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How to Increase Your Credit Score This is the way you might boost your credit score fast to prevent having to pay high rates of interest and additional fees for any future loans that you might require. Increasing your credit score is a wise decision that many individuals don’t consider doing. The good news is that doing this will not 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 companies, and each of them reports independently so they might have different information. You can evaluate all the three accounts for inaccuracies and mistakes. If you happen to find errors, follow the correct measures to get the mistakes removed. You may find instructions on each of the agency’s site. According to the law, the credit bureau has the responsibility 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 show why you might have experienced a temporary bump in the street with your credit history. In case you had a temporary job loss or had unexpected expenses that made you fall behind in the short term, sending a letter of explanation will help your credit score. The agencies must also 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 accidentally slip your mind and ensure that you always pay your bills on time. Calculate your debt ratio which is your outstanding debt contrasted to the available credit you currently have. This debt ratio accounts for about thirty percent of your total credit score. Working to make certain that your available credit is always seventy percent, or greater can help in boosting your credit rating. Always attempt to pay more than the minimum balance on your credit cards that are due 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. Ensure that you contact the company and ask them to close the accounts instead of just cutting the cards up so that you don’t use 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 site is a superb resource and will help save you money as you attempt to fix your credit score.