Your credit score is a critical numerical number that can affect your financial goals or credit applications and opportunities. A higher rating can open the door to better interest rates, higher credit limits, and more. If you’re looking to boost your credit rating, here are some tips to consider that can help get you started:
- Pull Your Credit Report
First things first, if you have never pulled your credit report – now is a good time to do so. At ThreeSixty.me you can sign up and download your credit report for FREE. It is important to know what your credit profile is reflecting and build your credit score slowly but surely from there.
- Stay on Track & Dispute Errors
Regularly review your credit report for errors or discrepancies (by law you can pull it for free each year). Address, dispute and correct any inaccuracies promptly.
- Address Past Issues & Due Accounts
Deal with negative items reflecting on your report, like collections or late payments. Remember, late payments can remain on your report for up to seven (7) years. If you are seeing no way out to pay off your debt, consider a registered, legal process like debt counselling [CreditSmart link].
- Pay Your Accounts/Instalments on Time
Perhaps you are not liking what you see on your credit report. Timely payments are a cornerstone of a strong credit rating. Set up reminders or automatic payments and debit orders to ensure you never miss a due date because if you do, it will hurt your credit score and you may be seen as a risky borrower by creditors.
- Avoid Opening Too Many Accounts
Frequent new credit applications can raise concerns with creditors. Be cautious and limit how often you apply for new accounts.
- Make Sure You Build Up a Credit History
A longer credit history is favourable. So, keep your older accounts open, paid on time and active.
- Implement Positive Credit Habits
Positive credit habits include anything from paying off your debt to using less of your available credit. Your consumer behaviour needs to reflect responsibility when taking out additional debt and using credit accounts.
Improving your credit score or rating takes time, but these suggestions can set you up for victory. Take them into account, monitor your progress using the ThreeSixty.me platform and achieve your financial goals. Patience is key when working on your credit rating, and the effort is well worth the financial benefits it can bring.
Don’t know your credit rating yet? Click here for a FREE download of your ThreeSixty.me report and sign-up
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