Tuesday, July 8, 2014

How to improve your credit score

If you’ve found the apartment of your dreams, it’s time to sign up for that bank loan. Before signing any documents, take a day to go through your financial history and the assets you have.

If you’re having trouble keeping up with credit card payments, call up customer services and ask for options. It will show that you are committed to paying the debt, and banks won’t be so heavy-handed because you’re keeping the lines of communication open.

The first thing that comes to mind is how much you can allocate for your investment. You should also ask yourself if any red flags will come up on your credit profile. Answer honestly by looking at your payment history, especially those concerning credit cards and checking accounts.

Here are a few tips on how to improve your credit score.

1. Pay ahead of time

This is not just a trick to keep finance charges of a credit card down. It also reflects well on you and your credit profile. Check the due date of your credit card statements and see how much earlier you can pay. Another good practice to have is to pay off purchases as soon as you can, without waiting for the billing statement.

2. Call them, don't wait for them to call you

If you’re having trouble keeping up with credit card payments, call up customer services and ask for options. It will show that you are committed to paying the debt, and banks won’t be so heavy-handed because you’re keeping the lines of communication open.

3. Avoid defaulting on loans at all costs

A loan default will entail a court date. Banks also keep records on court cases, and any attempts at loan application will require that you show proof of settlement. Even if the case is settled, banks that are more conservative will turn you down and it will be generally more difficult for you to get a loan for a while.

4. Live within your means

This is an effective fail-safe way to keep a good credit score. Keep your head on your shoulders and be wise with how and what you sign off on. That's significantly less credit you'll be paying off, with a good record to help get you the loan you need. 


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