How to improve your credit score

Do you want to improve your credit score?

If you’ve ever applied for a loan, then you know that your credit score is important.  Your credit score can determine what interest rate you get on loans and the terms of your loan.  It also plays a vital role in determining whether or not businesses will hire you.  Therefore it’s worth taking steps to improve your credit score if needed.

 Do you know your credit score?

Your credit score is a number that summarizes how likely you are to repay money that you borrow. It’s based on information in your credit report, which includes public records like bankruptcy filings and tax liens as well as the status of your current accounts and payment history. A good credit score can help save you money by making it easier for you to qualify for loans or lower interest rates. You may also be able to rent an apartment, get approved for utility services or even find a job more easily with a higher FICO® Score☉ . And if something goes wrong – say, if there’s a natural disaster – having good credit could make it easier to recover from the financial impact of those events.

 But what does it mean when someone says they have “good” or “bad” credit?

In general, people with scores above 700 have better access to financing options than those who don’t meet this threshold. Scores between 650 and 700 indicate fair lending prospects; below 650 means poor lending prospects—and most lenders won’t work with anyone under 600 points. People who fall into these categories typically need special financing arrangements such as secured cards (where collateral is held) or unsecured cards where no collateral is required but interest rates tend to be much higher than average due to perceived risk factors associated with low scores.

If you’ve ever applied for a credit card, loan, or even just filled out an application for employment then you know that your credit score is important.  Your credit score can determine what interest rate you get on loans and the terms of your loan.  It also plays a vital role in determining whether or not businesses will hire you.  Therefore it’s worth taking steps to improve your credit score if needed.

Here are seven things to do to improve your credit score:

1- Pay off any outstanding balances

2- Don’t close accounts

3- Maintain low balances

4- Have only one type of account

5- Keep old accounts open

6-Make payments on time

7-Avoid applying for new cards frequently

You may not be interested in your credit score, but maybe you should be

Your credit score is essentially a number that represents how likely you are to pay back loans. This means that your credit score can either help or hurt your chances of getting approved for future loans like mortgages and car loans. Unfortunately, the average American’s credit rating isn’t looking too good these days which could mean bad news for our economy. So if you want to make sure you’re not hurting America’s financial situation, here are easy ways to improve (and maintain) your personal credit rating:

1.) Check Your Credit Report at Least Once a Year

2.) Don’t Apply For Too Many Loans Simultaneously

3.) Don’t use more 30% of your credit cards

4.) Pay the balances on time