The consequences for an individual or a company not having a good credit rating can be quite drastic as they may struggle to get even the simplest of finance. This can even go as deep as a cell phone contract! There are many things that you can do to keep your rating at the highest level. Read on for tips on how.
Pay Things On Time
When bills are due it’s important that you pay them on time. Failure to do so will directly affect your credit score. One of the biggest negative score impactors of all is the failure to pay on your home mortgage. Not only are you putting your house at risk, but this will reflect poorly on your score immediately.
Don’t Take Cash From Credit Cards
If you go to an ATM with your credit card you can withdraw an advanced sum of cash. Not many people know that this affects your credit score but it does. What it is effectively saying is that you do not have enough cash in the bank and that you are having to get this cash from credit sources, which is essentially a small loan.
Don’t Continue To Apply For Credit
If you are looking to get a loan or to finance from a number of different companies, check to see what type of credit search they are doing on you. The more searches that are completed on you within a short period the more it will affect your credit score. The perception here is that you are struggling to get credit, therefore, you are going to have to talk to many different people to see what you can get.
Check Your Financial Connections
If you have a financial connection with someone who has a poor credit rating, then this also will directly affect your ability to get credit. This sounds really unfair, however, that is how our financial system currently works. You can, however, get in contact with a credit repair company, such as Go Clean Credit, to see if there is anything they can do to support you getting back on track. How to repair a credit report is not easy but the credit repair company can support you in challenging incorrect info and improving your score.
Pay Credit Cards In Full
If you are continuing to use your credit card and only paying the minimum amount each time, this can also have an effect on your credit card. They will work out how much available you have in total from all your credit sources and the percentage that you are using. If this is a high percentage and there are no signs of you clearing the debt, this will have a negative influence on your score.
Make sure to test out some of our ideas to improve your credit rating.