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How To Improve Your Credit In The New Year

Its 2009! A new year means a fresh start, and is a perfect opportunity to improve your credit score. As a result of the sub-prime credit and lending crisis, lenders are demanding a higher credit score to approve new credit.

That means that it is more of the highest importance to focus on improving your credit score. So, lets get started on your road to raising your credit score.

First, to improve your credit score, its important that you understand how your credit is calculated. Your credit report contains data including your payment history, debt total, and available credit.

This information is strategically placed in a mathematical formula, and then calculated to generate your credit score. The determined number is a highly accurate prediction of how likely you are to pay your bills.

The highest possible credit score is 850 and the lowest is 300. The average American has a score somewhere between 600 and 800. To really benefit, you must increase your credit score so it is at least in the average range.

The next and perhaps most important step is to increasing a credit score is identifying credit information that damages a good credit score. This includes but is not limited to collections, late pays, repossessions, charge-offs, bankruptcy, and judgments.

About a quarter of all credit reports have an error that is serious enough to keep a consumer from receiving credit approval. And, another large amount of credit reports contain mistakes that force a consumer to pay higher interest rates on big ticket items like mortgages or car loans.

When you improve your credit score, you’ll save money, time and embarrassment. Mistakes can end up on your credit report for numerous reasons, including: mistaken identities, identity theft, and administrative mistakes.

Regardless of the reason, if you want to raise your credit score, you must dispute any errors you find. When you find an error, you should write a letter to the top credit bureaus and ask them to investigate the mistake.

Thanks to the unstable economic times, its more important than ever to raise your credit score.

By taking the steps listed above, you’ll be on your way to a stellar score, and a better life.

By: Chris Douglas

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For a free credit consultation call 1-866-246-7311. Or for a free credit dispute letter or a credit repair e-book visit us.

 

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