Tag Archives: credit score

17Jun/17

Useful Ways To Fix A Bad Credit Score

Choices have consequences. In this regard, making wrong financial decisions is bound to hurt or affect you in future. For example, if you have a bad credit score, then, you might have made some errors in the past. The good thing is that from testimonial of specialist credit repair company, you are not alone, and you can improve your credit score. Besides using a credit repairer, which is one the best moves, here are some areas you can address to take care of bad credit.

Credit record

In other words, your credit record is your financial history. ASDcAaScxScYour credit records influence your credit record scores by up to 40%. As such, you need to review your credit record from time to time and see how you are faring on. Any inaccurate or negative listing should be a cause for concern. Upon realization, it is advisable to file a dispute and have things sorted.

Types of credits

Ideally, one can have many different types of loans or credits. This might be a car loan, student loan, credit card, mortgage, name it. Having a couple of loans is good for your credit score. Managing and paying them on time could see your credit score improve by up to 10%.

Length of credit

How long have you been using credit? The duration you have been using credit affect your credit score in a way. As such, individuals who have operated a credit account for a long time are about to have better scores. However, this should not be a significant concern considering that it does not have a strong influence on your credit scores.

Credit to debt ratio

xADScADIdeally, the credit to debt ratio looks at all the debts you have and compares them to your borrowing limit. In this regard, if the amounts borrowed are low compared to what is available, you credit score is not adversely affected. However, operating at the upper limit can hurt your credit score, as you do not have any credit to borrow.

Bad credit scores are bad for you in all ways. As such, do not just live bad scores. Take action and build up your scores for your future. The benefit of having a credit score is that most lenders are willing to give you loans. Besides, you also get financing at low rates considering that you are not seen as much of a risk.

30Dec/16
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Maintain a good credit score

Credit is a luxury that only people in developed countries have access to and maintaining a good credit score is something that disciplines people get access to. A credit score is simply a measure of how you have been settling your credits. All credit companies have access to a public database where they update the records of the people they give credit to. The various credit companies then use this information to determine how they allocate funds to those that borrow, so if for any reason you have a bad credit score from one company, others will avoid giving you credit. Think of it as a way of credit companies having each other’s back.

In this article, we will look at a brief list of the ways that you can maintain a good credit score and get to enjoy the excellent services credit companies offer.

How to keep a good credit score

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The idea here is to keep your credit balances low. The way it works is that the more your credit balance, the worse your credit score gets. There are very many things that one can do to minimize their spending, but the best of them all is to make sure that you spend your credit only when necessary. This will ensure that when you finally get debited, you can easily pay for the basic needs you used your credit for. This ensures that your balance stays low and credit score goes up.

Pay all your bills on time

One thing about bills is that when you do not pay them in time, they get reported to credit bureaus. No matter the type of bill, be it water, gas, heating or even a library fine, make sure to pay them in due time. Many companies will forward your unpaid bills to the authorities who in turn will include them in your credit reports. This increases your credit balance and eventually will lower your credit score and hinder your borrowing ability.

Manage your debts

Many people blindly spend thkdnfknkdnfbdfnkdfbkndfbdfbdfbdfbeir credit cards without ever caring to watch their debt management. When the money spent is left to accumulate, it makes it harder to pay in future. If possible, make sure you settle all your debts whenever possible, no matter how small. This will dramatically reduce your credit score and eventually boost your credit score, allowing you to borrow more, especially in your time of need.