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How to Increase Your Credit Score Here is how you may increase your credit score quickly to avoid having to pay higher interest rates and extra fees for any future loans which you may require. Increasing your credit score is a wise decision that many individuals don’t consider doing. The fantastic news is that doing so won’t take time and will save you money on your next loan. Begin with obtaining copies of your three credit reports from the three credit agencies that are Trans-Union, Equifax, and Experian. These are different agencies, and all of them report independently so that they might have different information. You can assess all the three reports for inaccuracies and errors. If you find errors, follow the right measures to get the errors removed. You may find instructions on each of the agency’s site. According to the law, the credit bureau is liable to prove that the negative marks are accurate and legitimate. More importantly, the credit agencies should remove the errors within thirty days. Eliminating these incorrect reports will aid in boosting your credit rating quickly.
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Submit letters that detail why you might have had a temporary bump in the road with your credit history. In the event you had a temporary job loss or had unanticipated expenses which caused you to fall behind in the short term, sending a letter of explanation will help your credit rating. The bureaus have also to attach these to your credit report.
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Ensure that you pay your bills on time since your credit history accounts for about thirty-five percent of your credit score. If and when you can, have payments automatically deducted from your savings or checking account. This will avoid due dates to slip your mind and make certain you always pay your bills on time. Calculate your debt ratio which is your outstanding debt compared to the available credit you currently have. This debt ratio accounts for around thirty percent of your overall credit score. Working to make certain that your available credit is always seventy percent, or greater can help in boosting your credit rating. Always try to pay more than the minimum balance on your credit cards which are expected monthly. This will make sure that you keep a lower debt ratio. Another tip is that you pay off your credit cards and close your accounts. Make sure that you contact the company and request them to close the account instead of just cutting the cards up so that you do not utilize them. This also will improve your available credit and raise your credit rating. There are websites which may assist you with a detailed guide about how best to fix your credit score. This website is an excellent resource and will save you money as you seek to repair your credit.