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Tips to reconstruct your credit report by Joy Mali M
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Tips to reconstruct your credit report |
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Finance & Investment
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Numerous people are suffering from bad credit and fighting hard to lend improve its current state. Apart from the fact that it is essential to have good credit because it is an important document used by lenders and creditors, credit rebuilding takes time and can be achieved with strong determination to manage your finances responsibly.
Check out these tips that will help you improve your credit scores:
1. Study your credit file: Obtain a copy of your free credit report to look over your credit card debt and loans. You can request your report from Equifax, Experian and Trans Union.
2. Honesty towards payment: Making your bills on time is important and this also tells creditors about how well you manage your finances. Paying on time adds towards 35 percent of a credit grade, and amount owed by you influence 30 percent of your credit score.
3. Managing debts: You should take care of the debt racked up on department store or specialty store cards that have rates of over 20 percent.
4. Pay attention to credit card rates: You should always try to settle your credit card debt on time. Remember mortgage rate or car loan is less vital from credit card rates.
5. Using your credit card wisely: Using a small percentage of the credit on the card can uplift scores.
6. Ignore closing credit cards: Ending credit card having big credit line or closing a card having long history can leave big impact on the grades.
7. Devoid from temptations and offers: Do not incline towards the offers in your mails that claim you to make debt free in just two or three years.
8. Convey collection agencies about your limits: When you have made mind to pay your debts then you should make clear in advance to collection agencies about the amount you can easily pay.
9. Know about your debt to income: It is significant to get aware about your debt-to-income ratio. Manage less than 36 percent of amount from your monthly gross income that can be used to pay debt each month.
10. Refrain lucrative and illusive offers: Avoid the offer that tells about 0 percent balance transfer. Because high rate after six months or 11 months will make you under debts.
Paying attention to the above mentioned aspects will have big influence on your credit reports and will also reflect positively on your credit history. With current lending situations getting stricter a good credit statement is important element of peaceful life and also one do not has to struggle much for facing denial from the lenders and creditors.
Check your credit report and get credit score regularly and make good financial decisions. Keep your credit score high and credit history good.
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