Improving credit ratings for a better future

Follow these guidelines to help you improve your financial future regardless of your current credit score.

08:50 10 October 2013

We all have credit scores and a credit rating which is used by various companies such as lenders, and occasionally even employers, to discern our spending habits and level of responsibility. 

 

Credit ratings can determine the path of your future by allowing you to pursue and realize your financial dreams, or by making it nearly impossible. Luckily, there are ways to improve bad credit.

Here are a few answers to some common credit questions:

• Improving already excellent ratings—there is usually room for improvement, even with ratings that are within the excellent range. If you don’t have much credit you might not have the score you deserve.  You may need to get a credit card and make monthly payments in order to increase your score.

 

• Checking credit rating—you have the ability to check your credit rating periodically. It’s a good idea to see where you can make improvements, and it’s a good time to check your rating with all three credit companies: Equifax, Experian, and Callcredit.

 

• Improving poor credit—many things negatively affect your credit rating such as making your payments late, of defaulting on a loan. You can still make improvements by ensuring timely payments in the future, but the negative information will still remain on file for many years. Avoid defaults whenever possible and communicate with any lenders to find out what other options might be available to you.

 

• Change credit report information—one of the ways you might be able to make improvements to your credit rating is by addressing any issues which appear unresolved or unpaid on your credit reports. If you have paid the debts you can submit a request to have the records updated to reflect the most recent information.

 

These are the basics to improving credit scores and can help your future.