Simple Moves To Raise Your Credit Score
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Many people thought their credit score does not matter that much because they don’t have any plans on applying for a credit card or getting a mortgage anytime soon. If you are thinking this way, you better think again. Credit score is important and for this reason, it is very important that you take care of your credit score.

Some of the best ways to maintain and build good credit is to pay your bills on time and stay below your credit limits. They account for over half of your total credit score. A good payment history is the major contributor to your credit score which accounts for 35% of the total. If you miss even just one deadline, your credit score can drop by up to 100 points. The easiest way to avoid overdue notices and the credit imperfection that comes with them is to set up an automatic payment for regular bills so your lenders get the payment on time.

Another 30% of your credit score is based on the amount of loan you can have as measured against your available credit amount which is also called credit utilization ratio. It is ideal to keep your outstanding balances to not more than 25% of the amount available to you to spend. In case you failed to pay your balances down as soon as possible, you can call your lenders and ask them to increase your credit limit. But apart from these basic rules of credit management, there are other unknown strategies that can significantly boost your credit score.

• Get any clerical error corrected. Check your credit report and have any error corrected right away. You want to ensure everything is reported accurately. But make sure to also check the details of what is being reported on your current accounts.

• Obtain credit when it is due. When fixing errors or taking actions to boost your credit score make sure the three major credit reporting bureaus know about it. You are entitled to get a free copy of your credit report once a year from each one of them.

• Avoid deleting your history. You might want to think twice about planning once losing some of the accounts you have. Often, it is a sensible thing to do thinking it would simplify your financial life. However, closing an account can affect your credit score as it reduces your available credit.

• There is no need to rush on building your record. Opening a number of accounts within a short time period may boost your credit available. However, it will convey wrong message to potential lenders because it will make you appear as though you are desperate to obtain credit from any source available.

• Keep bad marks from appearing in your report.

These are some of the smart moves that can help you boost or raise your credit score. By following these practices, you can make yourself good credit in the future.


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