Thursday, 15 February 2018

How to help raise your credit score!

While having a poor credit score is never ideal, there are times when your credit report suddenly becomes of pressing concern. Perhaps you are applying for a business loan, a home loan or a student loan. Or maybe a new job application depends upon it. If your credit history is poor, rest assured there are things you can do to help improve your credit report.

3 tips to help you improve your credit score!

Get to know your credit report

When time is of the essence, a great first step toward repairing your credit report is to check your credit report for any errors that may be negatively affecting your credit score. For example, there may be defaults, late payments or other black marks that you are unaware of. The first step is to obtain a copy of your credit report free of charge. Credit Repair Australia can advise you what’s on your report that’s causing problems and assist in removing black marks where ever possible.

Making paying on time easy

Late or missed payments are one of the major factors that will have a negative impact on your credit score. So, be sure to do whatever you can to make sure you are always paying on time from here on. Set up payment alerts on your calendar that alert you when payments are due by email or text. Or, better yet, set up automatic payments to be direct debited from your account on or before all payment due dates.

Read more: Top habits of people with excellent credit reports.

Reduce your debt

Reducing the amount of debt that you owe should be your number one priority. The first step is to stop using your credit cards if at all possible, so that you are not adding to the problem. Use the free copy of your credit report to make a list of all of your credit accounts. Then, find out how much you owe on each account and what interest rate you are paying on each account. Devise a payment plan that puts as much of your available income as possible toward repaying your debt. Start with the accounts with the highest interest rate, while being sure to pay the minimum owing (on time) on all of your other accounts meanwhile.

How credit scores are calculated

Be aware that all credit reporting bodies have their own algorithms to calculate scores and regularly update these. While these tips will all help you keep your credit score high they may not be definitive.
Get help to improve your credit score

If you are concerned about your credit score, an expert credit restoration company like Credit Repair Australia could help you repair your credit report and remove black marks.