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3 Steps
to a Higher Credit Score
STEP 1: Know the score. What's your
credit score? A recent study found that
63% of people don't know what their
credit score is. So if you're not sure,
now is the time to find out. Lenders use
your credit score as part of their
evaluation, and credit scores generally
range from 300-850. Anything over 650 is
usually considered a "fair" score that
qualifies you for standard rates. The
higher your number, the better shot you
have at getting great interest rates.
So if your score is a little low, you'll
want to boost that number. Otherwise,
you could pay way more interest on loans
and big purchases than you should.
STEP 2: Make sure your credit report is
correct. There are a bunch of different
factors that help determine your credit
score. Things like your payment
history...outstanding debt...length of
time you've had |
credit...number of inquiries...and the type of credit you
have make up your score. All this information is found in
your credit reports.
If your information isn't correct, your
credit score could be affected. Take a
look at your credit report. Go through
each section and make sure everything is
100% correct. There's a handy checklist
you can use that'll show you exactly
what to look for as you go over your
credit report.
If you do find wrong information on your
credit report, dispute the items with
the credit bureaus to have inaccuracies
on your credit report corrected. And now
you can easily file your dispute online.
The credit bureaus have 30 days to
investigate your claim and make any
appropriate corrections.
You'll find the creditor contact
information right on your credit report.
STEP 3: Pay on time, all the time. It's
simple: late payments, collections and
bankruptcies have the greatest negative
effect on your credit scores. By being
punctual, you can keep your score up
(and your interest rates down).
Some folks struggle with making payments
on time. Are you usually late? The best
thing to do is sign up for automatic
payment. Or try banking online with
email reminders. You'll be surprised at
how doing something like changing your
bill paying routine can help. And if you
do pay on time don't change a thing! |
Following these 3 steps will get you
headed in the right direction to a
better credit score. By taking aim at a
higher credit score, you're taking
control of your finances. So the next
time you need a mortgage, a car or any
kind of credit, you'll know your number
is going to get you the interest rate
you deserve.
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About The Author:
Written By Elena Laramie
TransUnion's TrueCredit.com has helped
millions of consumers successfully
manage their credit. Through a suite of
educational materials, free monthly
newsletters and easy-to-use products,
TrueCredit empowers consumers to achieve
greater financial well-being.
TrueCredit.com's online products include
credit reports, insurance and credit
scores, credit monitoring, debt
management tools and
identity theft insurance services.
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