5 Credit Score Secrets To Imporve Your Rating

Below are 5 credit score secrets to improve your credit rating:

1. Scrutinize Your Credit Report

The first step in improving credit rating is to obtain a copy of your credit report, and study it in detail for mistakes or errors. If you detect any, note them down and call the credit reporting agency to dispute the errors.

2. Make Credit Card Payments on Time

Creditors pay specific attention to whether or not credit card bills are paid on time. A healthy credit score is a reflection of responsible, punctual payments.

3. Pay Bills on Time

Make all utility bills, including cable, electricity, cell phone, etc. on time. Although they are typically not registered in a credit report, some utility companies may report you for delayed payment – severely affecting your credit score.

4. Pay off loans

Make sure you make all outstanding mortgage payments, student loan payments, auto payments etc. are paid. This can dramatically improve your credit rating.

5. Stay Below 30%

Keeping your balance well below 30% of the limit on each card can also have a positive impact on your credit rating. Lenders like to see a considerable difference between the credit used and that available.

Remember, there are no short-cuts to amend a credit report. Be responsible with your spending habits, purchase only what you can afford and clear up debts.