So you want to improve your credit score? First ask yourself what is my credit score. There are so many sites around the internet which are providing free credit report. By utilizing their services you can know what your exact credit score is. Of course you can calculate the credit score but it involves with the most complicated mathematics formulae. However knowing the credit score and factors which affects your credit score ratings can help you to improve your credit score very fast.
Most of the Credit card holders have a thought that all 3 credit bureaus are following the same credit score calculations and ranges. It’s wrong. All 3 credit bureaus namely Experian, Equifax and TransUnion have their own way of credit score calculations and ranges also differs from one to another.
Common names of credit scores are FICO score and beacon score. Mostly you can see the word FICO score but don’t get confuse if you hear the word beacon score.
All there credit reporting bureaus covers different regional areas. For example Experian reports the customers who are living in the Western region and Equifax reports mainly for the customers who are living in the Southern region.
This is the reason for why your FICO scores seem different in 3 reporting agencies. You may ask a question where to check my credit score which provides all 3 credit scores? Answer is simple you can check out checkmycreditscore.net it provides all 3 different credit scores at free of cost.
Once you obtain all three credit scores next thing is analyze and find how to improve credit score fast before it gets too late. You can find many resources around the internet. You can better begin your studies from here.
Review your report to spot errors if any
Statistics says that nearly 1000s of credit card users are coming up with the inaccurate information placed on their credit report mistakenly. It happens every year. These common mistakes can be anything from the collections to the late payment. So review your report and spot the errors if any. Even if it is a minor one, remember it can affect your credit score drastically. So review each and every item spotted on your report and confirm these are reported correctly. If you find anything wrong you can approach the credit reporting agency immediately and let them know you just want to submit a complaint against the incorrect item found on your credit report. Mostly if it is a minor error chances are there to fix it in less than 30 days.
You can sign up with the free credit report providing websites to check your credit reports from time to time.
Payoff the not cleared debts
Check the report and find if there any not cleared or outstanding debts are appeared on your credit report. If so try to pay off entirely. Even if you cannot pay off at a single payment you can speak with your creditor to pay in the installments. Once you have paid the entire debt you can request them to remove the item from your report. Do not attempt to close your credit card if you held this for some long time. Having a credit card some long time will help you to improve your score.
Get a speedy credit score improvement by paying your outstanding debt. Your activity will be recorded in the payment history. So it will help you tremendously.
Have a control on your loans and credit cards
Whenever you apply for a new loan or new credit card you can see a significant decrease in your credit score. We can’t stop ourselves from shopping for credit cards and loans but we can have a better control on it.
If you truly want to improve the credit score you should have an eye on how to improve my credit score and what is my credit score at present. Often ask yourself am I on the right track. So Track your progress and achieve your dream score.