The second blog post about ways to upgrade your credit rating. These tips do not make your credit rate jump to the highest tier, but certainly they are helpful in a long run.
The oldest overdue payment is the most urgent one
The best scenario is you do not have any overdue payment. However, once you owe some overdue payments, you should repay the oldest one as soon as possible. The longer overdue period continues, the worse your credit rating is. Moreover, it takes a longer period to recover your credit rating, as overdue period is on hold.
Use your credit card ‘wisely’, rather than never use it
For your credit rating to be evaluated, it is better to hold a credit transaction record than not to use credit card at all. When you show a sound consumption patter without overdue payment, it will positively influence your credit rating.
Do not be blinded by illegal private loans
When you need personal loan, first ask registered baking sector. Illegal private loans are quickly granted, buy they charge you unreasonably high interest rate. Once you borrow money from those private institutions, your credit rating is affected by such a record.
Check what you owe financial institutions
Many debtors try to ignore notices and phone calls from creditor companies, as those companies press for overdue payment. However, you should be responsible for checking your debt. Otherwise, the debt might be continuously accumulated, which will become unmanageable size later on.
Keep updated about your credit rating
Checking your credit rating does not downgrade your rating. Since October 2011, checking one’s credit rating does not have impact on one’s credit rating. It is important for you to keep updated about your own credit rating and to make a plan for a better rating.
Why not check your credit rating now and come up with New Year’s resolution to upgrade your credit rating? I guess I am giving you a task for this weekend! Have a lovely weekend all.