Good Score On Your Credit Report: Simple Steps That Help

snerfuStarred Page By snerfu, 24th Jun 2014 | Follow this author | RSS Feed
Posted in Wikinut>Money>Debt

Black mark on your credit report will cause problems. To correct errors you have a submit a note of correction. Check out the steps to keep your credit score in high range.

Credit score and lender

Good score on your credit report helps you immensely. Wherever you have financial dealings, wherever you have credit transactions, lenders will refer to your credit score to assess their risk in lending money to you. Here are some simple steps that will help you maintain a good score. But first, let us see what happens when you manage to get a black mark on your credit report.

A) If you already have a black mark

One pertinent fact about credit reports
• You may not alter true information – what this means is if you have a black mark through an oversight, if this information is true, it will remain on your credit report. If the mark was an error, then you may remove it only when your lender admits that the report is wrong.

• Meantime you can get full facts of your note from Experian and Equifax by paying £2. Then add a note of correction to your credit report. You must submit this by sending an email explaining the situation. You can also submit a letter if that is easier for you.

B) If you do not have a black mark

For maintaining your good credit score, you must follow some elementary steps.
a) Pay attention to your credit report
i. These reports come at regular intervals to your home. They inform you of the things you have purchased on credit and how the lender sees them. The lender marks them with an own score and it adds to your credit score.
ii. If you see any anomalies in the report, you have to report it at once.
b) Pay bills on time:
i. Paying bills immediately will increase your credit score. Delays will cause your credit score to drop.
ii. If you have trouble in paying your bill, you should immediately inform the lender of your situation. The lender will not report your delay in payment most of the time.
c) Keep debts low
i. Do not keep large amounts pending. When you do make purchases on credit, you should try to either pay it off in time or else keep the amount low.
ii. Keeping credit simultaneously at several places will only give you a low credit score.
iii. Try to pay off the debts by borrowing money from a friend so that you do not owe money all over the place.
d) Note how much you spend
i. Every credit card has a credit limit. When you make credit card purchases, you can go over what you have in the bank. However, it is a safe practice to keep this amount within manageable limits.
ii. The credit card company may allow you withdrawals up to 25% of your yearly income. Difference of this amount from your available bank balance will give you the allowable credit limit.
iii. Since you have to pay the amount up anyway, you must keep note of money you spend over the limit. You might have two cards and this will lead to increased spending.

Having good credit score helps to improve relationships socially

Whenever you want a loan, you will see a lower rate of interest if your credit score is good. Similarly, deductions take place when you apply for fresh credit. To maintain a good credit score follow the points mentioned above. These simple steps are easy but very effective in keeping your credit scores high.

Credits for this page

All photographs in this page are taken from Public Domain of Pixabay and Picdrome.
I thank all my followers as also the page moderator for the support they give.
I thank my friends who follow my blog. Write for Wikinut and earn — begin today.

You can read more articles like this at Best articles on the web, Reviews and Product Description and My Hubpages


Credit, Credit Report, Credit Score, Lender, Report, Score

Meet the author

author avatar snerfu
Bachelor, Christian, 53, settled in Madurai, India, like to watch football and tennis on TV. I also have occasional walks but try to read the Bible daily. For amusement, I read the newspaper.

Share this page

moderator Steve Kinsman moderated this page.
If you have any complaints about this content, please let us know


author avatar Phyl Campbell
25th Jun 2014 (#)

Excellent coverage of the basics

Reply to this comment

author avatar snerfu
25th Jun 2014 (#)

Thanks Phyl

Reply to this comment

Add a comment
Can't login?