Best Ways to Raise Credit Scores

Best Ways to Raise Credit Scores

Your credit score is an extremely important evaluation of all your credit ratings and depicts whether you are paying your loans on time or not. Your credit score is an extremely important figure in your life, and if you ever apply for a loan from any bank or firm, make sure that your credit score is good.

Your 3 scores from Experian, Equifax, and Transunion are estimated on a number of factors, the most important of which is your ability to make payments on time. The credit score evaluates whether you are loyal and how much of a risk you pose to the bank that is going to extend its loan to you. Therefore, it is carefully reviewed by the finance department before a loan is issued to anyone.

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Hence, if you are a credit card user, then it would be wise that you maintain good credit scores, usually by paying all your loans on time. Timely payments are a great way to keep your credit score on a high level and it causes an air of trust to form between the bank as well as the customer because then the bank would know that they would easily receive the payments on time.

Some of the best ways to raise credit scores are quite simple to follow. A list of FICO high achievers stated that the highest achievers that had a credit rating of 760 or above stated that the age of their oldest account was over 19 years, on an average.

The most recently activated account was about 27 months ago, so you need to know that time is required to better your credit score and make sure that it remains on the positive side.

Another important thing to know is that that about ninety three percent of the FICO high achievers had not missed a single one of their payments ever, and this just highlights the fact that you need to clear your payments on time before the deadline occurs to ensure that your dues are cleared.

Your credit score could be severely affected if you don't, and it is always wise to do so. Another thing that was noted from the FICO high achievers list was that their revolving utilization was around 7% on an average basis, and it was also found out that their installment utilization is also quite good, and all the FICO high achievers have paid off at least 35% of their original loan, and adding to this is another fact which states that on an average basis, all of the FICO high achievers owe less that $1200 on their non mortgage accounts, making their credit score extremely healthy and positive.

Therefore, if you wish to appear one day on the FICO high achievers list, you need to follow the characteristics that are present in those people so that one day you could also boast a credit score that is in excess of 760 and all the banks would be asking you to apply for their loans. These are some of the best ways to raise your Experian, Equifax, and Transunion credit scores. Find out where you stand now and check all 3 credit scores absolutely free.
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