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Is your credit score causing you stress?

Does it worry you that your credit score could affect whether or not you get approved for an important loan?

The fact is that even though your credit score is just a number that represents your creditworthiness it can have drastic effects on your finances.

Lenders take credit scores seriously, which is why you need to make sure that yours is the best it can be. Here are some ways to do that:

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1. Pay Your Bills On Time

credit card with laptop

This may seem like a simple solution, but delinquent payments can have a major negative impact on a credit score. Further, any delinquent account that is handing over to a third party collection agency will also reflect negatively.

2. Keep Balances Low

keep balance

Whether it be on credit cards or other types of revolving credit it is important to keep your balances below 30%. High amounts of outstanding debt can negatively affect a credit score. Don’t let this suggestion worry you; you don’t need to have a balance of $0 in order to rebuild credit, just keeping your balances low will do some good.

3. Open New Credit Accounts Carefully

Open New Credit Accounts Carefully

Make sure that your reason for pursuing another credit card is sound and not just to have an extra cushion. Don’t open accounts just to have a better credit mix. It probably won’t improve your credit score.

4. Pay Off Debt Rather Than Moving It Around

Pay Off Debt

Although transferring a balance to a low interest credit card can be helpful, it only really benefits you if you are able to pay it off before the interest begins. Try to avoid closing unused cards as a short-term strategy to improve your credit score. Owing the same amount but having fewer open accounts may, unfortunately, lower your credit score.

Improving your credit score does not happen overnight, but it can be done. If you are looking for assistance with improving your credit score then you may want to look into hiring a credit repair company. These types of companies will look over your credit report to find items that may be reflecting negatively so that they can suggest to you how to dispute them.

If you are interested in learning more about how a credit repair company can help you, then simply contact us on our toll free number today or go to our website and fill out an application form!

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