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Handy Tips in Improving Credit Scores

By Ruth Racey
Published: Wednesday, December 2nd, 2009

With the economic crisis hitting just about everyone in the world, it becomes a necessity to monitor your credit scores regularly. The credit industry is being hit very hard in particular, which is why people seldom get credit nowadays. Moreover, all cardholders should take initiative towards the improvement of their credit scores because having poor credit scores could only mean not getting the money that you need to surpass this global economic meltdown. Here are a few tips to help you get through this rough economic patch.

Make sure to get a credit report. The great thing about getting one is that it is provided free of charge. Many online companies provide this free service and you are sure to get updated copies as well. What’s better is if you would get the 3-in-1 credit report, which would include the details that the 3 major credit bureaus would have.

Once you do get your report, make sure to do an analysis of your credit score. Through this analysis, you will then see the status of your credit score. The ideal credit score is at least 700 – this is the figure lenders would look for in their applicants. Having a low credit score, which is roughly 600 and lower, would indicate that there really is some work cut out for you.

Do not just skim through your credit report for there might be significant errors in it. More often than not, there will indeed be errors on these reports, especially since these online companies produce literally hundreds of reports in a day for their clients. Thus, there just might be a few errors and missing out on these could mean significant drops on your credit score. These errors could include incorrect address, information that is misspelled, and even errors in the figures being tabulated as well. Note them down and report them to the company who generated your report so that you can improve your credit standing.

Negotiate with your lender for the removal of late fee entries, especially if you have the means to pay off your loan. Some lenders do offer this, while some do not. If your lender is not open for negotiation here, then take the next step to report these late fee entries as errors. Keep in mind that you can challenge such errors, with your lender having a period of 30 days to respond to these challenges accordingly.

Focus on the accounts that have higher interest rates. Get rid of those figures first and in the end, you will realize that you will have saved a lot of money off those interest rates.

Take note of these tips so that you can further improve your credit score fast.

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