How To Tip With A Credit Card On A Bill Improve Your Credit Rating Yourself – Tips How to Do It

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Improve Your Credit Rating Yourself – Tips How to Do It

A credit score is a rating system used by creditors to determine whether to give you credit and how much to charge you. If you’ve ever applied for a credit card, loan, or insurance, there’s a file on you known as a credit report that will include your quality score.

It is important to check the accuracy of your credit report from time to time. This file contains information about you and your credit experiences, bill payment history, the number and type of accounts you have, late payments, collection actions, outstanding debt, bankruptcies and age of your accounts, gathered from your credit application and credit report. Using a statistical formula, lenders compare this information to the performance of consumers with similar profiles.

A credit rating system awards points for each factor. A total number of points, known as your credit score, helps predict how creditworthy you are—that is, how likely you are to pay off a loan and make payments on time. In general, consumers with good credit scores have higher credit scores. The quality of your credit rating can affect your ability to obtain credit, insurance and employment. Having good credit means it will be easier to get loans at lower interest rates. Lower interest rates usually mean lower monthly payments which saves you money.

Do you have bad or poor credit?

Do you want to improve your creditworthiness and credit rating? Then you are on the right track and there are proven steps you can take on your own to make this happen.

Now for the bad news. Only time and effort, coupled with a personal debt repayment plan, will improve your credit report and rating.

The good news is that you can do whatever it takes to improve your creditworthiness yourself at little to no cost.

Step 1. Develop a personal budget.

Take control of your financial situation by making a realistic assessment of how much money you make and how much money you spend each month. List your income from all sources. Next, list your “fixed” expenses, those that are the same every month, such as mortgage or rent payments, car payments, and insurance premiums. Next, list expenses that may change or vary from month to month such as food, entertainment, recreation, and clothing. Writing down all your expenses, even those that may seem insignificant, is a useful way to check and track your spending patterns, identify necessary expenses, and prioritize your expenses. The main goal is to make sure you can make ends meet with basic living necessities such as housing, food, health care, insurance, and education.

Step 2. Pay off your checkbook.

Yes, it seems like common sense to do this, but you’d be amazed at how many people either don’t know how to do it or just hate balancing their checkbook. If there’s something on your bank statement that’s confusing or you simply can’t get it right, then go get help from your bank representative. Either way, it’s absolutely critical that you check your checkbook or it will keep checking you.

Step 3. Create a plan to save money and pay off your debts.

You might say… hey, I can’t pay all my bills now, how am I going to save money? That’s why keeping tabs on your personal budget is so critical. You will need to cut your monthly expenses on items that aren’t absolutely necessary to keep your budget in check. Sounds simplistic, but your goal is to have more money coming in each month, than the amount of money you spend each month. Until you find a way to make this fundamental truth happen, you will not be able to pay off your debts and become more creditworthy in the eyes of lenders.

Not quite sure how to accurately collect and itemize all of your monthly expenses and compare them to your monthly income? You can find many helpful resources available online, at your local library, or in bookstores that address money management techniques, personal finance, and budgeting.

Step 4. Pay your bills on time.

It goes without saying, but it is necessary to show lenders that you are improving and that you are able to make payments on time every month. If you’re having trouble making ends meet, contact your creditors immediately. Tell them why it’s hard for you and try to come up with a modified repayment plan that reduces your payments to a more affordable level. Don’t wait for your bills to be handed over to a debt collector. At that point, your creditors have waived you.

These are some of the painful but necessary steps you need to take to improve your creditworthiness and rating in the eyes of current and future lenders. So, embrace these steps and make it work for your personal financial needs.

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