How To Improve Credit Score in the New Year
Its 2009! A new year means a new beginning, and is a perfect opportunity to improve your credit score. As a result of the sub-prime credit and lending crisis, lenders now want a spotless credit report to approve new credit.
This means that it is more important than ever to raise your credit score. So, lets get started on your road to improving your score.
First, to improve your credit score, its important that you understand how your credit is calculated. Your credit report contains data including your payment history, debt total, and available credit.
This information is strategically placed in a mathematical algorithm, and then calculated to create your credit score. The determined number is a accurate prediction of how likely you are to pay your debt.
The highest possible credit score is 850 and the lowest is 300. The average American has a score somewhere between 600 and 800. To really benefit, you must increase your credit score so it is at least in the average range.
The next and most important step is to increasing a credit score is disputing credit information that damages a good score. This includes collections, late pays, repossessions, charge-offs, bankruptcy, and judgments.
About a quarter of all credit reports have an error that is serious enough to keep a consumer from receiving credit approval. And, another large amount of credit reports contain mistakes that force a consumer to pay higher interest rates on big ticket items like mortgages or car loans.
If you improve your credit score, youll save money, time and embarrassment. Errors can end up on your credit report for numerous reasons, including: mistaken identities, identity theft, and administrative mistakes.
If you want to improve your credit score, you must dispute any negative information you find. When you find an error, you should make a dispute letter to send to each credit bureau and ask them to investigate.
Thanks to the unstable economic times, its more important than ever to raise your credit score.
By taking the steps listed above, youll be on your way to a great score, and a better quality of life.
This means that it is more important than ever to raise your credit score. So, lets get started on your road to improving your score.
First, to improve your credit score, its important that you understand how your credit is calculated. Your credit report contains data including your payment history, debt total, and available credit.
This information is strategically placed in a mathematical algorithm, and then calculated to create your credit score. The determined number is a accurate prediction of how likely you are to pay your debt.
The highest possible credit score is 850 and the lowest is 300. The average American has a score somewhere between 600 and 800. To really benefit, you must increase your credit score so it is at least in the average range.
The next and most important step is to increasing a credit score is disputing credit information that damages a good score. This includes collections, late pays, repossessions, charge-offs, bankruptcy, and judgments.
About a quarter of all credit reports have an error that is serious enough to keep a consumer from receiving credit approval. And, another large amount of credit reports contain mistakes that force a consumer to pay higher interest rates on big ticket items like mortgages or car loans.
If you improve your credit score, youll save money, time and embarrassment. Errors can end up on your credit report for numerous reasons, including: mistaken identities, identity theft, and administrative mistakes.
If you want to improve your credit score, you must dispute any negative information you find. When you find an error, you should make a dispute letter to send to each credit bureau and ask them to investigate.
Thanks to the unstable economic times, its more important than ever to raise your credit score.
By taking the steps listed above, youll be on your way to a great score, and a better quality of life.
About the Author:
For a free credit consultation call 1-866-246-7311. Or for a free online credit repair e-book or more tips to improve credit score visit us.
posted by Debt Consolidation Loan at
9:33 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home