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Three Keys to Raising Your Credit Score |
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Posted: 16th December 2011 |
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Since the financial crisis, a “new normal” has emerged
for people who are trying to get new credit, especially
for those with spotty credit histories. Essentially, the
cost of borrowing has increased for just about anyone
with less than a 700 credit score. Although loans are
available, the best possible terms for the loans are
not.
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A small drop in your credit score could cost
you a substantial amount of money in higher
interest charges. It is more important to
ever to stay on top of your credit score to
keep it moving up.
The good news is that it really isn’t that
difficult to increase your score, but you do
need to take action. |
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Scrub your credit report
Most people don’t realize how many errors are
contained in their credit reports. Incorrect
reporting of balances or credit limits are common as
are old collections that don’t belong on the report.
The reporting agency must remove or correct errors,
so get on the phone today.
Slash you balances
When any of your balances exceed 30 percent of the
available credit on an account, your score is
lowered. Even if you have to transfer balances
between cards, you need to get them down to 25% of
the credit limit. Better yet, start a major debt
reduction campaign and pay them off.
Don’t stop using your credit
A lot of people trying to improve their scores will
often stop using their credit cards. That could be a
big mistake. A big part of your score is measured by
your responsible use of credit. The best course of
action is to use your credit cards for purchasing
groceries and gas and then paying the balances in
full each month.
You can see some addition tips
on this page.
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