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Top 10 Ways To Improve Your Credit Score

Personal Loans
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No matter what kind of personal loans you’re in the market for, your credit score can be the difference between low rates and unaffordable payments. If you want to improve your credit, there are dozens – if not hundreds – of strategies for raising a credit score. Rather than trying to do everything, focus your attention on the top 10 ways to improve your credit score.

  1. Stop carrying all your credit cards with you. This limits the impulse credit purchases that contribute to high balances that may lower your score.
  2. Review your credit report for accuracy from all three major credit reporting agencies at least once per year.
  3. Contact the credit bureau immediately upon finding errors on your credit report or discovering you’re the victim of identity theft. Their expert staff cannot assist you when they don’t know a problem exists.
  4. Adjust the mixture of credit accounts you have to optimal levels. Credit insiders recommend everyone have a mortgage, credit card, student loan and auto loan to maximize their credit score. Less is more. Having 16 credit cards doesn’t help.
  5. Contact creditors and collection agencies that report outstanding unpaid balances to work out a payment plan. Stick to the payment plan once established.
  6. Work to pay down each credit card to less than 50 percent of the credit limit. 25 percent is better if you can afford to do so.
  7. Do not close credit accounts you’ve had in good standing for years. This hurts the total age of your positive credit history.
  8. Set up automatic payments to ensure you never pay credit accounts late. If you cannot establish automatic payments for your personal loans, create a system to remind yourself when things are due.
  9. Create a household budget to ensure you pay your expenses from your income, not by increasing credit debt balances.
  10. Contact credit counseling agencies for assistance before you are unable to meet your obligations. It’s better to ask for help and guidance from financial professionals when things become overwhelming than to start the late fee cycle out of pride.

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