Women at work and their tips, challenges, advice, complaints, and experiences

Credit rating is something that all of us our concerned about sometime in our life.  If we can get lower rates on loans, it can really help us save money over time.  Eloan.com offers these tips for helping yourself improve your creditworthiness:

1. Be wary of credit scoring's hidden levers.  Every time you apply for a new retail store credit card, your credit score takes a hit. Also, negative information that's old is sometimes better left alone.  A 5-year old collection account loses its punch as it ages.  When you pay it, it goes from a 5-year old account, to a current collection account.  It's better paid, but worse that it's current and not 5 years old.  The experts aren't advocating that you don't pay your bills, but just important to know which lever you'll be pushing.
2. Don't consolidate credit card debt and then close out old cards.  Consumers who consolidate are killing credit history from other cards.  If you're trying to improve your credit report, credit history is a big factor.
3. Check your history.  Experian, Equifax, and TransUnion are the top three agencies to go thru.  If you're married, you should check credit history seperately.  Unfortunately, not all the credit agencies have all the same information, so you will get different scores from each.
4. Pay bills on time.  Prioritize bills that have to be paid, and then divvy up the balance of what you can afford to pay with a calendar of due dates.
5. Pay credit card debt down to 30% of available credit limit.  Exceeding that percentage of your credit limits can lead to a lower credit score.
6. Negotiate with creditors.  They certaintly don't have a problem calling you, so call them first.  If you're struggling with debt and worried about late payments, get on the phone.  "I know I owe $200, but I can only afford to send $50 this month.  Can you eliminate the late fee and interest?"  In other words, what can you do for me, as your customer. 

Try not to let credit problems stand in the way of your future goals.  A bad credit score can be improved, so work towards improving it, and then you'll help yourself get better deals on that house or car loan.