A credit score is not something like a car engine, where you can stop or reverse the process that you have done. It is like your Driving license, which has a record of when you made a mistake and when you didn't pay up the fine. Your past behaviour and records are always attached for any reference. Hence maintain a good credit score is very important. In case you are already going well, then keeps it going. If not, please read below the tips and make yourself countable for any further financial assistance. In case you need to know in detail here is the link.
Credit score again depends on the credit balance available to you versus the credit loan on your name. The lesser the percentage, better is your chance of getting a loan. Pay your balances every month and keep the record clean every month. Even after doing all this, you might not even know what might be your lender's reaction. Though with full payments your score might be low, that's because your monthly payments might be higher and hence the low score. Some organisations consider this while having a check on your score. So, try to bring a personal loan and fill these loans on multiple accounts, keep it at one account. This might improve your score.
Reduce those credit balances:
Keeping a low balance on the credit debts and loans can help you attain a good score. The small balance that exists on a number of credit cards adds to this balance. Select all the credit cards and bring them together into one card. Pay up all the balances on all cards, and keep them at one or 2 cards at a max, so that your other cards have a higher balance and with that, you can still have a good score. This ensures that your credit card doesn't have too many balances. This enriches your score.
Make the bill payments on time:
It's obvious that you must pay for the things taken and you can't escape it any point. So when it is mandated, why delaying? Make the payments on time, to keep your scores better. May be at times, you may not afford to pay, try to arrange for a personal loan and clear that credit debt. If totally not possible, then it's okay, single times can be excused and doesn't make a hole in the score card. Try being prompt and on time the next time onwards! If you fail every time, then surely you are going to miss out on financial credibility.
Make use of a calendar:
Be wise when you approach the lenders for some loans. Every time you ask for a loan, with your application, your credit score will dip, which actually lasts a year. If you again approach multiple banks with the same request, then your score dips much more, in turn, it leaves a bad impression about your credit styles. But, certain institutes ignore this after 30 days. So make sure that you have a check on your calendar and wait before making the next credit loan request.
Spending wisely will help you keep your scores at best. Don't over spend, or take risks that can cause the problem to your credit scores, like gambling with the credit cards or taking debts on credit to play gambling or anything else where you are unsure of the return of money.
Even shopping, be wise, don't spend something beyond your earnings.
We hope you take these tips to improve your score levels.
Leave the old and create a better today:
We have seen people calling up the customer care to asking them to remove the bad report from the card. It's an impossible idea. It's just like your paper, once written with ink, it can be erased off the records. Rather than trying to get it out, please concentrate on trying to improve your future transactions. If you trouble the lenders with the impossible stuff, this again adds a bad impression on you. may be after few years, approximately after 7-8 years they will vanish and your reports will have recent history.so ensure that you have a good recent history and don't worry about the past, in turn spoiling your future.