How To Improve My Credit Rating

By Niall Mehaffey

Credit rating is something that many people have problems with and this is something that you should definitely be aware of as if you ever want to get a loan or new credit cards then you will need to have a good credit rating, there is no way around it. It also affects your interest rate on loans and can even affect some job applications.

Here are few ways for how to improve credit rating:

Keep your accounts in order - What do I mean by this? Simple, don't open a whole load of new accounts, instead, try to keep to as few as possible and try to resist the urge to open new ones regularly, if you have everything in order and not all over the place it will be much better.

Make payments on time, always. This is very important, you have to make the payments you are required to and make sure you make them on time, otherwise it will be reflected in your rating, if you are known for regularly not meeting payment deadlines, you will have less chance of being approved for new credit.

Your length of credit history is important. Think about this, two people want to get new credit, one has a history of five years and has been making payments on time and keeping everything in order, the other has a history of only one year and also has everything in order and payed, who is more than likely to be "trusted" in this situation? Obviously the person with the more history will be.

Don't apply for new credit with different accounts in a short amount of time. If you are opening new credit accounts within short periods of time, as in, you open three or four within a week, it will look as though you are jumping in ahead of yourself and may have problems in the future, so don't open new accounts in short periods of time.

Your debt amount. If you have a large amount of debt owed then it would be silly for companies to loan you even more money and so they more than likely won't, try your best to keep your debt as low as possible.

These are just a short few ways to improve credit rating, there are many other things you can do and I would suggest you look into these and keep yourself in a good position otherwise you might have big problems in the future.

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