Posts Tagged ‘improve your credit rating’

3 More Things You Can Do To Improve Your Credit Rating

If you are struggling with your financial matters because of low FICO score, it is the time you must seriously work on some effective strategies to improve your credit rating. If you are being rejected for loans and are unable to qualify for low rate insurance premiums, there are certain reasons behind it. All those reasons can easily be revealed if you just do a thorough review of your current credit report. This way, you will be able to see where the actual problem is and what you can do to improve your situation. You can contact the three major credit bureaus and ask them to send the report to you. You also have an option to access your reports online by visiting the official websites of those credit bureaus. Now, following is a list of some major things that you can do to improve your credit worthiness.

There Is No Easy Shortcut

Before you start working on your strategies to improve your credit rating, the first thing that is very important for you to keep in mind is that there is no easy shortcut. There are many unscrupulous credit repair agencies out there in the market that claim to do the miracle for you. For example, you may come across highly lucrative and seemingly unbelievable claims like “we can eliminate the negative entries from your report”, “achieve a high score within a matter of week”, and other such things. Always remember, the claims that sound like too good to be true, they probably are. Beware of such unscrupulous agencies because such claims do not speak reality. The fact is that there is no legal way to remove the negative entries from your report, and that there is no quick way to heal the wounds on your credit report. It takes time. You will have to have some patience.

How You Are Dealing With The Payments To Your Debts And Bills?

In order to improve your credit rating, the next thing you have to do is to review how you are treating your debts and bills. Are you making the payments in a timely manner every month? Sometimes it happens that you do not have many debt accounts in your name and you are even making monthly payments toward all the debts, but your credit rating is still not very high. It can happen because of an array of reasons. For example, it is possible that you are often late in making the payments for your debts and bills, even if the delay is just of two or three days. Even small delay in these payments has adverse impact on your credit rating. If this is the case with you, you should consider implementing an automatic payments system for your debts and utility bills. An easy way to do this is by providing direct debit authorization to your lenders, which means allowing your lenders to deduct the payments on the due date electronically from your bank account. This way, you can easily avoid those late payments.

When it comes to understand those factors where you have to work on to improve your credit rating, you also need to understand the different types of debts that you have in your name. For example, even if you do not need it, it is often wise to have a credit card. A good mix of various types of debts will help you improve your credit worthiness provided you are making timely payments on all your debts.

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