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Debt consolidation may be an avenue for those trying to pay off credit card bills as credit score becomes more important
01/06/2010
In a tough lending market, credit scores are an important aspect in people getting loans, though many consumers may wonder how they can improve them.
In a recent piece for Oklahoma's Tulsa World newspaper, columnist Phil Mulkins gave some advice on how readers might up their credit scores. One of the main things people can do is to make sure they pay off their debt on time, as delinquencies can have an effect on a score.
"If you've missed payments, get current and stay current," Mulkins wrote. "The longer you are the better your score."
Another thing that consumers should do is make sure they keep their credit card debt balances low. The amount of available credit people use is also factored in to a credit score through a utilization ration. The higher the ratio, the lower a person's credit score.
Though credit utilization and trying to pay off debt are both important, not every consumer is able to handle what they owe on their credit cards. One thing troubled consumers may contemplate is trying debt consolidation, which could lower the amount of interest they pay.
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