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What Credit Score Is And How To Improve It:
Your credit score is a vital part of your financial life, and many people don't realize just how important it really is.
A lot of young people don't quite understand what it is, with many of them having never heard of it before. Schools don't make a habit of teaching teenagers and young adults about credit scores and what to do with them, so it's no surprise that many people don't grow up with the necessary knowledge. However, if you start to miss bills or fail to repay money to a lender, it will greatly damage your credit score. Here's everything you should know about credit scores and how to improve them.
1. Getting a good credit score
You don't start off with a good credit score. It's not a bad score that you get at first, but don't be surprised to learn that you need to build it up gradually. When your credit score is calculated, there are many factors which are taken into account.
For example, if you have paid your bills on time without fail, your credit score will go up as a result of this. If you missed a payment a couple of years ago on a debt, your credit score will go down. Your current amount of debt will also influence your credit score at the moment.
2. A bad credit score
There are several things which can cause a bad credit score, and some of them might not be obvious to you at first. If you apply for a credit card or loan and you are rejected because of bad credit, your credit will go down even more. That's why it's important to avoid trying to get credit cards and loans if you know that your credit is poor and that you will likely be rejected by the lender or company.
Changing your address on a regular basis can also affect your credit score, and having several bank accounts could cause companies to become dubious about your applications.
3. Things to do to get a better credit score
If you're getting a little worried about your credit score and want to increase it, there are various things that you can do.
Start by trying to reduce the amount of debt that you have at the moment. Of course, this only applies to those who have outstanding debt, but most people have a loan or credit card of some sort. If you have several debts, consider consolidating them to make the repayments more manageable. Alternatively, think about whether you want to get rid of the smallest debt first or the largest debt. It's a good idea to get rid of the debt with the highest interest, as your repayments will go down significantly by doing this.
Live as you can afford rather than taking out credit cards in order to live a more lavish life. Some people, such as divorcees or young people who have just left home, find it very difficult to cut down on luxuries if they have been used to a more comfortable lifestyle. However, until you can build up your savings and get promotions and bigger salaries at work, it's a bad idea to take out loans in order to spend more and more each week. Your credit score will thank you for only spending what you can afford.
Get a credit card but use it responsibly and sensibly. In order to get a good credit score, you shouldn't avoid debt and credit cards altogether. In fact, if you use the credit card occasionally and pay it back on time each time you have an outstanding balance, your credit score will go up. Lenders will see this as a positive and responsible thing, and you'll be rewarded for it.
4. Paying back loans
There are many types of loans that you can take out, including credit cards, installment loans and bank loans. Installment loans are some of the easiest loans that you can get your hands on, and many people turn to these in times of need or struggle each year. One of the reasons many people like them is that usually there is no credit check involved, and you can take them out even if you credit is very poor. This is great news for those who have bad credit but need money; however, it's important that you budget correctly in order to pay the money back when it is due.
By paying back your loans on time, you will be able to build up a better credit score. Although personal loans will not check your credit rating before lending you the money, you will be able to gain a better credit score by paying the money back on time.