Way To Raise Your Credit Score

Having a good financial status is important especially with our economy the way it is

. One way to keep everything under control is to have good credit. It is important to review your credit report yearly so that if needed, you can start credit repair in order to improve your credit score.

There are many people with low credit scores who wish they could improve them. It can be confusing knowing where to begin this process of credit repair however, there are a few simple things that can make everything easier. These things are mistakes that can be made to hurt credit. Avoiding them is key to improving your credit.

While there are many reasons a credit score can drop, there are a few big ones that everyone should be aware of. One of these big ones that can really mess up your credit is bankruptcy. This may be unavoidable depending on an individual's situation, but it will basically wipe out your credit. It will also stay on your credit report for ten years. Bankruptcy should always be a last resort.

Late payments to a loan or credit card are also things to avoid. Having too many late payments can really mess up your credit score. A couple here and there may not do much as long as they aren't weeks past their due date. If you want good credit, make your payments on time every time.

Defaulted payments are even worse than late payments. They can cause a lot of damage to your credit and aren't always necessary. Many times, if you contact your lender they will be willing to help you through the situation. While the solution may still dock your credit, it will most likely be better than defaulting without notice.

There are other smaller things that can harm your credit. While they don't make huge dents, a lot of them added up can cause quite a bit of damage. One of these is applying for too many credit cards or loans in a year. This is looked down upon in the credit world.

Settling on loans may also hurt your credit. It may be a solution to avoid a bigger problem but if you can avoid it altogether, you will be much better off. Make sure you consider all your options before settling and you may find an alternative route to keep your credit clean.

These are just a few of the different ways credit can be damaged. If you are in need of credit repair, avoiding these mistakes will start you on the road to improvement. Even with perfect credit, you will want to stay far away from these things to ensure your credit stays where it is. Whether you have good credit or bad credit, these few tips can really help.

by: Jim Witt.

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