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Improve Credit Rating

What is bad credit rating?

There are so many people who have a bad credit rating as they have not paid their bills on time but want to improve their credit rating. Are you wondering how you can repair the damage? Bad credit is very common in the developed countries with more than 20 million people on an average in each country suffering from it. A bad credit rating will make obtaining loans with reasonable terms very difficult for you. There maybe a time when your credit rating is OK but you would like to make it better. This is because the better your credit the better your chances of paying lower interest rates on loans like mortgages and other loans like car loans. Credit scores in the UK are often used by lending institutions like banks to decide whether to give loans to the individuals or not. A credit score is a three digit number on the credit report that is increasingly used by lenders when evaluating your creditworthiness. If the credit score is below a particular score then the financial institution will reject your application.

Improving your credit score

Anyone who wants to improve their credit score is required to do some basic housekeeping. You should first get a credit report from one of the credit report agencies and then check the report thoroughly for any mistakes. In case there are any mistakes then you should immediately get then rectified by the bureau. Also you should pay all your bills on time. Paying your bills on time is the most important step towards improving your credit rating. Your recent payment history will also play a more important role than your payment history 5 years ago it is very necessary that you clear all you recent payments on time. Missing even one payment to be made on time can set you back by 50 to 100 points. Skipping more payments than one in a month will lower your credit score even further. The best step would be to let the mortgage lenders and other utility service providers withdraw payment automatically from your credit card account on the due date. As a result you don’t need to remember your payment due dates.

You can also pay more debts and get a better credit score. In case you plan to apply for a mortgage or any other type of loan you should start paying down those balances as soon as you can.  The next tip is don’t close your old paid off accounts. If you close down your oldest accounts it can shorten the length of your credit history and so make you seem less credit worthy in the eyes of the lender. However if you don’t use your card more often and your present score is already high then shutting down your previous accounts will not make much difference. Hence we saw the various ways to improve your credit score. All these methods have proven to be very effective in he long run to improve your credit score.



Latest News

February 25, 2012
Consumer sentiment edges up to year high

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APNewsBreak: NY requires life insurance companies to start paying fully on …

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February 24, 2012
Credit union director urges payday loan rate cap

Credit union director urges payday loan rate capArticle from BBC News:24 February 2012 Last updated at 12:07 ET Martin Treadgold thinks that the UK should have a cap on APR rates like many European countries The director of a West Midlands credit union has called on the government to cap the maximum interest rate levied [...]

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Bailed-out insurance company AIG posts $20 billion profit on a tax-related …

Bailed-out insurance company AIG posts $ 20 billion profit on a tax-related …Article from Washington Post:NEW YORK — American International Group, the insurance company that was bailed out by the government in 2008, reported a $ 19.8 billion profit in the fourth quarter of last year, nearly all of it due to a tax-related accounting [...]

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February 23, 2012
Consumer Comfort in US at Almost the Highest in Four Years

Consumer Comfort in US at Almost the Highest in Four YearsArticle from BusinessWeek:February 23, 2012, 12:09 PM EST Initial Jobless Claims in U.S. Hold at Four-Year Low Jobless Claims in U.S. Unexpectedly Fall to Four-Year Low Margins Widen at U.S. Companies as Wages Lag Behind: Economy Trade Deficit in U.S. Climbed in December to Six-Month [...]

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