6 Most Important Tips to Improve Credit Scoreby credit bazzar Instant payday loan in as short as 15 minutes
When it comes down to availing different financial items and credits high credit score plays as one of the most important factors. No matter for what reasons you want to take up a personal loan or other financial benefits, if you have a high credit score then you will get low and also competitive interest rates available on the market. Your high credit score also reflects your financial behavior so you must concentrate on improving your credit score with these important tips, even to get best deals on instant loan online –
1. Always Review Credit Report
You can check your credit report online as the first step on improving it. Only after checking your credit report you can immediately rectify your errors like late payments, incorrect credit limits etc. Credit reporting checking is free and you must check it once a year.
2. On Time Bill Payment
Paying all of your bills on time is a very good habit. When someone pays their bills late it negatively impacts hugely on their credit score. You can automate your payments. Your overdue bills must be clear very early. You don’t want your name on debt collectors list because of bad credit report.
3. Pay Credit Card Balances
It’s best to reduce your credit card debt if you want to boost up your credit score. In such instances you can borrow it from your closed ones or simply use the loan you are getting to pay the balance of credit card. Though it boosts credit score, it doesn’t keep you debt free as you take another loan to repay the previous one.
4. No Credit Card Cancelation
When you have a credit card and you want to cancel it, it makes a negative impact on your credit score and decreases the score. There is no need to take care of your all expenditures with credit cards. Occasionally use them. As credit bureaus keep a track of your all payments done via credit card, long history of credit improves the credit score.
5. Don’t Cross a Certain Threshold with Credit Cards
If you really want to improve your credit score then you can’t neglect the golden rule of keeping the debt balance under 30% of the credit limit of yours. It will be best if you pay your debts fully each month. Otherwise if every month your credit limits exceeds over 30% then it is the time you get yourself a second credit card to balance out the 30% threshold.
6. Get a Credit Card which Is Secured
If you don’t have any credit history or have a low credit score, you can definitely opt for a secured credit card. You might not get unsecured ones for some reason and secured ones will come in handy. The secured credit cards make sure to give all your credit card reports to credit bureaus. To get these types of credit cards you must pay a security deposit amount as a collateral fee to the card issuers. If you use this card responsibly for six months at least then your credit score will increase.
Created on Aug 2nd 2018 05:00. Viewed 191 times.