earn good credit score

Simple Ways to Earn Good Credit Score

1. Make timely payments on existing debts or loan

A solid credit score can be maintained by a track record of regular and timely payments. Positive data (such as timely repayments on credit or loan products) can now be included on credit reports, thanks to the introduction of complete or ‘positive’ credit reporting. On the other hand, if you fail to make your payments, this will be noted and will have a negative effect.

2. Pay bills on time

Paying your telco and energy bills on time might also help you boost your credit rating. Set up automated payments to help you stay on top of your bills, and notify phone and utility companies if you move so that bills in your name don’t go unread. You might also inquire with your utility companies about receiving your invoices electronically.

3. Do not apply credit cards at once 

Whether you get approved or not, the fact that you applied for a new credit or loan product will show up on your credit report, which in turn may affect your credit score. If you make multiple applications for credit within a short space of time, this can flag to lenders that you are in credit stress and may have a negative impact on your score.

4. Get in touch with your credit provider or a financial counselor 

If you are finding it difficult to manage your repayments or bills, you can ask your credit provider or service provider for financial hardship assistance. You might also want to contact a financial counselor for help. Financial counselors provide a free, independent and confidential service, and they can help you with things like developing a budget and negotiating with your creditors.

Be careful of companies that charge you to “repair” or “clean” your credit report. You cannot pay to remove information on your credit report that is correct, even if it is negative.

5. Consider a debt consolidation loan or transferring balances to a credit card with a lower credit rate

It could help you save money and pay off your debts faster.

6. Only get credit cards you can manage.

Keeping control of your credit cards and paying them off on a monthly basis may be beneficial. This can help you establish a good credit history and raise your credit score.  It’s important to remember that you don’t need a credit card to establish a credit history.

7. Be cautious on closing an open credit card account

It may have a negative effect on your credit score by decreasing your available credit or shortening your credit history.

8. Review your credit report for any errors.

It could be worthwhile to double-check your credit report to confirm that all of the information presented is correct. If there is any incorrect information on your credit report, it might have a significant impact on your total credit score. Some examples of possible credit report inaccuracies: are duplicate debt listings, debt that you didn’t take out (this can be a result of identity theft or other fraudulent activity), and repayments that have not been recorded.

You might be able to discover any mistakes on your credit report by cross-referencing it with bank statements and other financial documents. You can then contact your creditor or the credit reporting body and request that your report be updated. 


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