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How can you improve your Credit Score

The calculation based upon the analysis of one’s credit files to rectify the credit worthiness symbolizes Credit Score. If you are dreaming of having your own home or car which is the basic essential elements that you can’t think to live without then your credit score needs to be high. Your credit score determines the amount of interest you will pay for your car or home loan. Maintaining a good Credit Score needs a lots of time and efforts.

Some of the ways to improve Credit Score are:

Pay your Bill on time:

Paying your bills late will result in poor credit score. If you are bad about paying your bills, definitely it is going to hit your credit score. So getting all your past due bills clear will make a way to improve your credit score.

Don’t apply for any more Credit Cards:

Own that number of credit cards that are sufficient for your needs. If you apply for numerous credit cards, then you are giving an indication to credit agencies that you are encountered in some financial difficulty. This makes your overall score negative.

Update your records:

It is essential to check through your Credit reports. Make sure your payments are reflected in your reports timely. Carrying a payment that you have paid but still not updated can make a negative impact on your credit score.

Minimize your credit balance:

You won’t really improve your credit score until you pay off your debts. Try to minimize your credit balance by clearing your all pending payments. One missed payment can contribute a lot to lower your score.

Examine your reports:

One of the obvious and frequent blunders that you perform is not managing your Credit reports. Double check the errors in your documents. If any sort of inaccurate or false information is observed, you should correct them immediately and must add the relevant up-to-date information to records of credit agencies.

These are just few tips that can help you in maintaining and improving your credit score for long term. Once you maintain your habit of paying the bills timely, keeping your minimum balance, you will see a great change in your credit score. Keep up discipline in handling your credit. With higher credit score you will be able to gain access to credit more easily.

Although it takes a lot of time and efforts but it is possible to improve your credit score in relatively short interval of time. If you have had credit problems in past, you can fix those issues by consulting 700 Fico Club financial experts. Our credit experts tell you the best ways to improve your credit score and finds which area you need to focus. 700 Fico Club specializes in providing financial services, cuts-off Bad Credit and ensures to boost your credit score within 30-45 days time interval. Call us and make an appointment or leave a message if you have any queries. Our credit support team aims to enhance your credit score with honest and legal procedures.

The reasons your credit score fluctuates

Applying for a new credit

All credit cards have limits depending on how you use it. A new card may have a lower score. However, when you cancel all the past cards, it affects your score negatively. So, therefore, when applying for a new card, keep the limits in mind.

Payment history

You must repay your loans on time. Missed payments are recorded on your file for around seven years. So, therefore, make sure you never miss the date of repayment of your debt. Set monthly reminders for them so that you do not forget to pay the installment.

Bankruptcy

It can cause a detrimental impact on your file. So, therefore, it is advisable to seek help of an experienced attorney to make an informed decision as the bankruptcy can range from 7 to 10 years.

Credit card balances

Your credit card balance also influences your score. However, the balances on your card vary on a monthly basis depending on your utility. The less variable available balance is on the card, the greater is the credit utilization.

However, many individuals have several cards. Closing them without balances decreases your utilization. So, therefore, it is recommended to close down even if it holds zero balance.

Theft

Certain times despite of making payments on time, your score remains low. If such is the case, analyze the report. It may help you spot something unusual that may be causing a drastic change in your score. This can also be a simple mistake that can be corrected easily.

Length of credit history

The length of time a specific account is opened; including the time frame between the oldest to the newest account also affects it. If you are not using an account for a long time, it can drive your score low.

Time

If you are not using a credit card, get it closed as the companies might change some policies and cause a slight fluctuation in the score.

These are the reasons that may cause fluctuation in your credit score. For more information on credit score and ways to improve it, get in touch with 700FICO Score. Call us for details or email us your queries.

Ways to improve your credit score- Tradelines and other relevant information

The credit score is a written record of your financial transactions, including the details of your current debt and how well you are repaying it. It also includes the record of past debts and their repayment. It also holds information regarding foreclosures, judgments and bankruptcies.

Based on this report, you are given a numerical score that reflects your potential to repay. The score is based on:

The number and types of accounts you have open
How long you have held the accounts?
List of late payments you have made
Current debt
Any attempts made to open a new account.
Number of inquiries made by the lenders.

When you apply for a loan, the lender or financial company examines this score, to determine your potential to repay the money

How to improve your credit score?

Your report reflects every entry made. However, if your score is bad, you can improve it by following these steps:

Examine the report thoroughly

If your report still shows an outstanding debt after you have paid it, you can challenge that item in it. The company you challenge has up to 90 days to respond to the complaint.

Close old credit card accounts

Old accounts that remain open add up to your total amount of credit available.

Tradelines

Tradelines can help boost your credit score. You can improve the score by making sure the debts you are paying now or in the past are listed in the report.

Car Loans

Consider adding present and past car loans in your report. Add a former that the debt from the vehicle was repaid. It will add to your overall score.

If you have bought household things like refrigerator, washer and jewelry on installments, include all these in the report as well.

Mortgage

However, the current mortgage would be listed already. If it is not your first mortgage, make sure you list the previous one if it is paid on time.

Utility bills

Make sure you pay off your monthly bills on time. This also reflects on your score.

However, there is no better way to improve your credit score than paying off your debts on time.

For credit restoration, credit repair and tradeline services, trust on 700 FICO Club. For more details on our services, call us. You can also send us your queries online. We will be happy to help you.