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Chapter 14. STEVE'S RULES > Credit Report and Credit Scoring Rules

Credit Report and Credit Scoring Rules

  1. When settling an overdue bill, make a condition of the settlement that the creditor report the payment to the credit reporting bureaus as “paid satisfactorily.”

  2. Get a copy of your credit score and see how it may be improved.

  3. Pay your bills on time.

  4. Limit the number of credit cards you have to the minimum number you need.

  5. When choosing a credit card, look online for the credit card that is most appropriate for you. If you pay off your balance in full each month, consider the cards with the lowest fees. If you carry a balance forward, check out the cards with the lowest interest rates.

  6. Don't get credit cards that are issued by specific retailers.

  7. When closing an account, make sure it is reported to the credit reporting bureaus as “closed at customer's request.”

  8. Consider, where appropriate, “aging” an account in accordance with the rules set by FFIEC.

  9. Reduce your debt.


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