Enable's Independent Financial Advisors can help you work with your personal credit scores to make the most of your potential borrowing. Your basic credit score tells you very little and is pretty useless but it will be a number that indicates whether you are a good or bad payer of bills. For example, with Equifax, a score below 299 is very poor, 300-349 is poor, 350-399 is fair, 400-474 is good and above 475 is excellent. To get a better indication of how you can improve your credit score, you need to take out a more detailed credit report.
Many people complain they have never applied for any credit - and therefore had no credit problems – but have been rejected. The credit industry feels more comfortable dealing with people who have a track record of paying off credit so you do actually have more chance of making a successful application if, you have taken out a mortgage or loan previously.
Some basic ways of making sure you improve your credit rating involve making sure all your debts are registered to your correct name and current address. You should close credit cards you don't need and ensure there are no other mistakes on your file, such as other people's debts or payments.
One of the more alternative ways of boosting your rating includes taking store cards and paying off the balances on a regular basis. Opening a variety of accounts will speed up the process, but be sure to clear balances regularly to avoid sky-high interest charges.
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