By Manuel Tovar, June 29 – Hispanic Solutions Group
Aware of being able to provide better guidance to financial users or consumers,Hispanic Solutions Group Through your specialist Jessica Aliaga, she offers some tips to help you achieve your goals of how to increase your credit score, in this case from 480 to 700 or more.
You can increase your credit score 480 to 700 by following some of the steps listed below.
Your credit score is your financial gateway to getting the things you want in life. Your credit score is used for the following; when you buy a car, rent a car, rent an apartment, buy a house, buy college loans, buy the newest computers and electronic devices and are also used by insurance companies when you need insurance.
As it is known, credit scores range from 300 to 850 and any score below 500 is considered a higher risk for lenders. Trying to maintain a score above 700 will improve your chances of obtaining a loan for larger purchases, such as a car or home. With a higher score, you can get better interest rates and better terms for your loans.
Get a 3-to-1 credit report
Entities in charge will give you a free copy of yourcredit report. You want the 3-to-1 so you can see the full report from all 3 credit reporting agencies. Check your report for inaccuracies, like someone else using your credit or anything that shouldn’t be there. This could be aIdentity Theft and should be reported immediately.
Make sure each of your creditors has reported their information accurately. If you find there are errors, write a letter and mail it to the credit reporting agency along with any evidence to support your dispute because you want to remove this inaccurate information from your credit report as soon as possible.
Consolidate credit cards
Transfer balances from cards with higher interest rates to cards with lower interest rates. This will lower your credit score by getting rid of too much debt.
Inspect your finances
Gather all your finances. Find a place where you can squeeze in, say, an extra $ 100.00 each month. Take this money and apply it to thecredit cardwith the highest interest rate every month until you pay it off. Then take that money and pay off the next highest interest rate credit card, and so on.
Avoid the upper limit of credit cards
Having a credit card to the max can lower your credit rating. A good benchmark only has 30% of the maximum amount available on the card. If you have a credit card with a balance of $ 1000.00, keep the amount on that card around $ 350.00 to improve your credit score.
Pay your bills on time
Make sure you consistently pay all your bills on time. Paying your bills on time is one of the main things credit reporting agencies use to calculate your credit score. (35% of your score is based on payment history.) Pay more than the minimum due on each credit card, paying only the minimum due is a sign that you could be late on your payments and can be a high risk.
Close unused credit cards
Something very important to keep in mind is that simply destroying your credit cards does not work. You should call the credit card company and request that your account be closed so that it no longer appears on your credit report. This will help increase your credit score.
You should refrain from requesting more credit
EYE. – Each inquiry is reported to the credit bureaus and multiple inquiries can negatively affect your score. If there are no inquiries for a 2-year period, lenders are more willing to extend credit, trusting that you won’t overreach and miss your payments.
We hope that these referred tips may be useful to you and can help you increase your credit score.
We invite you to follow our social networks: LinkendIn, Facebook, Twitter and Instagram to find more information related to finances. Also on our YouTube channel The Credit Channel to learn how to improve your credit. If you need help in repairing your credit, disputing debts that do not belong to you, or other services, call us at (612) 216-1599.