| How can I improve my credit score? |
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| Written by De Villiers Lotter | |
| Sunday, 14 October 2007 | |
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Your credit score is constantly changing as your credit information is changing. Taking steps to improve your credit score may not become immediately apparent in your credit score, but will make a large difference over time. Rescinding a judgment or having default data removed will however always make a big difference. Here are some tips on how to improve your credit history, which will have a positive effect on your credit score. Correct errors You should get a copy of your credit record from Credit Health. Preferably obtain the 2-in1 credit report, which shows your information from both bureaus. Make sure your information is complete and accurate. Ensure that there are no negative listings such as defaults, judgments or collections. If there are, contact Logan Attorneys on to assist you with removing this Enquiries Keep enquiries to a minimum. Don't "credit surf", or move balances from card to card, or take advantage of promotional low interest rates. Always conduct your credit affairs with a medium to long term view in mind. Too many enquiries make if look like you're "shopping" for credit. Close unused lines of credit Just cutting up your credit card does not constitute closure of the account. Make sure that you give the bank notice of the closure of the account by registered mail, requesting a return receipt of such notice. Ask the card issuer to close your account, and to issue an advice to the credit bureaus that the account was "closed by customer". Pay off credit cards This shows that you use credit wisely, and are not spreading yourself too thin. Keep your credit limits and your outstanding balances down. Conservative use of credit is important both for your own good and for the promotion of a good credit history and score. Pay credit obligations on time The longer history of responsible use of credit, the better your credit score. The better your credit score, the better access you will have to low-cost financing from credit grantors. The less you pay in interest, the more wealth will be able to build over your lifetime. NEED A HOME-LOAN or 2nd BOND? Let us handle it for you, at no cost!! Visit http://www.zevoli.com Comments (0)
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