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Avoiding A Bad Credit Rating Sponsored Links

Avoiding A Bad Credit Rating

contact@click4credit.

By Richard Greenwood
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Submit your Articles Here!

contact@click4credit.com.au.


Best regards

Richard Greenwood
http://www.click4credit.com.au

Avoiding A Bad Credit Rating
Your credit rating is the key to many things, including
good rates on loans, credit cards, and even auto and home
or renter's insurance. Credit ratings or rankings are
based on a number of factors, but more and more lenders and
insurers are basing their decisions and rates on how high
(or low) your credit score is.

In the United States, credit scores are calculated by three
major credit reporting agencies: Experian, Equifax, and
TransUnion. 300 to 850 is the range of scores, though
you're never likely to be at either end of the spectrum. A
credit score of 640-650 is considered below average, and if
you're in that range, you want to work to improve it.
650-720 is "average", and most people fall within that
range. Over 720 is a good credit score.

If you need to improve your credit score, you need to know
which actions will make the biggest difference the fastest.
About 35% of your score is calculated on repayment
timeliness, 30% on the amount of outstanding debt, 15% on
the length of time you've had credit, and a final 10% each
for the types of credit you have and amount of new credit
opened.

Obviously, the easiest thing to tackle and the one that has
the highest impact on your credit score is repayment
timeliness. There are some easy things you can do to
improve this portion of your credit score. Set up monthly
automatic payments for your credit accounts. Make sure the
monthly transfer amount is at least as high as the minimum
payment. You can always make another payment manually to
get you balance down farther, but at least you know the
monthly transfer will keep the account from a late payment.

Since about 30% of your score is based on the amount of
your outstanding debt, you'll want to pay down your
balances. Let those automatic payments get posted, send
any extra money you can, and do not use your credit cards
for any purchases! Write down the balance in a location
where you can see it, and watch it go down.

Sometimes people have a low credit score because they have
little or no credit. If you're just starting out, one way
to build credit and get a good score is to open a credit
card, make a few purchases on it, and pay that card off
every month. Using credit wisely and repaying on time will
actually give you a better score than if you have no credit
at all. That's because with no credit, the credit scoring
agencies have no way to know if you'll repay on time or not.

Obtaining credit and demonstrating good repayment habits is
important to do before you need a large loan, like an auto
or mortgage. With a low credit rating from having little
or no credit, you're not likely to be offered the best
rates when you do seek out a loan. And getting a
less-than-optimal interest rate on an auto or home loan can
cost you thousands in extra interest—plus the higher
payment leaves you with less disposable income every month.

So if you don't have any credit, consider getting one
credit card, charging a small amount every few months, and
repaying it each month. If you have too much debt, begin
now to pay it off. Make at least the minimum monthly
payment, and make it timely. And watch your credit score
improve.


----------------------------------------------------
Article by Richard Greenwood - co-founder of the Click 4
Group which operate a number of financial comparison
websites including http://www.click4credit.com.au to
compare credit cards.


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