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Having a good credit score is important both in the short and in the long run – in the short run, it broadens your borrowing options and significantly raises your chances of getting a loan. In the long run, it allows you to get access to better interest rates and thus save money if you need to rely on using debt. There are a couple of very efficient ways you can improve your credit and enjoy the benefits of being a reputable borrower.
This might be quite obvious and most people tend to take it for granted, but make sure you pay your obligations on time. Even a slight delinquency such as running a few days late on your mortgage can set your score back a couple dozen points. If you’re generally forgetful or simply have too much on your mind to keep track of all incoming payments, you can even automate your bank account to handle certain transfers at a predefined date.
Having a credit card could potentially be a good thing for you score, but only if you’ve been using it in moderation and paying back your rates in a timely fashion. However, if your have numerous cards or simply too much balance on them, this can hurt your credit reputation. Try to keep the number of your cards to a minimum and aim to use no more than 30% of your allowed revolving credit limit.
You should never be ashamed of having old debt show on your credit report, especially if it’s been repaid in full and on time. Having sound credit history from way back can actually be a positive item in your credit assessment, as it demonstrates your ability to manage a debt regardless of when it had originated. Leave records of repaid old obligations on your report as long as possible.
If you anticipate you’ll need to take out several different loans for diverse purposes within one year, be sure to distribute them evenly and leave enough time between your applications. It’s not uncommon for lenders to additionally scrutinize potential borrowers if they notice a sudden intense spike in their loan activity.
Your credit score benefits whenever you take on a debt and pay it back in a timely fashion. A great way to build solid credit history is to take out small loans (short-term payday or personal loans) that you can quickly repay and show you’re a responsible borrower. The interest rate might be somewhat higher, but the amounts you borrow and pay back are small and represent a relatively inexpensive way of boosting your credit score.
There are several things you can utilize to improve your credit score, but the key principle is always the same – consistency and pragmatism. Borrow small, spend wisely, repay regularly.