Your credit score has a direct impact on the interest rate you will have to pay when you borrow money. It is a three digit number from 300 to 850 so unless you are able to raise your credit score, chances are no one is willing to approve a loan. But help is on the way. By following these tips, you are sure to see an improvement.
First, find out what is your credit score. You can get this information from FICO that is a system developed by the Fair Isaac Corporation.
When you have the information, it is time to cut some off your expenses temporarily and start paying off those credit card debts. If you have more than one credit card, work off the one with the highest interest rate first.
If your credit score is not that bad, make sure that you do not use your credit card almost to its limit because this too may affect your credit score even if you are able to pay the bill when it arrives. A good example is to stick only to 30% of the card limit. For those who may have a hard time keeping track of all this, it is best to put all your bills into a finance software program to monitor your expenses.
Sometimes your credit score is goes down because your...
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