The benefits of having good credit are numerous and individuals who are looking to qualify for a mortgage or enjoy better terms on any loans they take should ascertain their credit is first in good standing.
Individuals who what to improve their credit can do so in multiple ways. Firstly, they can try to fix their current score by refuting any discrepancies they find within it. The unfortunate reality is that the credit system is not exactly perfect, and many individual’s credit reports show a much lower score then what they deserve to have due to mistakes made in the report.
A credit repair service can assist a person in contacting the credit bureau with the necessary evidence to prove to them that the score deserves to be higher.
Apart from applying for credit correction, individuals also have the option of applying for new credit to improve their scores. A new credit card can improve one’s score by decreasing their credit utilization ratio as their total available credit will naturally increase.
The smaller a person’s ratio is, the better their credit score becomes. It is vital to note that after the card is applied for, a person should do everything in their power to use it responsibly, so their credit does not decrease further. Some individuals end up closing their older credit accounts to open new ones thinking this will improve their score indefinitely but that is not necessarily the case.
The credit age, or how long a credit account has been open, also plays a significant role in increasing one’s credit so careful deliberation should be undertaken before deciding which accounts to shut down for good. The longer an account has been open, the more trustworthy it seems, and the higher the credit score generally becomes. Ideally, good credit on an account that has been open for an exceptionally long time is preferred.
Focus on paying late debts to improve credit
When trying to improve one’s credit in Chester County, PA, a person must shift their focus over to trying to pay any late or past due accounts. If one does not make a payment for 30 days, then it is considered past due and will be seen as late through the eyes of the credit bureau. Creditors will report one’s account to the credit bureau once this deadline is passed so a person should be vigilant in making their payments on time.
Get in touch with a credit repair specialist at Coulter Credit to get the required assistance needed to improve one’s credit score.
Reach us at:
623 N. Pottstown Pike Suite B, Exton Pa 19341