Home & Mortgage
There is hardly anyone who does not take credit but there are very few who realize the importance of paying back on time and thus maintaining a good credit rating. It is all the more important to sustain your good credit as there are many creditors who do not supply information about your credit performance to the credit bureaus which leaves the credit report without the good aspects of your credit activities.
"What does it take to achieve Triple A credit?"
Most people with bad credit try to get credit repair help and advice from outside sources without attempting it themselves, preferably by getting a credit repair do-it-yourself guide. Whereas the type of help you hire is not the main criterion, it is the post repair scenario that needs to be fully understood. Most people think that if the credit report has been purged of the misrepresentations, their credit rating has bounced back to an excellent level. This is not true, as you have to maintain a steady string of timely payments in order to lift up your credit rating.
Moreover it is possible to repair your own credit by maintaining an uninterrupted flow of positive entries. In fact, you can do it better than any one else.
There are innumerable advantages of maintaining a good credit rating. At every stage of your life this will help you in getting any type of loan easily. The following tips will help you in improving your credit:
- Primarily, the most important step is to make timely and correct loan payments.
- Even if you receive innumerable credit cards by mail, just restrain yourself from using them frivolously. Reckless spending will only bring down your credit score.
- Overdue bills should be dealt with immediately. In case of difficulty in repaying your debt, you should talk to your creditors explaining your problem and requesting for easier repayment schedules. Normally, lenders will take a flexible and accommodating stand.
- You should know what type of credit you have as a finance companys credit can be damaging to your score.
- You must ensure that your credit does not hover around its limit at all times. This is not viewed favorably by the creditors.
- Whenever you apply for credit, it is reflected on your credit report and too many of such "hits" are viewed poorly by the creditors.However, there are certain exceptions such as the "hits" for monitoring of accounts, or prescreens.
- Remember that you cant build credit overnight. It has to be a long sustained effort of timely payments. Creditors appreciate a longer history of good credit rather than a shorter span of good history.
Patience is the name of the game when it comes to building your credit rating.
About the Author
Jon publishes articles and ebooks to help individuals with their personal finance needs and goals.
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