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The Quickest Way to Improve Credit Score?Today
2011-09-27 07:37:31

Many people suffer from low credit ratings or score because of a few reasons. One of these reasons would involve the abuse of the credit cards or negligence in paying the monthly balance. If you are one of those who have a low credit score, start to make ways on how to improve it now. There is no step that would give a great result in 24 hours. But if you want a fast result, here is the quickest way to improve credit score. Initially, identify your status by checking your mails and billing statements. Determine if you have an outstanding balance that you need to pay. In addition to this, check the interest rate of your credit card. If the rate is already 20% or more, you really need to act now. Accept your current situation and motivate yourself in paying off your debt in the shortest possible time. To begin, get a copy of your credit report from any of the three nationwide bureaus namely Trans Union, Equifax and Experian. You can get a copy of your report from any of these three bureaus for free. If you want, you can get a copy from each of them so that you can check all of your credit reports. After receiving your report, read it carefully and check for items that are erroneous. If errors are present, contact the bureau immediately and ask for a correction or a removal of that item. Start paying off all your debt by saving money and using your savings to pay for your debt. It is better to pay more than the required amount every month so that you will be able to pay off your outstanding balance in a shorter length of time. In addition to this, stop spending money on things that you do not need and buy your basic necessities only. If you are experiencing difficulty in paying for your monthly due, talk to your lenders and work up a payment plan. Having a payment plan will lighten your payment load monthly so that you will not miss a due date. Once you agree to your payment plan, follow it strictly so that you will no longer have any negative marks that lower your credit score. Never ever hide form your lenders because doing so will only lead to more misunderstanding and more negative marks. After paying your outstanding balance, you can already apply for a new credit card and establish good credit. Once you receive your first billing statement, pay your balance immediately. Never miss a due date anymore so that your credit score will continue to improve. In addition to this, you must also pay monthly so as to keep your credit card?s interest rate low. Continue to manage your finances wisely and do not abuse the use of your credit card. Do not let your balance go over your credit limit because it will only contribute to a lower credit score. Just spend for the things that you need and be disciplined in paying for your monthly dues.

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Source: The Quickest Way to Improve Credit Score?Today


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