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How To Manage Your Credit Score And Credit Rating

Do you have a hard time managing your credit score? A lot of people do, and it’s totally understandable if you’re having a hard time with improving it. The bottom line is that things happen and circumstances occur where you will become desperate for money and you will need to take out a loan to help with the bills.

But if you don’t have the credit score that will allow you to get approved for the financing that you desire, how will you be able to get credit when you really need it? This is the importance of a good credit rating. With a high enough credit rating, you’ll be able to get credit at the times when you really need it.

One thing that you will want to do if you have a low credit rating is to start paying your bills off on time. I didn’t value this simple technique when I first got started out with my first bit of credit – and now it’s biting me in the butt. I have negative marks on my credit that won’t be removed until around the year 2014. Right now it’s 2010, and I’m sure wishing that I had taken care of my bills a little better.

One thing that you will want to do to start rebuilding your credit rating is to purchase your credit report every 3 months. You want to check out what’s being reported about you on a quarterly basis and will want to check for any suspicious activity. Believe it or not identity theft is on the rise, and it can do a lot of harm to your credit score if your personal information falls in the wrong hands.

You will also want to get on a repayment plan so that you can be on track of your bills when they arrive. One of the best things that you can do is set up your payments where you’re automatically paying your bills on a particular day of the month. This will allow you to be on top of things and not have to worry about getting out your credit or debit card to make a payment.

I know by now that it’s not possible to get by in life with a low credit score. Eventually your score will matter to a point where you need it to get a new car, an apartment, or even a new job. Some corporations such as banks check your credit score to see how reliable you are with your finances since you will be dealing with money on a daily basis.

Not only banks though – there will be other corporations who will want to pull your credit file to see if you’re a reliable person. This is the only thing that they have to go by. How else is someone supposed to make an intelligible decision about you when they’ve never met you before in their entire life? So you can understand where I’m coming from with my logic.

After you’ve gotten your credit report, look for any errors that you can dispute. If you find anything that says you still owe a debt when you know you’ve paid your bills, it’s time to dispute this remark. Write a letter to the credit bureaus and have them look over your account. Be sure to have proof that you’ve paid it off because they will want to see this also.

Once you’ve dispute all remarks that you know that you’ve paid off, it’s time to get a handle on your current debts. Start paying your bills on time and get to a point where the amount that you’re spending on your cards is only 30% of your entire credit limit. You ideally want to get to a point where you’re using your card only when you have to. You want to use your cards every month, because your score can’t increase if your lenders have nothing to report about you. So use your cards every month, but don’t use too much of it.

I now know the value of having a good credit score and hopefully you will too. Improving your credit score is a gradual process that takes time, but if you can be persistent in your efforts, you’ll be able to increase your score in due time.

Good luck with improving your credit score.

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