Steps To Secure And Maintain A Good Credit Score
Factors That Affect Your Credit Scores: Your Payment History; The amount of Money that you owe; The number of credit inquiries on your credit report; The length of time you have had credit; The type of credit you have.
To Improve your credit rating takes time, and diligence. It will not happen over night. However, by following certain steps, progress will come:
Step 1- Keep your credit card balance under 30 percent of your credit limit. (Keep control of this utilization rate. Increase your credit limit if necessary).
Step 2- Have three revolving credit Lines. (credit card lines)
Step 3- From time to time; verify the accuracy of your credit report. (go to www.freecreditreport.com. Report any inaccuracies.)
Step 4- Have at least one active or paid installment account on your credit report. (To maximize your credit rating, strive to have a mortgage, three revolving credit cards, and one installment account. Keep them all up to date, and control your utilization rate as explained in Step 1.)
Step 5- Remove errors from your credit report (Examine your credit report; take the appropriate action to remove any errors.)
Step 6- Before paying off a collection account, negotiate with the collection agency in order to receive a letter of deletion from your account. (With this letter of deletion, you may be able to get the collection removed from your credit report.)
Step 7- Create a structured plan to protect, track and maintain your credit. (Contactus for assistance in this effort.)
Step 8- Disregard any solicitations from credit card companies with pre-approval notices. (If you accept these solicitations, the companies will make an inquiry on your credit report. Your credit score will be affected.)
Step 9- Please note that Bankruptcies, Judgments, Slow Pays, Delinquent Student Loans all have an adverse effect upon your credit scores and ratings.
Step 10- Be Diligent. It takes time and effort. (If you follow the steps above, you will form a habit of doing the right things to maintain and keep a good credit rating. Remember, in today’s business world, everything is credit score driven.)
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