6 Most Important Tips to Improve Credit Score
by credit bazzar Instant payday loan in as short as 15 minutesWhen 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.
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Created on Aug 2nd 2018 04:00. Viewed 670 times.