Raise Your Credit Score For More Financial Flexibility

It really isn't that hard to boost a low credit rating

. It just takes a desire to be prudent with your credit. If you have a low credit rating, this makes it harder to get approved for a credit card or get good rates for your home or auto loan. But if your credit is good, you have more choices.

Verify The Accuracy Of Your Credit Reports

Most credit reports have errors on them. That's why it's important you check them about once or twice a year. This is a good way for you to ensure accuracy and get the errors fixed faster.

An example would be an overdue account that is otherwise being paid on time. More often than not, you can easily resolve these issues. But if you don't regularly check your credit reports, you risk lowering your credit score due to the error remaining unresolved for a long time.

Take time out to request a copy of your report from each of the three bureaus. This means more chances to ensure greater accuracy. Another instance when you need to review your credit would be before requesting a loan or getting financing.

Be Prompt On Your Payments

You need to avoid paying your bills late even if you say you can handle it. If your credit card is usually past due or late, your credit score will drop. Also, this results in jacked up interest rates and annual percentage rates. Most recommend payment via mail, and recommend doing so 7 to 10 days before the due date. You can avoid most late fees with enough advance time before payment. If your mail often gets delayed, or if you're uncomfortable with mailing a check, you can set up automatic payments.

Don't Use All Of Your Credit Limit

About a third of your credit score is based on the credit card balances you carry. That is why many believe the most important tip would be to maintain a low balance on your credit card accounts. Keeping you credit card usage low is the best tip for starters. Expensive shopping sprees and free spending are two things to avoid. When relating your balance to the credit limit, use only about a fourth of it.

The first part of this battle is to reduce your credit card balance - next step would be to avoid incurring more debts. An established spending pattern and full payment every month can help. Cancelling an account with a zero balance is an option for many. It may look like a smart move at first, but it isn't due to potentially shortened credit history.

by: Donna Rice.

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