9 Year Mortgage: How to Improve Your Credit Scores
What’s in a credit score? Well, a lot. Even though a credit score is just a number it can impact multiple aspects of your life; having a good credit score decides the rates you get on loans, the car you can afford to buy and, with increasingly more potential employers checking credit scores, what job you have. Even though it’s just a number, it’s used to decide if you are a worthwhile investment for a company to take on. In today’s new economy lenders are relying on credit scores more and more and they are becoming increasingly selective before extending credit.
9 Year Mortgage provides the following ideas for improving your credit rating:
1. Look for inaccuracies on your credit report
On occasion reporting agencies make mistakes; agencies can confuse you with someone whose name is similar to yours in addition, identity theft will often show its ugly face on your report. Keep an eye out by checking your report occasionally and get ahold of the credit burrow right away if your report shows discrepancy or show transactions that do didn’t make correcting mistakes like these will often have a boosting effect on your score.
2. Limit the number of credit cards you have
Your score will be higher if you don’t acquire too many credit cards or lines of credit because the application process for credit can negatively impact on your score if you apply for too much. Only apply of essential credit or you may appear to be desperate for credit to spend.
3. Less is more
9 year mortgage advises you to only use a portion of your credit limit, less than 30% is ideal. Just because you can charge thousands of dollars doesn’t mean you have to and if you do get close to your limit that may affect your score overall. Find out when your company reports to the credit agency and try for a lower balance before that time or just keep your balance low compared to your limit to begin with and your score will reflect your restraint.
4. It’s okay, pay it all off
The due date for your payments is not the only time you can pay so, pay off your credit cards early and making more than one partial payment each month can be a helpful way to pay off your debts much faster. 30% of your score is made up of how much debt you have compared to your limits so paying debts down will drive your credit scores up.
5. Don’t be afraid of a higher limit
If you have been in control as a card holder you might consider asking your credit card company to raise your credit limit this will help you keep a good ratio of debt to available credit. Be sure to only do this if you are in good standing as a card holder or the company may see you asking as a sign that you’re dangerous customer and reduce your limit instead.
6. Don’t stop using your accounts
Not using the credit cards that you have won’t give your credit the lift you’re looking for so make ongoing purchases, even if it’s just buying lunch occasionally and paying it off right away. Also, avoid closing a card because this will limit credit history and lower your overall score; you want to portray that you have been responsibly using credit for a lengthy time.
9 Year Mortgage hopes that you will be cautious when using credit and work to have your credit score enhance your overall financial situation.
Will The 9 Year Mortgage Plan Work For Me?
To learn more about 9 Year Mortgage, and to find out if you qualify for the 9 Year Mortgage program. Find out how soon you could be completely debt free, including your mortgage, with the 9 Year Mortgage Financial Plan. Find out what thousands of satisfied clients already know about taking control of their finances, and using the power of reverse compounding interest to beat the banks at their own game! 9 Year Mortgage representatives are standing by to answer all of your questions about our program, including how soon you will be debt free, and how much money you will save in interest! For more great money-saving ideas visit 9 Year Mortgage on YouTube or go directly to the 9 Year Mortgage Money Saving Minute. 9 Year Mortgage recently launched their Eliminating Debt with 9 Year Mortgage site , which is also full of valuable, free information.