5 METHODS TO INCREASE YOUR CREDIT SCORE FOR CREDIT CARD PROCESSING ACCOUNT

 It is not an astronomical task to raise your credit score. It is well known that people with good credit scores will get loans at much lower rates for credit cards, car loans and mortgages. If the credit score of yours fall below 620, then getting credit cards and loans with just reasonable terms also is difficult.

There are over thirty million people with credit scores below 620 in the U.S. alone. Therefore, this article will give you five easy tips to raise your credit score:

Get a photo copy of the credit report

Obtaining and looking into your credit report is a good idea as the errors, if any, can be spotted and removed resulting in the increase of your credit score. Contact the credit bureau immediately in case you have found any inaccurate information.

The credit reports should be obtained from 3 major bureaus: Equifax, Trade Union and Experian. Each service has a different method to calculate your credit scores.

Make your payments On Time

Your history of payment adds up thirty five percent to your credit score. Your more recent transactions will add or subtract more points from your credit score than the one which happened 5 years ago.

Missing your payment for a month will knock off fifty to hundred points from your credit score.

This way is one of the best methods to begin to rebuild your credit score.

Pay Down your outstanding Debt

The credit card issuer’s will report your outstanding balances to the credit bureaus once every month. Your credit score will not shoot up if you pay your entire debt at once. But it will definitely decrease if you don’t pay your monthly instalment. Therefore, your credit card score will not be affected whether you carry your balance from month to month as long as you are paying your monthly instalments.

Most people are not aware of the fact that the bureaus do not distinguish between people who do not carry any balance on their credit cards with those who do. Therefore, by you can raise your credit score just by paying your credit card bills each month.

Lenders like it when they see a huge gap between your debt on the cards and your credit limit. Therefore, the lesser your debt is the higher your credit score will go.

Do not terminate those Old Accounts

Previously, people closed their old accounts. However, in today’s regime that method will actually decrease your score.

The reason behind it is this, by closing of the old paid off accounts and keeping only the new ones your balances will appear huge during the calculation of your credit score. By just keeping those old accounts active your credit score will rise.

Stay Away from Bankruptcy

Bankruptcy is the worst thing that can happen to your credit score. It will destroy your credit score by making it lesser by two hundred points. It is generally very difficult to get back a good credit score after bankruptcy.

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