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Getting credit scores for free

Credit scores are becoming more and more important for people as days go by. In today's world, there is no point in applying for any form of credit unless you have a decent credit score. Who would have thought that 3 numbers are going to be so important as far as your loans are concerned? What is a credit score you ask? If you haven't ever seen yours then all you have to do is visit a website like www.creditkarma.com. These websites will give you a free copy of your credit score and ask for very little in return. They don't need your money; all they need is your personal information. And don't worry about them sharing it with others, they won't.

 

 

Once you have your credit score in your hand, you need to see where you've gone wrong. Every financial transaction you make will have an effect on your credit score. Whether you are purchasing products or using your credit card, it will all have an effect on your credit score. That's why it is very important for you to be wise when it comes to your finances.

 

 

The first thing you need to do in order to improve your credit score is to ensure all your loans are up to date. This means ensuring everything is paid on time and that there are no outstanding dues against any of your existing credit. This has a major impact on your credit score and should be the most important thing when it comes to increasing your credit score.

 

Another thing which you can do is to keep your outstanding debt low. If you have used more than 50 % of the limits on your credit cards then it is important for you to reduce that figure to a respectable amount. Most lenders check your utilization ratio when sanctioning loans and if yours is unsavory, they will most probably reject your application. To start checking your latest credit reports and scores visit experian-now.com.

 

One major mistake that people make with their credit cards is to close their accounts once they have repaid them. Instead of doing this, they should retain the accounts so that they can keep their utilization ratio high. This will make them more favorable as borrowers.

 

 

And one last thing which people need to keep in mind when it comes to credit scores is that the higher your score, the better the interest rate you will get. Just because your score is near 700 doesn't mean you can't increase it further. When you have a higher credit score, you will definitely get a lower rate of interest. So why not work on it?

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