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How Do I raise My Credit Score?

Credit Scores have an impact on many of your financial transactions like buying a home with a mortgage, borrowing money for a car, applying for a credit card and even applying for a job. Having a high credit score will save you money every month.

Your Credit Score tells a lender instantly how likely you are to default on a loan. If your credit score is low you will pay a much higher interest rate. This is due to the fact that the lender has to take on more risk to lend you money based on your credit history.

Here's what you need to do:

Get your Credit Report and Scores - We recommend Equifax Credit Monitoring Service because you can run your Credit Reports with your Credit Score monthly -this is very important because you need to see your current Credit Score and understand why it is what it is. You also need to see how your actions change your Credit Score.

Using information from your Credit Reports and using the associated tools they provide, understand why your Credit Scores are low. Is it because of high debt levels, derogatory items, or a mixture of both?

Monitor how your Credit Scores are changing monthly with your credit actions, again we recommend using Equifax Credit Monitoring Service.

Make Sure you fully understand your past credit mistakes and do the right things to keep your Credit Score as high as possible for the future.

* Are you too busy and want somebody to dispute items on your Credit Report for you? One of the best ways of increasing your Credit Score is by deleting information from your Credit Report for you, saving you the time and hassle of doing it yourself.

* Do you have at least Three Open Credit Lines? If not, we recommend applying for the Orchard Bank Credit Card because they will offer you a credit card instantly that best fits your credit history, even if you have a low Credit Score. Also, the Orchard Bank Credit Card reports your credit history to all three credit agencies. This will also help you rebuild your credit. (Providing that you pay on time!)

 


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