When It Comes To Credit Applications, The Rule Of Thumb Is This: If You Want The Best Loan, Make Sure Your Score Is The Best It Can Be.Think Of Your Credit Score As Your Report Card. Now, You Might Think That You Are Already Out Of School; Youre Supposed To Be Done With Report Cards. Ah, But Try Applying For A Home Loan Or An Auto Insurance And The First Thing Your Lender Is Going To Do Is To Check On Your Grade.Your Grade, Of Course, Is Your Credit Score. It Is That Three-digit Number That Measures The Likelihood You Will Repay What You Owe. How Your Credit Score Is Calculated Is Based Largely On The Information Found In Your Credit Report. And That Is Why The First Step In Improving Credit Score Is To Get A Hold Of Your Credit Report From All Three Major Credit Bureaus Equifax, Experian, And TransUnion.Note, However, That Your Reports Must Come From All Three Bureaus. A Credit Report Wouldnt Be Any Good To You When Improving Credit Score If It Only Comes From One Credit Bureau. Thats Because There May Be Errors Found In Your Report From One Credit Bureau That You Might Not See In Reports From The Other Two. So For Comparison Purposes, Get Your Credit Reports From All Three Credit Bureaus.Once You Have All Three Credit Reports With You, The Next Step In Improving Credit Score Is To Review Them For Any Errors And Mistakes. See If There Are Any Line Items There You Are Not Aware Of Or Credit Accounts That You Dont Remember Opening. Reporting Any Mistakes Or Errors To The Credit Bureaus Immediately After You Find Them Is Vital To Improving Credit Score. Under The Law, Credit Bureaus Are Obliged To Conduct An Investigation Every Time They Receive A Complaint About Any Errors Or Mistakes In The Credit Reports They Released. Within Thirty Days, They Are Supposed To Inform You About The Outcome Of Their Investigation And Strike The Errors From Your Credit Report.If You Find No Errors In Your Credit Report However And Your Score Still Doesnt Look Too Good, There Are Other Ways Of Improving Credit Score. Number 1: Pay Your Bills On Time.Lenders Love Punctual Payers. Your Credit Score Will Likewise Look Better If You Make Your Payments On Time Since Payment History Makes Up 35 Of Your Score.Number 2: Reduce Debts.Another Important Step To Improving Credit Score Is To Reduce Your Credit Card Balances. Your Existing Credit Card Debts Are A Heavily Weighted Factor In Calculating Your Credit Score So Lowering Them Down Or Keeping Them At A Minimum Will Help You In Improving Credit Score.
