3 ways to improve your credit score, Hawaii vacation rental scams, and collect calls on Father's Day: Internet ScamBusters #183
Today we have three more interesting Snippets for you:
- Counter-intuitive ways to boost your credit score
- Hawaii vacation rental scams
- Are more collect calls really made on Father's Day than any other day?
Let's get started...
Counter-intuitive ways to boost your credit score
Most consumers know that a higher credit score can mean easier loan approvals -- plus you can save a good deal of money on loans (including mortgages) because you'll often get lower interest rates.
Yet, it's not necessarily obvious how to raise your credit score. Here are three counter-intuitive ways to boost your score:
1. Keep your credit use percentage at 30% (or less) of your credit limits. Lenders use your credit-use ratio as a key factor for determining your creditworthiness. If you keep this ratio at a maximum of 30% (meaning total outstanding balance divided by total credit limits), it will help your credit score.
2. Have more than one credit card. If you only have one credit card, lenders have no way of knowing if you're likely to pay multiple debts on time. Creditors need enough evidence to be able to judge your creditworthiness. In addition, having multiple cards increases your total credit limit, which will help you achieve a credit-use ratio of less than 30%.
(But don't overdo it: having too many credit cards can lower your credit score. And of course, be careful you don't run up additional debt just because you have more credit cards.)
3. Don't consolidate credit card debt onto one low-rate credit card and close the other credit card accounts. Closing the other accounts does a couple of things that can hurt your credit: it reduces your total credit limit as described above, and it often means you are closing accounts that have been open a long time, and this longevity can help your credit score. Finally, reducing your credit card balances on these accounts can help boost your credit score.
We know these three tips may sound counter-intuitive, but if you understand the principles, they can help you boost your credit score and get less expensive loans.
For more on credit scores, see the second Snippet here.
Hawaii vacation rental scams
Recently there have been a large number of illegal bed-and-breakfasts and rental homes on the island of Oahu, best known as the home of Waikiki and Honolulu.
These rentals don't carry the required Nonconforming Use Certificate (NUC), and many fail to carry liability insurance or comply with building codes. This could cause problems that you really don't want on your vacation.
What to do: ask for the NUC number before you book a reservation. For more info, suggestions and details, visit:
==} http://www.bnbcoalition.org
Are more collect calls really made on Father's Day than any other day?
You've probably heard that more collect calls are made on Father's Day than any other day of the year. But is this true or an urban legend?
Actually, it's true.
Father's Day has only been celebrated since 1910. And although Mother's Day is the holiday when the most phone calls are made, Father's Day has the distinction of being the busiest day of the year for collect calls.
We recommend you call your father to wish him a Happy Father's Day on Sunday -- but we suggest you don't call collect. 😉
Time to wrap up for today -- have a great week!
