

Paying your bills on time is the best way to maintain a good credit rating and be considered a good credit risk.

Most credit cards do not report delinquencies until they are at least two payments behinds.

To increase your line of credit with an existing card, maintain a good payment history for a minimum of three months and then ask for an increase on your limit.

Keep a list of all of your credit cards, including account numbers and phone numbers of the customer service so that you know at all times what credit you have available and also so that you can easily make a report if your cards are stolen.

The Soldiers and Sailors Civil Relief Act of 1940 may help you or someone you know who has been called to active duty in the military. The law may help reserve component service members from many legal and money problems such as reduced interest rates on mortgage payments and credit card debt, protection from eviction if your rent is $1,200 or less, delay of all civil court actions, such as bankruptcy, foreclosure or divorce proceedings.

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