Want To Have A Positive Credit Rating And Vantage Score?

Posted on February 28, 2009 @ 3:17 am
by Jim Bransby

The current economic studies suggest that the credit rating is more important at these economic situations though it is highly difficult in maintaining a good positive credit rating all the time. However, some of the best ways to maintain good credit rating are discussed below.

Whenever someone hears about credit report, the first thing that comes to mind is the bill payment. If you do not pay the bills on time, it will remark the credit report very drastically. Paying bills on time will not only give you good credit rating but also saving your money from interest fees and late fees.

Another way to keep a good credit rating is to keep a low balance to limit ratio. In other words, try not to use the maximum amount of open credit on your account. Maxing out your credit cards is never a good idea.

Having too many open accounts can also cause a negative mark on your credit rating. Even if the accounts have a zero balance, creditors consider offering credit to someone with numerous open accounts a risky venture. Only keep a few accounts open to avoid this common credit mistake.

Many people do not know that simply applying for credit accounts can also wreak havoc on their credit rating. Lenders are able to see how many inquiries have been made on a personas account in any given month. Generally speaking, the less inquiries on your account, the better your rating.

Everyone should check their credit report at least once a year to ensure the rating is an accurate representation of their credit worthiness. Pay close attention to your vantage score or FICO score. Credit lenders use both the vantage score and FICO score as a comparison tool to determine if a person is a credit risk. By checking your vantage score and credit rating on a yearly basis, you will be able to take care of problems that may affect your credit.

Is the credit already bad? Then just try the ways to make it positive by contacting creditors if they would be willing to work with you to get you back on track This mostly will result in lowering your interest fees, refunding some extra late fees, or giving you a payoff amount that is lessening the amount you actually owe to pay.

A positive credit score reflects your good financial situation so always try to maintain the postive score just by taking little care of doing things on time, like paying bills before deadline, opening optimal number of accounts, maintaining low balance, checking your credit score yearly will automatically maintain your good credit rating.

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