VIEWS: 15 PAGES: 1 CATEGORY: Financing POSTED ON: 2/9/2012
Maintaining a good credit report is essential for anyone whose intent is to reflect a credible financial background. Anything negative on the file, such as unpaid debts, late payments on bills, and anything similar will work to cast your ability to manage your finances in a very bad light and pull scores down.
What you can do to raise your credit score Getting out of financial entanglements is a long, arduous and complicated task. Simply getting out of a credit debacle for instance, takes time; in the same way that boosting ones credit score is not an overnight task. One cannot simply negotiate a low credit score rating to an impressive number in just a few months. But there are things which you can do to ensure that your scores are raised consistently. Maintaining a good credit report is essential for anyone whose intent is to reflect a credible financial background. Anything negative on the file, such as unpaid debts, late payments on bills, closed accounts and anything similar will work to cast your ability to manage your finances in a very bad light and pull scores down. To manage this, make sure you read the guidelines below to help improve your credit score: Request for a free credit report from Equifax, Experian and TransUnion: After requesting for a free copy of your credit file, it is essential to understand the elements present in the report. You should read them carefully to ensure that the information is accurate and check for the things, which can ruin your grades. Outstanding bills and financial judgement against you can work against you and from getting good scores. Try to clear such problems. If there are any mistakes on credit statement then write immediately to the agencies about that problem. Make payments on time to lift your credit score: 35 percent of your credit score is influenced by making payments on time. Therefore, it is necessary that you pay your bills on-time. Pay off all your debts as soon as possible: To get rid of the negative implications of unpaid debts on your credit file, it is significant that you should start taking care of debt accrued from credit cards, mortgages and loans. Management of debts will remove bad remarks from the credit statement and also bring down the credit utilization and percentage of the available credit. It is essential to remember that you should not close the accounts which you have already paid off. This way, the available credit amount that you owe will be reduced, enhance the utilization rate and will also have a positive influence on your score.
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