Connect with Best Verified Coaching in India Find the best Verified coaching institutes in India , personalized to your needs.
For which entrance exam are you preparing? mandatory

Improve the Score on Your Credit Report

author
Report Error
article image

Your credit score is crucial, because it will determine whether or not you can get loans from the financial institutions. It could also impact on your ability to land your dream job. You, therefore, need to take the necessary steps to improve your credit score if you have a poor rating. You can get your credit report from several agencies. Refer to our top five lists for the best credit report services

How to Determine How Good Your Credit Score Is 

Credit agencies use particular ways of calculating whether or not you have a good credit score. The most common is to give you a rating in the range of 300 to 800. They look at factors such as revolving credit, your credit payments, and new credit applications, among others. 

Let us look at some of the steps you can take to improve your credit score. 

  • Keeping Up With the Bill Payment 

Your credit report will show whether or not you keep up with your bill payments.  If you are consistently late, or miss payments altogether, it will harm your credit rating. Ensure that you schedule the payments of things such as utilities, rent, student loans, and credit card payment, among others. 

  • Debt Consolidation 

 If you have high-interest loans, you can consider debt consolidation. It requires that you take a loan to pay off all the other debts at once. You can then give your attention to only one loan. Talk to your financial advisor before you take this option, to avoid paying very high-interest rates on the new loan.    

  • Pay Attention to Your Credit Card Utilization Ratio 

The credit card utilization ratio will have a significant impact on your credit score. It looks at the balances of all your credit cards at any given time and divides the amount by your credit card limit. Strive for a ratio of 30% or less. It shows that you do not max out your cards, and can pay any debts you incur on the credit cards. 

  • Be Careful About Opening New Accounts 

While it pays to have the right credit mix, you should be careful about the number of accounts you open. Every time you open an account, there is a hard inquiry; the more the inquiries, the lower your score. 

The same situation will occur when you keep applying for new credit. A hard inquiry will be a stain on your credit report for two years. So, try and avoid them as much as possible.

  • Incorrect Credit Report 

 You must keep a close watch on your credit report so that you can pick up on any errors. You must report any inaccuracies as soon as possible so that the credit agencies make the relevant changes. Any errors will impact on your credit score.  

Final Thoughts 

We have shared with you tips on how to improve your credit score above. Follow our tips, but most importantly have financial discipline so that you do not get into debt.

Leave your vote

0 points
Upvote Downvote

Total votes: 0

Upvotes: 0

Upvotes percentage: 0.000000%

Downvotes: 0

Downvotes percentage: 0.000000%

This post was created with our nice and easy submission form. Create your post!

Like what you read? Give author a thumbs up?

Bookmark this article to read later, drop a remark in comment section and share with your friends..

  • 0
  • 0
  • 0
article image

Texas Review

(10 Review) | (10Rating)

article image

S-Orbit

(276 Review) | (22Rating)

article image

UTAC Academy

(6 Review) | (0Rating)

Comment

blog image

Verify Yourself




Hey there!

Forgot password?

Forgot your password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Close
of

Processing files…

Report an Error

×
Page Title : Improve the Score on Your Credit Report

Please let us know, if you found any error on this page, We will rectify it as soon as possible