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By Tim H Lambert
Credit score is just three digit numbers calculated by the three credit bureaus (Equifax, Experian, and TransUnion). However, these three digit scores are very vital in the credit and lending industry. With these numbers, many individuals from your lender, your property owner, your insurer, your employer classify your risk and your credit score reflects what is in yourcredit report. For creditors and lenders, the credit score determines if they will or not to have business with you. It will boil down to where your score rank on the scale below:
* 750 and above- you are golden costumer and you will definitely have the lowestinterest rateson loans.
* 710 to 749- will get you qualified for competitive offers, however, not as well as the above.
* 650 to 709- your application for loan have high chance of approval, butthe interest rates are not as low as the previous ranks.
* 580 to 650- you can get credits and loans that have subpar rates with so-so terms.
* 580 and below- get ready to be rejected in your loan application or if accepted prepare for a very high interest rates.
Let us say that you fall in the 580 score, do you have any idea on how to improve your credit score in 30 days? This article suggests some do-it-yourself steps that will improve your credit score and will get you that best possible interest rates on loans.
Change your delinquent payment habits and put efforts in enhancing your payment performance. Payments and credit use account for almost 65% of the score. Pay bills and debts on time and make this a habit. If you miss to pay your monthly dues, take appropriate actions to settle it. You can write a letter to the creditor the reason of your late payments or ask for a deletion of the collection after you immediately pay for it.
As a credit card holder, choose the issuers that tender your cards limit. If you pick those, who do not give the credit cards limit, the credit bureaus will assign your highest balance and this will affect your score because it the report will show a maxed out credit. As you use your card, do not spend more than you can afford. Keep your balance to a minimum level by using only the 30% of your line. Your balances will be low if you defer big purchases, maintain minimum card use, and paying down debt as much as possible.
Getting more credits can improve your payment history, but you should pay them on time. Closing old accounts may hurt your score as it affects your credit utilization ratio. Therefore, use your old accounts in buying small purchases.
Grab a copy of your credit report from the three credit bureaus. Examine it and dispute any erroneous items. Tell the bureaus if the inaccurate items are not yours by showing proofs. Be persistent in disputing derogatory items until the creditors get weary.
It is easy to do the steps on how to improve your credit score in 30 days and the good thing is that you can do it on your won. Asking help from credit repair service will cost you hundreds of dollars and most likely, nothing will happen. You start repairing your score now and get the chance to become a prized borrower for most lenders and creditors in just 30 days or less!
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Source:
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