blog, John J. Bowman Jr Accountant, John J. Bowman Jr. Accountant, personal finance

Improving a FICO Score in Four Steps

A high FICO score can unlock many doors for consumers, including the doors to low mortgage interest rates, attractive credit card offers, and zero-interest car loans. A low FICO score, however, keeps many of those entrances locked and creates a far more expensive borrowing experience. To improve a credit score and gain access to all the benefits afforded, borrowers can try these steps.

Paying bills before the due date

Over one-third of a FICO score is determined by a borrower’s compliance (or lack thereof) with payment due dates. Thus, when a creditor pays a bill late, it is reported to the credit bureaus and can have a devastating impact on a credit score. Paying bills early and maintaining automatic bill pay through a bank can help ensure consistent, timely payments and remove the risk of garnering a low score due to late payments.

Read the full article at

blog, John J. Bowman Jr. Accountant, personal finance, Uncategorized

Great Ways to Boost Your Credit

One of the many ways we are “defined” by society, is by our credit score and history.  Your credit information has a very significant impact on not only your personal finances but also a majority of your life and different events you may experiences, such as buying your first home.  The first step in credit management is establishing your credit score. Once this is done, it’s important to remember that you’ll want to continue to build your credit up in various ways; you can do this by gradually making small credit charges or larger transactions such as financing or leasing your first vehicle.  Always remember that any credit charges you make need to be paid back within a specific period of time, and late payments can negatively impact your score, as well as result in late charges and higher interest payments. Here are some great tips for boosting your credit:

Make Payments On-Time

Whenever you make a credit charge, you should keep the payment due date noted somewhere where it will help you remember.  Credit cards are a great tool for boosting your credit when they are used properly; however, they can do more harm than good when they aren’t managed correctly.  Any credit card charges you make should always be paid on early or on time. This will give you a good rapport with the credit company, as well as boost your score.  You’ll also avoid any late charges, and you’ll have a better chance of getting future credit cards and other purchases with low-interest rates.

Avoid Making Minimum Payments

While minimum payments are an option that you’ll usually see when you’re making a payment, it’s best to pay your bills in full if you can…



To continue reading please visit