As a financial health measurement, your credit score is the number that lenders can use to determine the likelihood of repayment if they were to give you a credit card or a loan. The higher your credit score is, the easier it may be to get approved for money loans or lines of credit. If you have a low credit score, there are several ways you can boost it up. Improving your credit score is a great use of time and effort, especially if you’re seeking financial freedom. Here’s how you can increase your credit score to a healthy number.
Credit Score Range: Is Your Credit Score Good or Bad?
Many scores range from 300 to 850, but companies can use different ranges. There are different credit scoring formulas from different credit reporting sources. For example, a mortgage lender might use a FICO score while a lender offering a credit card could use a different score.
How to Improve Your Credit Score
While building or rebuilding credit doesn’t happen overnight, you can take different steps to help boost your credit score.
- Check the accuracy of your credit reports. Make sure you carefully review your credit report and dispute any inaccurate or missing information by contacting the credit report agency and your lender.
- Pay your bills on time. Make all your payments on time, as this is one of the greatest contributing factors to your credit score.
- Get current and stay current. If you have any credit problems that have happened in the past, such as any missed payments or late payments, get up to date with your payments and continue to pay on time. Bad credit scores fade with good payment patterns.
- Keep credit card balances low. High outstanding debts can negatively affect your credit score.
- Keep your credit card use in check. Do your best to aim for 30% credit utilization or less. Try your best to pay off your balance each month. Credit card use of 10% or less is ideal in order to improve your credit score.
Considering how important your credit score is to your financial health, it’s extremely beneficial to take the proper steps towards improving this number as diligently as possible. Keep an eye on your credit report to track your efforts and see if your hard work is paying off. By focusing on the credit score tips above, you can start improving your credit score today.
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The content on this site is for informational purposes only and is not professional financial advice. Blue Trust Loans does not assume responsibility for information given. All information should be weighed against your own abilities and circumstances and applied accordingly. It is up to the reader to determine if this information is safe and suitable for their own situation.
Hummingbird Funds, LLC is a sovereign enterprise, an economic development arm and instrumentality of, and wholly-owned and controlled by, the Lac Courte Oreilles Band of Lake Superior Chippewa Indians (the “Tribe”), a federally-recognized sovereign American Indian Tribe. This means that the Hummingbird Funds’ installment loan products are provided by a sovereign government and the proceeds of our business fund governmental services for Tribe citizens. This also means that Hummingbird Funds is not subject to suit or service of process. Rather, Hummingbird Funds is regulated by the Tribe. If you do business with Hummingbird Funds, your potential forums for dispute resolution will be limited to those available under Tribal law and your loan agreement. As more specifically set forth in Hummingbird Funds’ contracts, these forums include informal, but affordable and efficient Tribal dispute resolution, or individual arbitration before a neutral arbitrator. Otherwise, Hummingbird Funds is not subject to suit or service of process. Nothing in this website is intended to waive or otherwise prejudice Hummingbird Funds’ entitlement to these protections. Neither Hummingbird Funds nor the Tribe has waived its sovereign immunity in connection with any claims relative to use of this mobile site. If you are not comfortable doing business with a sovereign instrumentality that cannot be sued in court, you should discontinue use of this website.