How to improve a low credit score

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Credit scores are used to evaluate whether you are eligible for a loan and how much you will be paying for it in tranches. Therefore, it is important to keep a healthy credit score. This chart shows how the interest rate for an auto loan can jump from six percent to 18 percent based solely on your credit score. If you are well too familiar with the effects of a bad credit score, it’s not too late. There are ways of improving it.

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The first thing is to make sure your credit score is accurate. CNN.com reports that “Twenty-five percent of credit reports contain errors serious enough to deny consumers access to credit, favorable loan rates and in some cases a job…”

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Get familiar with the factors that affect your credit score. These include your payment history, amounts owned, length of credit history, new credit, and types of credit used. Since 35 percent of your credit score is based on payment history, make sure your bills are paid on time. Do not max out your credit cards. Leave at least 25 percent free because amounts owed make up 30 percent of your credit score. Keep your old accounts because credit scores also consider how long you have maintained your accounts.


Resuscitating your credit score will take a lot of financial discipline and vigilance, but it will be worth it. The best time to start improving your credit score is now.

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Keeping personal information secure when buying online

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Online shopping has made modern consumers’ lives more convenient. Statistics showing $186 billion worth of online transactions in America in 2010 alone are therefore no longer surprising. However, easy as online purchase is, it is also a venue for malicious individuals to obtain personal information about online consumers. Precautionary measures are imperative for safeguarding personal information given online.

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Limit purchases to reputable and established online merchants. Just as you do when you go out shopping, be wary of online stores that offer deals that are too good to be true. It just might be a trap for you to provide your personal information. Also, be very discerning about the web address. There are phishing websites out there that pass themselves off like familiar, famous stores. Their domain names usually end in .net instead of a .com.

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Use a prepaid credit card. In case your credit card information is breached online, using the prepaid variety would mean only the amount you put in is compromised. When you absolutely must use your real credit card, input your information only on sites that start with https because this indicates an encryption standard called SSL that reputable merchants use. Make sure you monitor your credit card statements as well and notify your bank as soon as you notice a purchase that you did not make.

Be vigilant when shopping online. Just because it’s a virtual transaction does not mean the dangers are not real.

Securus Payments helps small and large scale businesses give their customers a range of secure and efficient payment solutions. Find out more about Securus Payments here