WILMINGTON, DE — While many of our customers struggle with credit, we want them to know it’s not the be-all-end-all. Personal Cash Advance wants to help people find the proper resources to help their family stay afloat. We also care about how you survive in the long haul, and one of the best ways to do that is by improving your credit score.
Understanding your credit score can seem like a game. Some mistakes are obvious, while others may put you back to square one. Unfortunately, you cannot improve your credit overnight, but you can make some smart moves to eventually get there.
1. Get a credit card if you don’t have one. This is how you establish credit, but it’s important to know your limits and what you can pay off. If you cannot qualify for a regular credit card, consider a bank-issued one with a low limit.
2. Don’t take out too many cards. Yes, you should have at least one, but don’t get 12. "Every time you apply for new credit, that application shows up on your credit report, so you'll shoot yourself in the foot if you apply for a number of credit cards hoping to get one," says credit expert Bill Hardekopf, in a recent issue of U.S. News and World Report. A credit score in the mid-to-high 700’s is considered to be good. Go for that.
3. Pay off your credit cards as much as you can. If you pay down your card in full every month, your credit card is truly no different than a bank account. However, if you aren’t able to pay things off, you will likely round up more debt with a high interest rate. It’s a tough cycle, but credit should be used with balance in mind.
4. Check your credit score. Consumers are entitled to one free credit score report a year, so it’s best to take a look at your history. Mistakes are made, and it’s important that you fight to get those corrected on your report. Some people may be victims to identity theft and others may share the same name as someone who has bad credit. Anthony Sprauve of FICO says accounts for 35 percent of your credit score—will be chock-full of errors, according to the U.S. News report.
5. More credit is good credit. Don’t be shy when it comes to asking for more credit. The higher your loan potential, the more credible you will look to a lender — as long as you can pay it off.
6. Don’t close credit cards. It’s a big mistake people make that will last at least a decade on your report. And it will make you look weak, but limiting your loan value. “First, the implications could come further down the road, long after you’ve forgotten about that closed account,” reads a recent Yahoo Finance article. “The good news is that good credit sticks around longer than bad credit. Delinquencies and bankruptcies will stain your credit history for seven years and 10 years respectively, but a credit card account with zero delinquencies stays on your report for a full 10 years after it’s closed — and your credit score will benefit from that history during that time.”
7. Yet, if you do close a card, pick one that counts most. You want to keep a card you’ve had longer, a card with your highest credit limit and the one with the lowest interest rate and fees. Consider closing cards with high fees and low credit limits.
8. Have a Plan B. Our family at Personal Cash Advance know the importance of having a financial back-up plan. We realize there are many curve-balls that life throws — an sudden problem with a car or a health emergency. We are the leading short-term lender in the industry, and we are committed to helping you find short-term solutions for your life expenses.
Personal Cash Advance is committed to helping consumers find the short-term financial solutions that meets their needs in an expedient manner. We have made this our mission since day one, and have helped countless satisfied customers take control of their finances by matching them with lenders that belong to our exclusive network.
We offer a service that cannot be rivaled when it comes to consumer financing options. No longer do you have to wait in line at a brick-and-mortar store to get the money you need before your next paycheck. Our partners compete for your business, so you can get the best borrowing rate every time!
Your information is protected at all times throughout the process, utilizing cutting edge 128-bit SSL encryption technology. You will experience the peace of mind in knowing the entire application process is safe and secure.
News Media Contact:
Personal Cash Advance
1000 N. West Street, Suite 1200
Wilmington, DE 19801
Toll Free — (866) 473-8059
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