So this post is a follow-up from my last one. From my research and based on my professional experience here is what I could find regarding the best ways to improve your finances and credit score/history. Life is full of little tests, and the choices you make when you use credit are always being scored.
Your credit score and credit history is what determines your credit worthiness to a potential lender. You also, get points for "such" actions that can potentially demonstrate that you can use and obtain credit responsibly. You will however, lose points for "such" things that demonstrate that you have problems with/or maintaining and managing your credit. Your credit score is then influenced by the availability and usage of your potential credit, and not only your credit/loan limits. Lender's see a greater risk in those who max out their credit and then fish for more credit.
The longer you have had accounts open and used them responsibly – such as a credit card or a line of credit – the better it is for your score. When lenders ask for your credit report, it is called an inquiry. This is usually done when you apply for new credit. If there are too many inquiries on your report, lenders may be concerned because it can seem like you are desperately seeking credit. To maintain a good score, limit the number of times you apply for credit over a short period of time.
To improve your score, you'll need to show responsible usage of several credit products, such as a credit card, car loan or a line of credit. Responsible usage means making sure you can afford to pay back the money you borrow. Otherwise, you could end up hurting your score.
How to Raise Your Credit Score Quick Advice :
⬛Watch those credit card balances (Big advice).
⬛Eliminate credit card balances as much as possible.
⬛Leave old debt on your report especially if it is like 4 to 5 years old.
⬛Use your calendar.
⬛Pay bills all of them on time
⬛Don't hint at risk.
⬛Don't obsess.
“The most significant factor that has any weight toward your credit score is your payment history,” says Lucie Tedesco, commissioner of the (FCAC) Financial Consumer Agency of Canada. “This includes when you pay your bills, any late or missed payments and whether any of your unpaid debts were sent to a collection agency,” says Lucie Tedesco, commissioner of the (FCAC) Financial Consumer Agency of Canada. To enhance your worthiness or improve your credit score, you need to pay your bills on time so that in turn, you can show these lenders that you use credit in a responsible manner.
Note: When you use one or more of the following tips to boost that three-digit number that has increasing power over our everyday lives.
⬛Dispute Any Errors: Mistakes happen. You can dispute errors online through Equifax, Experian and TransUnion. After you’ve fixed any foul-ups, you might try to…
⬛Always Negotiate: You can’t deny that you stopped paying credit card bills when you were unemployed last year. But you can ask creditors to “erase” that debt/or any account that went into collection. Write a detailed letter explaining your situation and offer to pay any remaining balance if the creditor reports the account as “paid as agreed” or have them to remove it entirely from your file. (Note: Always have creditor agree to your requests in writing before you make any "said" payment.)
You can also ask for the “good-will adjustment.”
⬛ Check Your Credit and Loan Limits: Make sure your credit report limit is current versus lower than they actually are. You should want it to look like you’re maxing out the plastic each and every month. If the "said" card issuer forgets to mention your new/or bumped-up credit limits, please send a request to have this done done.
⬛ Get Yourself a Credit Card: Having at least one or possibly two pieces of credit can and willprotect and enhance your credit – You must however, be as responsible as you can with your credit.
If you re unable to unsecured a credit card on your own try a secured credit card and make sure you choose one that reports to the three major reporting agencies (Equifax, Experion and TransUnion). If you cannot get a card then ask to:
⬛ Become an Authorized User: This means if you can convince a family or friend to be added as a user on their card (authorized) this will help too.
If you think you should hire a credit repair company, think again
Make sure that you stay away from companies who state that they can help you re-establish or repair your credit for a monetary fee. Having the ability to change your information on a credit file can be done just as easily as the next person. Just so you now, only the creditors can make changes to the credit files other than the reporting agencies themselves in some cases.
If You Do End up Hiring Someone, Remember This:
A credit bureau will and cannot remove "said" accurate to negative information off of or from your credit report before the "seven years" of legal time periodis expired; therefore, you can't believe anyone who states that they have the ability to take off or remove any negative standings for your credit file. Futhermore, there is no "loopholes" or "God given" laws that credit repair businesses are able to use to change any information from your report.
No credit repair company can do anything you cannot actually do for you.
To obtain more about your credit file and credit score, visit the Financial Consumer Agency of Canada (FCAC)'s publication Understanding Your Credit Report and Credit Score.
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Here is a list of some of my other recent articles you can check out:
Article #1: https://steemit.com/money/@chrystaldawn/we-haven-t-don-t-have-cashless-society-yet-after-reading-this-you-probably-wont-want-one
Article #2: https://steemit.com/news/@chrystaldawn/r-u-kidding-me-the-chicken-subway-s-is-only-54-max-real-chicken-wow-i-ll-never-eat-there-again
Article #3: https://steemit.com/news/@chrystaldawn/purina-sells-toxic-dog-food-and-is-sued-for-allegedly-killing-at-least-3000-dogs
Article #4: https://steemit.com/news/@chrystaldawn/the-destruction-of-the-internet-coming-soon-please-watch
Article #5: https://steemit.com/howto/@chrystaldawn/how-to-get-you-child-potty-trained-in-3-days-this-worked-for-me
**Article #6: https://steemit.com/politics/@chrystaldawn/house-of-representatives-in-texas-is-considering-the-possibility-of-legalizing-weed
Article #7: https://steemit.com/news/@chrystaldawn/arizona-state-passes-bill-to-end-the-feds-monopoly-on-money
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Source #1: https://bankrate.com
Source #2:https://forbes.com
Source #3:https://therainmakerteam.com
Source #4:https://moneytalknews.com
Source #5: https://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02178.html
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