5 Practical Tips To Boost Your Credit Score

1. 5 Practical Tips To Boost Your Credit Score Planning to buy a new house but you still don’t have enough funds to pay a lump sum amount for the purchase? Well, the best next option available for you is to get a loan and pay for your new property in smaller and more affordable monthly amortization. In order to quickly qualify for a loan, though, you will need to have a good credit score. Otherwise, it would be difficult for you to find a lender who will be willing to lend you the amount you need for the property you want to purchase. https://cdn.pixabay.com/photo/2017/09/07/08/54/money-2724248_960_720.jpg So, what is a credit score? In a nutshell, a credit score is a numeric summary of all your credit history that is used by lenders as basis on determining whether you are capable of paying your loan or not, as well as on deciding how much they can lend you, and what interest rate shall they charge you for your loan.

2. Building a good credit score will take a while but fixing a bad score is more difficult and time-consuming. Fortunately, there are things you can do to boost your credit score in no time. Cristina Diez, one of the most trusted real estate agents in Miami, has already worked with many clients with bad credit score. Working with her past clients who had problems regarding their credit score enables her to know how she can be able to help her current and future clients in boosting their credit score so they won’t have to go through the hassles and stress of having a bad score. Below are some helpful tips that can help boost your credit score and qualify for a loan. Monitor Your Credit Score The first thing you should remember is to monitor your credit score. You can do this by requesting a free credit report once a year. Once you already have your credit report, carefully review each item and check if you can find some problems that can affect your score. This way, you can be able to spot and dispute any errors at the earliest time, correct outdated or wrong information, and fix your credit details quickly. Keep your old credit cards open Unless it costs you a large amount of money for the annual fees, it is smart to keep your old credit cards open even if you no longer use them. This can help avoid increasing your credit utilization ratio and lowering your credit score. Also, lenders will also consider the age and length of your credit history- the longer your credit history is and the older your credit cards are, the better.

3. https://cdn.pixabay.com/photo/2016/08/13/20/07/credit-card-1591492_960_720.jpg Create Payment Planner Missed payment deadlines are a big threat to your credit score. To stay on top of your bills, create a payment planner. It is best to set payment reminders ahead of time as well. For instance, if your loan payment is due on the 30th of the month, you can set a reminder on the 30th and the 25th. This way, you still have enough time to find ways to catch up with your bills should you encounter financial problems. Settle your payables on time Regardless of whether it is your utility bill or loan, you must see to it that you settle all your payables on time. Paying your loans and bills late will negatively affect your credit score and it will be reflected on your credit history for seven years. Pay more in one billing cycle

4. If your financial condition would allow it, pay your bills and dues more often than agreed upon. For instance, if you agreed to pay your loan once a month, you can pay twice or thrice in a month instead. This will not only make it faster for you to fully pay your loan but it will also help boost your credit score.