Tips for Improving Your Credit Score

What is a credit score ? It’s a composite score from three different Credit Bureaus that indicates to lenders how likely you are to be able to repay a loan. In other words: Your credit score is a symbol of your financial responsibility. Your credit score (measured from 300 to 850) is also known as your FICO score. FICO stands for Fair Isaac Corporation, the company that invented this industry standard. The vast majority of the U.S. population scores between 500 and 799. It is very uncommon to have a credit score over 800. Anything over 750 is considered an excellent score. The three credit bureaus who find the answers to these questions and give you a credit score are
1 Experian"
2 Equifax
3 TransUnion

How is your score determined

There are a couple of ways your FICO assessment is influenced, yet here are a portion of the primary territories that will help enhance your score.
In the event that you have Visas: Have you paid at least the minimum on time? Have you exceeded 25% of your available credit? If you have other bills (phone, cable, car payment, student loans, etc.): Have you paid them on time? Have they gone to collections By paying your bills on time every month, and keeping up an adjust that is under 25% of your credit limit, you will stay away from accumulations and will be making a course for a solid FICO assessment.

How do you avoid loans with a higher interest rate?

Be fiscally capable. In case you're not monetarily mindful and have a low financial assessment, the bank of your future credits (auto, contract, and so on.) will punish you by charging a higher premium rate. This could wind up costing you a large number of dollars over the life of the credit!

Wealthbuilding Action Step

Check your credit score for free by going to www.annualcreditreport.com. Examine your credit report for any inaccuracies.
If you find any, write to the credit agencies to report them and follow up until they are fixed!