Personal Finance: Controlling your Debt…

… How To Boost Your Credit Score

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A credit score acts much like your high school report card. It features a three-digit “grade”, which reflects a person’s creditworthiness to potential creditors, banks, insurance companies, mortgage companies and even employers. The higher your score, the greater will be your chances of availing of credit. Here’s how to control your debts, and boost your credit score.

Review Your Credit Report:

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There are three major credit reporting agencies today, and through these agencies, you can get a copy of your credit report, for you to closely evaluate it. Just like using a fine- comb to weed out tangles and loose hair, you need to review your credit report with a keen eye for incorrect data or any inconsistencies. Check out any incorrect payments, credit limits, or collection data that you strongly feel is not yours. It’s a fact that some typing errors or numerical glitches often show up on some credit reports; therefore you need to get a copy of your credit report at least once a year.

Pay Your Obligations On Time:

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Always make sure that you pay off all types of debt or bills on time. Late payments or any delinquencies will truly have a major effect on your credit score. If you forget to pay one or two of your bills on time, prepare to have some red marks or black eyes on your credit history. To steer clear of any delinquencies, try setting up your bills for automatic withdrawal from your personal current account so that you won’t have to deal with any collection agency in the future.

Balance Your Credit Card Spending:

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Regardless of whether you have one, two or three credit cards, remember to spend wisely and balance your credit card obligations. If you don’t have the money to pay an existing credit card balance at the moment, try getting a loan from a family member or relative, so that your debts can be wiped off from your card, and your credit score also gets a helpful boost.

Never Do Loan Shopping:

Whenever you continually shop for loans or submit to as many lenders within just two weeks, your credit score will surely suffer a major drop. Try to do a cluster of loan inquiries within a proper period of time, like one maybe every three months, so that your credit score remains strong, and won’t have to suffer major drops in credibility with lenders.

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According to credit experts, a credit score of 300 to 580 indicates that you’ll only get approved for loans that offer very high-interest rates. A credit score of 651 to 710 means that you’ll be able to avail of credit at moderate interest rates, while a score of 751 and up indicates that you’ll be able to get the most competitive and flexible loan packages available in the market today.

To your Financial Success,

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