Monday 16 February 2015

Improve Credit Scores Quickly By Following Just 5 Steps


Everybody is in a hush on how to improve credit score quickly, but there is no magic band which can do it overnight. Credit score is basically a numeric information about the worthiness of your credit card and its capability to pay credits. Before you think of the how to improve credit score quickly, you should look for the ways why your credit score is low. The reason can be anything like :

1. High outstanding balance
2. Negligibility in paying dues and bills
3. Ignoring small bills.

All these and many other factors are the main reason for your low credit score. Your inconsistency in paying bails will definitely lead to a negative impact of yours. Also, if you have a high outstanding bill and you are inconsistent to pay it, then there are chances that the bank may not allow you a new loan. Even the landers will not trust you by seeing your situation. Only in case if you pay your bills on time can represent your stable financial state, which may help you out. Or if you think avoiding small bills can improve your score card, then it is not at all true, always remember that the creditor report shows even the minute detail of all your payments.

Changing your credit score in a day or two is not possible, but as soon as you get into actions, the probability of getting your score improves. Here are the following ways on How to improve credit score fast :

1. Get your credit report and credit score : This is the first step you can take in the way of improving your credit score. Different countries have different formulas to calculate the credit score but generally one should rely on FICO score.

2. Examine your credit report carefully and watch out for any errors : Once your credit report is in your Go through every detail as you might find an error like they might have mistaken you with someone carrying the same name as yours and this will lead to add someone's data into your report. The other reason could be identity theft. So if you spot one, take a serious step about it, you should well examine the every minute detail on it and you will be shocked to see that they know so much about you.

3. Determine the cause of error : If you think your credit report has been mixed with some one else, make sure you check the spelling mistakes, social security code and address too. If there are any, then you should contact credit bureau for this.

4. Contact credit bureaus and police, if required : If you see any payment which is not done by you, then you can simply contact to credit bureau and police regarding the matter. Also sometimes there are chances that outstanding debts which you have already paid are still on the list.
5. Start paying your bills and other dues on time : In addition to the errors, these two methods can drastically change your credit scores.

1 comments:

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