How Can I Improve My Credit Score
Your credit score lets lenders know what kind of a credit risk you are. They know whether to trust you and give you better loan rates. Landlords can determine whether you are likely to pay your rent on time. Employers can use your credit score to determine whether to trust you with a high-responsibility job that requires you to handle money.
So if you are wondering “How Can I Improve my Credit Score” here are some tips:
1. Pay Down Your Debts – Lenders like to see that you are using less than 50% of your available credit. So if you limit on a particular card is $5,000 try to keep the balance below $2500 on that particular card.
2. Be careful of inquiries on your credit report – Every time you apply for credit you get an inquiry on your credit report. Lender don’t like to see a lot of inquires at once because it looks like you are applying for a lot of credit and trying to overextend yourself.
3. Dispute errors on your credit report – Credit agencies aren’t perfect and make mistakes. You should make it a habit of getting a copy of all 3 credit reports and disputing any inaccurate information.
You can get a Free Copy of your Credit Report by contacting the 3 Major Agencies
Experian ………. 888-397-3742 …. www.Experian.com
Equifax ………… 800-685-1111 …. www.Equifax.com
TransUnion ….. 800-888-4213 …. www.TransUnion.com
4. Pay your bills on time - 35% of your Credit Score is determined by how you pay your bills. This easy step is one of the best ways to boost your credit score.
5. Avoid excessive credit cards – Having a lot of credit cards, even if you aren’t using them, can lower your credit score. Don’t apply for lots of credit cards “just in case” you need them. Try to keep to only one or two credit cards
By taking these small but powerful steps you can have a dramatic impact on your financial life
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