|
June 26, 2001
By
Mindy Gratwicke
Website:
http://www.1st-choice-credit-cards.com
>
Improve credit rating, here is a hint
Why would you want to spend your time on the improve credit rating issue? The North American economy is based on credit. If you don’t have at least an average credit rating, you will find that getting approved for any type of loan, or credit card, will be very difficult, if not impossible. That is why you may want an improve credit rating, and here are some helpful hints.
Make sure to build yourself a long-term record of paying creditors. Paying bills steadily is usually the single most important thing you can do to improve credit rating. The longer your unblemished payment record is, the more points you tally, and the longer you stay with the same creditor rather than jumping from one to another the higher your credit rating will be. Scoring models tend to reward stability.
Avoid maxing out all your credit lines; using more than 50% of your available credit may raise a red flag. Also, it is in your best interest not to create a flurry of loan applications, to many applications can damage your credit rating. To be on your way to improve credit rating, gather information from various lenders, but apply only to the one or two that offer the best deals. There is an exception though, and that is when you make as many as a dozen mortgage applications in one week it doesn’t always count against you. The stakes on a 30-year home loan are so high that scoring systems often assume you (or your mortgage broker) are searching for the lowest rate. Make sure your credit report is accurate, you don't want a failing grade. Lenders are relying on incorrect information; ensure credit bureaus have flawless, up-to-date information.
For
more information on improve credit rating - click here!
> About The Author:Mindy Gratwicke is a successful author and the
publisher of http://www.1st-choice-credit-cards.com. A one-stop resource on on-line credit reports, credit rating, and report repair. *Webmasters,
need free content for your website? This free
article and many others may be reprinted providing the
hyperlinks are left intact... more
*Authors,
start or further your writing career
or hobby by allowing us to match your articles with dozens
of webmasters in need of fresh content... more
|
