How Do I Improve my Credit Score?

Thursday, 23 Dec 2010 08:40 AM

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A good credit score is necessary for maintaining one’s reputation in the money market. If one is constantly purchasing shares, trading in stocks, and is a financier of repute, credit score rating becomes even more important.
 
Experian, Equifax, and TransUnion are three bureaus which will provide your credit report. The credit score rating obtained from these bureaus is critical as it decides the future usage of credit cards by the individual.
 
These bureaus provide credit score rating based on information such as timely repayment of bills and loans by the individual, the reputation of the individual in the money market, involvement in scams, if any, and finally, the overall credit history pertaining to all the cards the individual possesses.
 
The credit score rating is low when an individual does not repay bills on time, has high-value debts pending beyond due dates, and has been blacklisted for a lower credit score rating.
 
The average credit score of all the past transactions constitutes the final credit score rating, which is mentioned in the credit report.
 
To improve credit score ratings that are low due to irregular repayments or other irregularities, adopt the following techniques:
  1. Pay pending bills on different credit cards to increase the average credit score.
  2. Do not get victimized by credit-repair frauds by allowing third-party vendors to improve your credit score for you. Instead, get your credit report from genuine bureaus or authorized sources and act accordingly to get a good credit score.
  3. Check the credit report regularly to ensure you do not miss any pending transactions to be completed. Completion of pending payments on time will ensure a good credit score.
  4. Do not panic when you realize that you do not have a good credit score and start closing your credit card accounts. Instead, retain the accounts and gradually improve your credit score.
  5. Do not indulge in any new credit card transactions until you improve your current average credit score.
  6. Check the credit score range, which qualifies you for a good credit score. Ensure that you achieve this range and maintain it throughout. This will ensure a good credit score.
  7. Record the credit score range carefully and record the improvements using a personal credit score chart or a reminder document. This will help you stay on top of your average credit score.
  8. Record your credit score and stay up to date on the changes in the credit score range declared by the government through the credit bureaus. Take timely measures to improve your credit score rating.
By following the tips mentioned above, you will be able to improve your average credit score. However, while checking your credit report, ensure that you receive appropriate guidance to understand what makes a good credit score. Do not assume or trust any information from an unauthorized source. 

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