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What are the Most Effective and Recommended Ways in Improving the Credit Score?

By Derek Brown
Published: Monday, January 24th, 2011

When you apply for a credit card or a loan, what is the main requirement asked of you? Yes right the credit score. it will be these three digits that will determine whether you’ll get the loan or credit card you’re wanting. Your credit score could be affected when you have a record of delinquencies and late payments. There is also a benefit when you are able to maintain a good score for you have the chance to get cards or loans with the lowest rates and of course you get approved easily.

But what if your scores got bad? Would this mean to say that you can never have a good score back? of course not. There are some recommended and effective ways on how a credit score is improved.

Pay your bills on time. All the late payments are recorded on the credit report which will then affect your score. Aside from saving your credit score you also save money from charges. That’s like hitting two birds with just one stone.

Don’ wait for your account to be transferred to the collections account. You may be able to pay them off but it would still stay on the credit report for seven ling years. If you are having hard time in the repaying part then maybe you just have to consult your creditor for a compromise or a credit collection expert to tell you what you have to do next.  Doing this will not of course in s snap of a finger improve your score. it will take time but your score will get better over time.

If you are planning of closing out your card which is unused might sound to be a good way to improve your score, the truth is it won’t so have this option deleted. It might at first sound helpful but it will only make things worse in the end. Don’t ever attempt to open a new credit just for the purpose of having additional credit. You’ll only have more headaches if you do so. It is better to own one or a couple of good standing cards than having a lot which you can’t manage.

If you read or have been offered by some people or a company for an easy and quick fix in exchange for a service fee better not listen for there is no shortcut to improving your score.

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