Tips on Improving your Credit Score

October 25, 2016  //  Posted by: Suzan  //  Category: Credit
Rating showing Credit Score

Credit Score Rating scale

Good credit score helps you in happening and enjoying many doors of your life. It helps in opening the doors and inviting the opportunity of funds towards you. Whether you are applying for a loan or mortgage for buying any expensive product, your credit score do comes into action. Credit score works as a deciding factor while purchasing or mortgaging any loan amount. Basically, the higher your credit score sounds, the higher are the possibilities of your loan or mortgage to be approved. If you are actually planning of improving your credit score, keep one thing in mind. It is not going to improve overnight, right? It might take some of the months for noticing that gradual improvement in increasing your credit score.

Tips:

  • The first step that you should comply with, is asking for a copy of your credit report. All the major credit bureaus provide a free copy to their consumers of the credit report. They provide once in every 12 months.
  • Once you are having your report, began identifying the errors. An inaccurate step leads to effect negatively to your credit score. Take your time and thoroughly check for the credit report copy you got it.
  • Paying your bills on time is another tip for improving your credit score. Payment history is considered to be the significant factor for identifying your credit score. Keeping the criteria in mind, you should be attentive in paying your bills on time.
  • A strong history of the bills helps you in building your image in the market. As you are having a strong credit score, lender easily gets attracted and leads you with lending the money. Among different ways of paying the bills promptly. Transferring the amount of bill directly by opting for automatic route of transaction sounds more suitable.
  • Setting up the calendar in your phone will help you in knowing when you have the pay the bill and what the last date for repayment is. Improving your credit score by knowing the exact amount of credit utilization taking place.
  • Credit utilization means the sum amount of all the balances divided by the total credit limit. Lower utilization rate of credit score generally sounds positive because you have not acted beyond your stipulated credit score limit.
  • Planning of closing your older accounts? Don’t close it because your old account works as the proof of reliability and helps you in improving your credit score. Closing off your old account will not lead you in having any effect but many a times, it proves out to be having a negative impact on your credit score.
  • Don’t lose your temper. It is advisable of performing patient enough while planning for improving your credit score. Stay patient and committed on what you are thinking. Once you start thinking and getting positive vibes, it means that you have started achieving your planned path of improving your credit score.
  • Also, keep in mind certain factors like any activities related to your account will affect your credit score. Think twice before performing any transaction that is harmful and can affect your credit score negatively.

Tips on maintaining a good credit report

June 02, 2013  //  Posted by: Financial advisor  //  Category: Credit

A good credit report is one of the most essential things to maintain in life. A credit report is essential as this report allows you to take a loan easily. So it is very essential to maintain a good credit report. Here are some tips that would be fruitful for you to maintain a good credit report.

• You must know about your card well before you use it. These cards are meant to earn some money for the issuing company hence you must have all the details of the card you are using.
• You must sure to note down the dates on which you will have to pay off the credit amount. This is so because a late fee is added once you fail to pay off the credit in the issued date.
• One must use the credit cards in a well defined limit as high usage will raise the interest rates.
• Pay off the credited amount completely and not just the minimum amount stated in the monthly statement. This minimum amount later becomes tough to be managed.
So follow the above stated steps to ensure that you always have a good credit report.

How to reduce your credit card APR

January 17, 2013  //  Posted by: Financial advisor  //  Category: Credit

Reduce credit card APR, credit cardThough credit cards are useful financial services from banks these days, they are known for their extraordinarily high annual percentage rate (APR). Paying the credit card debt is quite a difficult task and it gets tougher and tougher if it keeps on accumulating. There is an urgent need of managing useful ways of reducing APR of the credit cards. The following ways can be good and fruitful for credit card users:

• Always keep the rate of interest in mind.
• It is always good to shop at lower rates of various commodities.
• Manage and keep the credit score well under control as improper growth of this score can create problems in the long run.
• Keep yourself well in touch with your Credit Card Company or bank to get some sort of favors. It is a practical way used by many credit card debtors.
• Avail the debt management services whenever things go beyond your control.

How to Get a Higher Credit Card Limit

December 14, 2012  //  Posted by: Financial advisor  //  Category: Credit

Credit Card Limit, Credit CardThe economy is very unpredictable so it’s but natural for people to want a higher credit limit. With low credit limits, you might tend to overuse it and end up in debt and then you’ll have a bad credit record. On the other hand, if you have a higher credit limit and you spend your money consciously, it’ll have a positive effect on your credit score. For whatever reason, you’re trying to get to increase your credit limit, you must remember to follow the right steps otherwise the whole process might take longer than you expected.

First of all, you need to send an application to your credit card company. In some cases, even if you have a low income, you can get to apply for a higher credit limit. But you would need to enquire about that separately. You can also get quotes from different companies and compare interest rates to check which one is more suitable for your requirements.

What is zero percent balance transfer deal

November 06, 2012  //  Posted by: Financial advisor  //  Category: Credit

balance transfer, creditThere has been an incredible rise in the number of offers and discounts and services provided by credit card companies and banks. The reason is that there is fierce competition in the market when it comes to attracting customers with attractive credit card deals and every one is in a race to come up with something new.

The newest card in the block issued by a few credit card loaning companies is the zero percent balance transfer deals that are being offered to customers. This deal allows a zero percent balance transfer period of twenty two to twenty three months. A nominal fee is however charged for the card and the service.

One thing that one should be aware of is that this zero percent balance transfer deal cannot be availed by those who have a bad credit history. In fact, unless and until you have a spotless credit history, your application for the card is probably going to be rejected.

How to get a free credit score?

September 30, 2012  //  Posted by: Financial advisor  //  Category: Credit

Credit report, credit scoresCredit score is a very important that you need to maintain properly and update time to time. If your credit score is bad, you may not be able to get few facilities like bank loans for any purpose, credit cards etc. So you should try to improve your credit always. Also if you have improved your credit score, but you have not updated it with the credit society, then also you face the same problem since your updated credit score is not available. It is credit society that maintains the credit score of any individual.

To be sure enough about your credit score you must get in touch with the credit society to get your free credit score. This will help you whenever you are going to get the added benefits. There are many websites also now a days from where you can obtain your free credit score. So if you are too busy with no time for going personally to collect your score you can do it now over the internet.

Paying your credit online: The options available

September 15, 2012  //  Posted by: Financial advisor  //  Category: Credit

Pay credit online, credir paymentOne of the most popular ways of making online payment is the credit cards. However, it is not always safe to make us of the credit cards for online payments. Therefore, it is very important that you use credit cards for making online payments only when you are dealing with reputed websites.

Another option of using the net for making payments is PayPal. It is a more secure option. The number of your credit card remains completely secured when you are using PayPal. Therefore, the chances of a misuse by a third party are quite less when you are using PayPal. It is very useful for business transactions where there has to be a monetary transaction between two parties who have never seen each other before. PayPal wills serve as a common trusted platform for the transaction. There are various other ways as well. Transferring of money has become quite simple with online banking.

DIY credit repair tips

May 09, 2012  //  Posted by: Financial advisor  //  Category: Credit

Credit repair tips, creditTo get a fresh financial start, repairing your credit score by using the DIY credit repair is an important step. The first thing you need to do is prepare the credit report. Get the copies of the credit report from at least three companies, not one, which will give you a clear picture about your credit. The next step is to get a good credit repair kit; can easily buy one at a cheap rate online, but make sure it has everything which a complete credit repair kit should contain.

Keep a track and copy of whatever you discuss and send to your creditors. Keeping a record of everything all the time will be very beneficial. Patience is the key to fixing bad credit scores. Getting your credit score back to normal will take time, so do not lose hope easily. Realistic goals will be achieved if you keep a steady head and try.

What to do when the bank says no

May 08, 2012  //  Posted by: Financial advisor  //  Category: Credit

Credit scores, creditIf it is your credit score which is troubling you and is getting you a “no” from the banks approval system, then it is not the end of it. A “no” from the bank does not always mean that your credit score is poor; sometimes there is something in your application which misses to score enough points to get your loan sanctioned. It may be that the type of loan you have applied for is not the appropriate one according to the situation you are in.

If the “no” is from a computerized automated system, you should not take it as the final answer. There are good numbers of banks which decide whether to give an application the green signal or not by going through the details with human eye rather than relying totally on the computer system. There are quite a few attributes too which take part in the final decision made by the banks, so try to resolve them one by one.

Business credit scoring explained

May 06, 2012  //  Posted by: Financial advisor  //  Category: Credit

Business credit score, creditDo you want to acquire decent amount of knowledge regarding your business credit score? Well then reading this article might prove really beneficial for you. In PAYDEX a score of 80 is regarded as a good score which can be said as equivalent to 800 in the FICO personal score credit. For your scores first of all you will have to select a specific company from the list of the business search result and then you are free to choose any of the credit report option according to your wish that you want to buy. The Experian business site is another genuine guide from where you can be fully sure about your business score crdit report. Moreover several business agencies also provide telephone information facility to their customers and thus you can get your score by calling in a specific phone number. You can make the payments via personal or business credit card.