Are you recently thinking of purchasing a new car or a home? If yes, then your credit score plays a very important role. The interest rate that you’ll pay on the money that you borrow will depend on the 3-digit score that is generated from the information on your credit report. If you go through the lending market norms and conditions, you’ll see that most lenders have very stringent rules of lending out the most affordable loans to the borrowers who have a stellar If the best rates on a mortgage loan is offered to a borrower with a score of 700, and yours is 697, those 3 points could cost you thousands of dollars. This calls for the importance of credit repair before applying for any kind of loan or even an insurance policy. Check out the smart and simple ways to go about bumping your credit score.

Keep a watch on your credit card balances: One of the biggest factors that constitute your credit score is how much revolving credit you have against the amount you’re using. The smaller is the percentage; Does Velcro Come Off Easily? the better is it for your credit rating. One of the smartest ways of bumping your credit score is paying down all your credit card balances. Though it is a fact that possessing the ability to use a lot of credit is certainly good for you, you need to have low balances. Check if your credit card issuer uses multiple payments in a single month.

Leave good old debt on your credit report: There are some people who may believe in a myth that old debt usually has a harmful impact on your credit report. The minute they finish off paying their home or car loans, they take steps to remove it from the credit report. Negative items will always have a bad impact on your credit score and they will automatically be removed after 7 years but arguing to remove old accounts is of no use. Good debt, that you’ve handled well is always good for credit and with a history of good debt, you can always maintain a positive impression.

Don’t miss bills for that big down payment: If you’re planning to make a big purchase like a home or a car, you might be scrimping like never before in order to accumulate enough cash. While doing this, are you missing your credit card payments? Credit cards carry high late fees and missed payments badly affect your credit score. Therefore don’t make the mistake of ignoring your credit cards in favor of arranging the big down payment.

Do things that don’t sink your credit score: Sometimes you can just stop doing things that sink your credit score by suddenly paying less or charging more with your credit cards. HOW TO REMOVE VELCRO ADHESIVE Such changes could scare your credit score and therefore you should take steps to avoid these.

So, when you’re about to borrow a new line of credit, take the above-mentioned credit repair steps to boost your credit score so that you can grab a reasonable rate. Otherwise, you can just responsibly use your credit cards and keep on making timely payments to them.

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