It may be harder than ever before to get approved for a loan today but increasing your credit rating will give you the best chance. There are various ways that you could improve your credit score and of course among the best is to always pay your debts on time. By paying off credit cards towards the end of every month can also help improve your credit scores and again, making certain you make payments on time. You would like to also make sure you don’t have large credit card balances because this could have a negative impact on your credit score. Another factor which can have a negative impact on your credit score is that opening new credit card accounts lowers the average age of all your accounts. The credit agencies like to see a long history of established credit. First thing that you should do is to get a free credit report from each one of the 3 major credit agencies Transunion, Equifax and Experian. Every year you’re entitled to get your copy for free and that’s one way you can manage your score.
Once you’ve received your report you need to scan through it and see if there are any items which are inaccurate. If you do find inaccurate items, then you have to dispute these items so that they can be removed. The credit agency is accountable for verifying anything that is reported, and they have basically a 30-day period to verify anything that you dispute. If they can’t verify it within this amount of time, they have to eliminate it from your credit report, and this will help to improve your credit score. It’s also possible to ask the agency to send out corrected variations to anyone who has obtained a copy of your file in the 6 months leading up to the dispute. Keeping on top of your score is among the simplest ways that you could improve your likelihood of getting a loan. If possible, request your credit reports well before you apply for a loan to give you time to correct any inaccurate information. Remember when applying for a loan the very first thing they’ll look at is your credit rating, so making sure that you have a high one can be the most crucial thing for you.
As children and young adults, our educational institutions gave you report cards to measure how well you were managing your academics in school. As adults, no longer being measured by your academics, your credit score is your report card in life! Even if you’re not planning on taking out any loans or borrowing money in any way, taking the steps to improve your credit score are great exercises in good money habits and good money management. Keeping your loan balances paid off and reviewing your credit history on a regular basis for errors or signs of id theft are the best ways to ensure that you’ll have a high credit rating. Be consistent, be disciplined, be diligent and as you keep your financial house in order, watch your credit score improve!
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