Although not many individuals achieve a high credit score, you can still obtain an 850. And achieving your credit rating to the best possible credit score is all about having a well thought out plan. Another important factor is perseverance.
If you are searching for credit scores, there are a few things to consider in order to obtain the one that is just right for your needs. To begin, there is no magic wand that can allow you to have your own personal credit score in record time. In fact, the process of getting credit scores from three credit reporting agencies may take up to a year or longer.
When you go to fill out the three credit reports, make sure that you do it on time. Some people think that being late to one credit report will improve their score, but it is just as likely that if you are very late that your score will be lowered.
Another important factor that you must know is the type of accounts that you have open. It is imperative that these accounts remain current. If you have accounts that are more than seven years old, then these should be closed. You can close them off using your bank, but it may take some effort in order to find a lender who would be willing to do this.
The next thing that you need to look at is how much debt that you have, including credit card balances. Credit card balances should be reduced by at least 20%. In other words, if you have a couple hundred dollars in credit card debt, then you need to either pay this down or you need to stop using your card.
The next item that you want to check on your credit report is the amount of open lines of credit that you have. You should only have to have one account open with each credit agency, and you should only have one line open with each credit agency. If you have more than one line, then it can cause problems because your score will reflect multiple lines of credit that are open. If you have more than one open account, then you need to take steps to fix this.
If you have any existing debts, you should work on getting rid of these debts. You may want to take out a secured loan, or unsecured, but if possible you should work on getting rid of the debt that is in your name. You should also work on consolidating this debt by getting one loan that is lower than the total outstanding debt that you currently have.
As you are working on improving your credit history, you should also check on the credit history of your current employer. Although this may not seem like a big deal, it is essential that your employer is on your report because there are companies that will be able to take advantage of this.
A good company will provide you with free, impartial information. This is especially critical when it comes to credit reporting, which can affect your credit rating. By doing this, you can avoid being taken advantage of. Be sure that you check your report thoroughly from time to time, even though it may cost you a bit.
Credit reporting bureaus should be used to check your credit report periodically. They should contact you with a report if there is anything that is found that you may have overlooked. When you get this type of notice, you should review it.
If your credit score is low, you can work to improve it. One way that you can do this is by paying down your debt. If your debt is high, you may want to consolidate it.
When you get a hold of your report, you should do a quick analysis of what you learned from your credit score. The important thing is to keep in mind that there is a lot you can do to raise your score.