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This is the most comprehensive guide to help you improve your credit score – in 5 simple steps.
You’re also going to learn:
So, if you’re looking to improve on your credit rating to get access to extra funding for either you or your business, you will love this guide.
Let’s get started!
There are certain risk factors that can help you better understand the necessary actions you can take to improve your credit score quickly.
Some of these include:
These two key factors combined represent an average of 70% of your credit score, and understanding how they work will play a critical role in improving your credit score faster.
Here are 5 simple steps you can take to help boost your credit score, using the two stated factors:
A delay in the payment of bills will make you less creditworthy to lenders, which in turn reduces your credit score.
Lenders are always very interested in how reliable you are in the payment of your bills, and this is one of their central interests whenever they request your credit score.
This is because lenders tend to rate past payment performance as a good predictor for a borrower’s future performance.
This goes way pass your regular credit card debt or any loans incurred (such as student or car loans), it also reflects in how quickly you make payments on phone bills, utilities, rent, and others.
So, one very good way to improve your credit score quickly is to start paying bills on time, as this positively influences your credit rating with lenders.
One good way of ensuring that you never miss out on a bill payment is by using available tools to automate the payments for you and ensure that you are always on time every month.
Instant payday loans are an excellent choice for funding, especially if you’re looking not to tamper with your credit rating.
This is so because statements on this kind of loan are generally not reported back to the three major credit reporting bureaus (Equifax, Experian, and TransUnion).
So, instead of going for one of the regular loan programs that could potentially hurt your credit score rating, you could rather go for a payday loan.
And the best part?
Guaranteed payday loan companies like InstantPaydayNV do not conduct a credit check as a requirement to get your loan request approved.
But you must understand – payday loans no credit check do not have any effect on your credit score rating… That is, they neither increase nor decrease your credit score; they are just there to keep you going while you are on your journey to fixing your credit rating.
It’s always important to constantly check your credit score rating on all of the three credit reporting bureaus (Equifax, Experian, and TransUnion) for any errors.
False information on your credit report could reduce your credit score by a lot. So it’s always important to confirm the accuracy of the accounts listed on your reports.
And if you come across any inaccuracies in your report, ensure that you dispute it as quickly as possible, to have it corrected.
Checking on your credit regularly is one good way of improving it because it can help you detect any inaccuracy before they can do further damage to it.
As stated earlier, the credit utilization ratio is an important factor that plays a critical role in the calculation of your credit score.
This is done by adding up all balances on your credit card at a given period of time and then dividing that amount by the total limit of your credit.
For example, if you typically charge about $1,500 monthly and the limit of your credit across all your credit cards is $7,500, your utilization ratio is 20%.
In order to calculate your average credit utilization ratio, you have to first go through all your credit card statements from the last 12 months (one-year).
Then sum-up the statement balances for every month across your various credit cards and divide it by 12. This will give you a pretty good overview of how much credit used monthly.
The importance of knowing your credit utilization ratio is that lenders always love to see credit utilization ratios of at least 30%.
And generally, borrowers with really good credit scores often have very low credit utilization ratios.
The credit utilization ratio is one factor that helps lenders better understand whether or not you have maxed out your credit cards, and as well how to deal with the credit well.
The best ways to positively influence your credit utilization ratio include:
Becoming an authorized user can be a great way of improving your credit report, especially if you are added to an account that is always quick in making payments.
This is a really smart strategic way of decreasing your credit utilization ratio.
As long as you won’t be spending on annual fees, keep your unused credit cards open.
Yes, it’s possible to get your credit score higher in rating in a matter of weeks, but all these can only be established if you:
How long did it take you to improve on your credit score rating?
Or maybe you are finding it really difficult dealing with issues with your credit report?
Either way, let me know by leaving a comment below!