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How to Make Your Credit Score Impressive

By George Hauser
Published: Wednesday, June 30th, 2010

It is true that the figures they see in your credit score plays a very big role in some transactions you are considering of entering so it is important then to know the effective ways on how you could build a good and impressive score.

Say, when you’re buying a house or a car and needs to borrow money from the bank or form a financial institution, the rate that will be approved for you depends on your credit score. Most banks or lenders give special attention and offer to customers with good scores. 

For example, their best rates are offered to individuals with a 700 score and higher, now if yours is only 699, that single point will already cost you a few thousand bucks. In other words, as a person’s score go down, the interest gets higher. So see the reward of being able to maintain a good credit score, you reap the rewards of what you sow. The said figures are not standard though for the break points depend on the on lenders so it is important for you to raise your score to get the best deal. So the rule should be:  improve your score and shop around.

The best and most effective way to keep a good score is to make sure you keep a good track of your credit. Always make it a point to pay your bill on time, open a new credit only when very much needed and keep your balances low. Doing them would give lenders an impression that you care so much about your debts.

You may want to go for a speedy upgrade. Be reminded though that this could take a little long. What if you only needed extra points on your credit for you to be able to make a house or car purchase?

Speedy upgrade
That’s good advice, to be sure, but these actions take a long time. What if you’re house hunting and you just need a few extra points to bump you over the line to the great rates? Here are the steps you needed to do: pull your credit report and check your standing. The Credit Score Estimator can help you have an estimate. A good score is 760 but a better score is from 780-800 of course the latter score would give you the best rate.

Discrepancies in your credit report could likely to occur. Check on some unfamiliar entries in your accounts like charges which you did not make, late payments that were actually settled on time or maybe some debts which are not supposed to be reported anymore. Delinquencies are deleted in a company’s system after seven years while ten years for bankruptcies.

When errors had been acted on and repaired, the next thing to need to do now is pay of f credits. Being able to find ways on how to repair one’s credit score should of course not instantly make things okay but it will help boost you scores.

Emergencies come and the best way to face them is to keep a good credit score so in case there is a need for extra cash, there is a sure way for you to source it out.

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