improve your

credit score

Do you desperately require a credit score boost? If so, you should realize that improving credit score is not like revving up the engine and seeing instant results. Instead, it’s similar to renewing a driving license when it has expired for a certain period of time.

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In such a case, the license renewal process takes into account your driving history as well as your current status such as a vision test, driving skills test, and knowledge about road rules and signs. A few simple steps in the right direction can ensure that you obtain the driving license.

On the same vein, improving your credit score requires taking certain actions in the right direction. Below we have listed five easy steps that will perk up your credit score, and make it easier for you to obtain credit.

Step 1: Payoff Outstanding Loans

Paying off outstanding loans is the most effective way to improve your credit score. When you pay outstanding loans, you not only lower net interest payments but also ramp up your credit score. This will make it easier for you to obtain additional loans required to meet essential expenses.

Step 2: Close Credit Card Accounts

Do you regularly transfer credit card balance to take advantage of introductory offers? Then you should consider closing all those credit card accounts that are not in use. This will lower the unused credits in your name and will improve your credit score.

Step 3: Do Not Make Too Many Loan Application Inquiries

You should avoid making too many loan application inquiries. If you inquire about a loan, or apply for one, the lender may make a credit check that will lower your credit score.

So, it's important that you avoid making too much loan inquiries or applications. You should apply to a single lender and if your loan application is rejected then you should apply to another one.

Step 4: Remove your Ex- from Any Joint Accounts

A divorce does not remove you from being liable for any joint loan accounts. It’s important that all the joint accounts are closed when finalizing a divorce agreement. This is a common mistake that people make only to find out later that their credit score is negatively affected due to something done by their ex.

Step 5: Consolidate the Account

If you have multiple loans, you must consider consolidating the account into a single loan. Loan consolidation process allows you to combine certain loans taken from different lenders into one loan. In most cases, this not only reduces the net interest payment but also improves your credit score. You must also consider consolidating credit cards that will reduce the credit card limit and positively affect your credit score.

At the end of the day, remember that your credit score will not only determine whether you are able to obtain a loan, but also the rates and other terms and conditions of the loan. By following the above advice, you will not only improve your credit score but also increase the chances of obtaining loans for important expenses such as buying a car, a house, or paying for college tuition for your kids.

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