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How to raise your credit worthiness

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Do you want to raise your credit score? Then the first thing you need to do is find out what your current score is.

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									                                    How to raise your credit worthiness

Do you want to raise your credit score? Then the first thing you need to do is find out what your current
score is. Your credit score will range between 300-850, and of course, the higher it is, the better.
Excellent credit scores give you a higher chance of getting a loan with the lowest interest rates out in the
market. On the contrary, low scores may lead to credit denial or an approved loan but with very high
interest rates.

If you trying to boost your score, here are some important points to remember

Pay off all your debt/balances

After using your credit card, you should focus on repaying it immediately. Paying your bills on time and
paying them completely as soon as possible can boost your score faster.

Taking debt low as possible

Use your credit card every now and then but don’t ever exceed its limit. Always stay 25-30% below the
actually limit, this boosts the amount of “available credit” as well as your credit score and your
credibility. When it comes to paying your balances, try to pay more than the required amount, this will
help you finish off your debt faster and you’ll gain extra points as well.

       Checking Credit Limits

It is advisable to conduct a credit check regularly; you have to make sure that the ones that are in your
record match the ones that the banks have. Also, if the report shows that you exceeded the maximum
limit, it can bring your credit score down. And if you do encounter errors on your report, it is best to
clear them up with the credit agency in an instant.

       Verify and clear errors on your credit report

You should get the credit file corrected if there are errors, as it can lower your score. Here’s a list of
what you need to look out for.

     Late payments, accounts in collection, unknown charge-offs.
     Report false credit limits. This seldom happens but it may happen to you. Keep proofs of your
      purchases.
     Accounts which are reported other than “paid as agreed’ or “current”, including “settled”, “paid
      charge-off”.
     Accounts exhibited as unpaid and included in a previous bankruptcy should get your attention. If
      you are aiming for a higher score, make sure your report is clean
     Any negative item, which is more than 7 years, should be removed from your report. This can
      cause damages and can hurt your score especially if you are trying to get a loan.

Just keep track of your report and you’ll be credit worthy in no time.

								
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