How to Raise Your Credit Score

If you want to know how to raise your credit score then this article will provide you with some useful information about how to do it. Perhaps you have recently applied for a home loan or credit card. If your credit score is bad then you may either have been refused a loan or credit card or been offered one at a much higher rate of interest than you would need to pay if you were to raise your credit score. There are two main ways to do this, the first is to get your finances and bill payments in order, the second is to get a copy of your credit report and get any inaccuracies in it fixed. The purpose of this article is to help you to raise your credit score so you can get that loan or credit card offer you want, and at a lower interest rate too.

The first thing you need to do is to get your finances in shape. This means not missing any bill payments and if possible paying off any loans or credit cards that you currently have. If you pay off an overdraft or a credit card debt then do not close the bank account or cancel the credit card. Your credit rating is worked out partly by comparing how much credit you have available to how much you have used. If you have been refused a loan or credit card or other form of Finance recently than the first thing you must do is to stop applying for more. Repeated applications for new loans and credit cards will be seen as a sign of desperation for money which will result in a much lower credit score.

The second thing you need to do, especially if a company has recently refused you new finance, is to request that they send you details of the credit bureau they used to check up on you. You can then request a free credit report from this credit bureau. It will most likely be Experian, Trans Union or Equifax as these are the three major credit bureaus. Once you get your free credit report you need to check it for errors and write a dispute letter to the credit bureau concerned to get these errors fixed.

In conclusion, after finding out how to raise your credit score by reading this article you need to take action. If you want to get offered credit in the first place and not pay a high rate of interest on it, then you need to take action soon. Get your finances in order and request a copy of your credit report, then make sure all the information it contains is accurate. I hope that this article has been informative and that you now have a good idea about how to raise your credit score.

Source by Chris Jollife

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