Raising Your Credit Score is Possible

Raising Your Credit Score is Possible

Raising Your Credit Score is Possible

During these hard times, nearly everyone has a credit card. Maintaining a good credit rating on that card is as essential as having the credit card. Keeping it in good standing is worth paying attention to. If your credit rating is low, it would be wise to begin changing those numbers in your favor. Having a credit report with high numbers will allow for the possibility of purchasing a new home or car much more easily, though of course, other factors would be taken into consideration as well, when taking out large loans. There are some specific ways in which you can learn how to raise your credit score by 150 points. Following some easy and basic rules, you can watch your credit rating rise advantageously.

The easiest starting point is to begin by finding out what those numbers are. Receiving a free credit score can be accessed easily online. Be wary of some sites and make sure they are a creditable company before providing information.

Make sure every account you maintain is up to date. One third of your credit scores is based on your past history of payments and being late significantly drops those numbers. For that reason, making payments every month and on time is of the utmost importance and can raise those credit report numbers substantially. Additionally, paying down revolving credit balances can greatly affect credit report numbers. Revolving credit is based on all accumulated credit card accounts. It is not based on the amount of debt incurred in relation to income but debt compared to the complete amount of credit available to you.

While it might seem appropriate to close a credit card account when not in use, it is best to keep it open. A certain portion of your credit relies on ones history of past credit and keeping those cards open, even when not in use, works in favor of your credit scores. Making just a few yearly purchases, regardless of the amount, will show up positively with the bank and their reports will show that all accounts have been paid on time.

Unless absolutely necessary, refrain from applying for credit. Each time an application is submitted, this information is held and can be looked at by creditors. They will judge you based on the amount of times a request for credit has been submitted between a three and six month period of time. This can lead to false assumptions that the customer may not have intentions of paying off their debt but rather adding to it. By being consistent, you can watch those credit scores go up quickly.

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