Credit Report Blog
Website CertifiedPrivacy Protected
Credit Report & Credit Score; Credit Repair, Debt Management > Credit Score > Making an Effective Action Plan to Improve Your Credit Score

Making an Effective Action Plan to Improve Your Credit Score

By Ruth Racey
Published: Saturday, October 2nd, 2010

People who do not know much about credit scores often wonder if these scores are important or not. Your credit score is very important because this score is used to calculate if you should be given credit or not. Your score can be adversely affected by a number of factors and in order to improve your credit score it is important for you to make an effective action plan. This article will help you design an action plan that will boost up your scores in a few months. 

Knowing Your Financial Records 

In order to get information about all your financial records and payments you will need to order your free annual credit report from one of the authorized credit reporting companies. The three genuine companies that are authorized to give people their reports are Equifax, Experian and TransUnion. In order to apply for your credit report you need to log on to annual credit or you will need to write to one of these three credit reporting companies. You will also need to make sure that the entries on your report are accurate. 

Accessing Your Financial Status to Improve Your Credit Score 

After getting your credit report you will need to access your own financial status. You will need to make a list of all the payments that are due and you will also need to make a note of how often you miss payments. While accessing your financial status you will also need to make a note of all the companies you take credit from and all the various financial accounts you do not use. 

Improving Your Personal Credit Score 

The final step is to improve your credit score. You will need to make a monthly budget so that you know how much you earn, how much you spend and how much credit you take. You will then need to work out a plan so that you spend according to your earnings. You will also need to find a way to pay off your current bills and avoid any late payments. 

If you need to make late payments then you should keep in mind that the late payment should be made within 30 days. In order to pay your bills you should consider opting for a personal loan or a home equity loan but while opting for this method you should make sure that you have enough money to pay off the installments. The loan should have a low interest rate or else you will face problems paying off the loan amount.

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment