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Ways to Increase Your Credit Rating Here is how you may increase your credit score quickly to avoid having to pay higher interest rates and extra fees for any future loans which you may require. Increasing your credit score is a wise choice that many individuals do not look at doing. The fantastic news is that doing so won’t take time and will save you money on your next loan. Begin with obtaining copies of your three credit reports from the three credit agencies that are Trans-Union, Equifax, and Experian. These are different agencies, and all of them report independently so that they might have different information. It’s possible to assess all the three reports for inaccuracies and mistakes. If you find errors, follow the right measures to get the errors removed. You can find instructions on each of the bureau’s site. According to the law, the credit agency has an obligation to verify that the negative marks are legitimate and accurate. More importantly, the credit agencies should get rid of the mistakes within thirty days. Removing these erroneous reports will help in increasing your credit score quickly.
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Submit letters which explain why you may have had a temporary bump in the road with your credit history. In case you lost a job temporarily or had unexpected expenses that caused you to fall behind in the short term, sending a letter of explanation will help your credit score. The bureaus should also attach these to your credit report.
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Ensure that you pay your bills on time since your credit history accounts for about thirty-five percent of your credit score. When and if you are able to, have payments automatically deducted from your savings or checking account. This may prevent due dates to slip your thoughts and make certain you consistently pay your bills on time. Calculate your debt ratio which is your outstanding debt compared to the available credit you currently have. This debt ratio accounts for nearly thirty percent of your total credit score. Working to make certain that your available credit is constantly seventy percent or higher can help in increasing your credit rating. Always attempt to pay more than the minimum balance on your credit cards that are due monthly. This will see to it that you maintain a lower debt ratio. Another tip is that you pay off your credit cards and close your accounts. Be certain that you contact the company and ask them to close the accounts instead of only cutting up the cards so that you don’t use them. This also will boost your available credit and raise your credit rating. There are sites which can help you with a step by step guide on how to repair your credit. This site is a great resource and will save you money as you attempt to fix your credit.