In order to get a loan application approved quickly you need to have a decent credit score. A good credit score also enables you to only pay the lower interest rates on your loans so its well worth doing what you can to make sure it stays on the high side. The 3 tips in this article will help you improve your credit score so you can enjoy the benefits it brings.
Pay your bills promptly.
Your payment history makes up 35% of your FICO credit score, so this is an area that is the simplest for you to control. Late payments showing up on your credit report will cause your credit score to decrease, yet it's something that you can make sure does not happen to you. If you put a couple of systems into place, this will help. The first thing to do is budget for your bills. Put a certain amount away on a regular basis. The second thing to do is to mark the date the bill is due on a calendar or in your diary. Make sure it is something that you look at every day so you know when the due date is near.
Check your credit report on a yearly basis.
Your credit report is available for free once per year, so get your free copy and check it over for any inaccuracies. Errors in data processing and the increase in identity theft mean that some credit reports have errors on them that go undetected, leading to the individual receiving a lower credit score than they should have. Don't let this happen to you - be sure to get your free copy every year and check it over thoroughly for any errors.
Dispute any inaccuracies
If you do happen to find any discrepancies on your report then you need to let the credit bureaus know. Photocopy your report and mark any of the discrepancies and forward your report along with a cover letter explaining what the errors are. Include copies of any receipts that may help verify your dispute. It is worth this yearly check of your report because getting discrepancies removed will result in a higher score for you.
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