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What You Can Do to
Improve Your Credit Rating
Improving your credit rating takes time, but we suggest you begin by following these simple steps to become a better borrower:
- Pay your bills on time – Payment history is the single most important factor in credit scoring – be sure to pay at least the minimum amount required by the date it is due.
- Minimize your debt and apply for new credit cautiously – Avoid getting too close to your credit card limits, you should keep your balance below 30% of your available credit.
- Limit your credit applications – Too many credit inquiries can lower your score.
- Build a track record – No credit history can mean a low credit score. Use credit cards, but manage them responsibly.
- Review your credit report once a year to ensure it is accurate – If you find any inaccuracies, contact the credit bureau that created the report.
We also suggest you contact BALANCE, our free money management and counseling service which can help you streamline finances, reduce debt and plan for, attain long-term goals and more.
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Your Lifetime Financial Partner |