Controlling Your Debt: How To Boost Your Credit Score
Examine Your Credit Report
There are 3 big credit reporting bureaus today, and through these agencies, its possible to get a copy of the report, so that you can closely examine it. Just as if you were using a fine comb to weed out knots and loose hair, you need to examine your credit report with a careful eye for incorrect data, or similar inconsistencies. Note any wrong payments, credit limits, or collection data that you really feel doesn't belong there. It's true that some typing errors or numerical mistakes frequently show up on some credit reports, therefore you need to get a copy of the report report at least once each year.
Pay Your Commitments At The Right Time
Always make sure that you pay all types of debt or bills on time. Tardy payments or any delinquencies will truly have a big impact on your credit rating. If you don't pay one or two of your bills at the time, get ready to have some red marks on your credit report. To steer clear of any delinquencies, set up regular monthly payments for automatic withdrawal from your bank checking account, in this way you won't have to deal with any collection agency in future years.
Balance Your Credit Card Spending
Regardless of whether you have several credit cards, remember to spend prudently and balance your credit card obligations. If you haven't got the money to re-pay an existing credit card balance at the moment, try asking for a loan from a someone in the family or relative, so that the debt can be removed from your account, and your credit report gets a helpful boost.
Take Care When Loan Shopping
When you continuously look around for loans, or apply to several lenders within just two weeks, your credit score will surely experience a large drop. Try to do a cluster of loan inquiries inside a certain time frame, such as one every couple of weeks, so your credit ratings remains strong, and won't suffer major drops, thereby losing credibility with lenders.
According to credit professionals, a credit score of 300 to 580 indicates that you'll only get approved for loans which attract very high interest rates. A credit rating of 651 to 710 indicates that you should be able to get credit at moderate interest rates, while a rating of 751 and more signifies that you are eligible to get the most competitive and reasonable loans available in the market today.
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