What are the easy ways to improve your credit rating?
A good credit score is essential. Lenders determine the interest rate you received by mortgages, credit card and personal loan by using your credit score.
Using these tips can help you raise your score:
1. Make Your Payment On Time. Mail your payment 5 to 7 days before it is due, to ensure arrive by the due date. Better yet, set up an online account and make your payment electronically.
2. Control Your Debt. Credit cards are plastic money and before you know it, you reach your credit limit, do not purchase when you can’t pay off quickly.
3. Reduce The Amount of Debt You Owe. Paid off small loan of credit card and pay down another debt as much as you can. Reducing the amount you owe will raise your credit score several points.
4. Do Not Go Over Your Credit Limit. Going over your limit or keeping high balances can drastically lower your credit score.
5. Control Your Spending. Opening several credit card accounts in short period of time will lower your score.
Any time you have trouble making payment, contact your lender, they have many operator assistant to help you through difficult situation.
Beware companies that offer to repair your credit. Some of this company charge large fees and offer little or nothing in return.
The best advice is to fix your credit issue by yourself. Contact lender directly and contact the national foundation for credit counseling. This agency can help and they charge minimum or no fees.
In Malaysia, you may seek free advice from AKPK (The Credit Counselling and Debt Management Agency, or commonly known as Agensi Kaunseling dan Pengurusan Kredit) for your debt trouble.