Everything You Need to Know About Credit Score

A three digit number that establishes how credit worthy a consumer is, is referred to as credit score. Equifax, TransUnion and Experian are the three important credit bureaus responsible for creating credit reports. Based on a person’s credit history, his or her credit score typically ranges from 300 to 850. Higher credit score is an indicator of financial soundness of a person. Needless to say, the first thing any financial institution looks at before approving a loan is the party’s credit score. According to FICO, which stands for, Fair Issac Corporation, average credit score in America is 695 while average Vantage score is 673. If you are looking to grow and expand your business it is imperative that you improve and repair your credit score.

Ways In Which You Can Improve Your Credit Score

1.Keep Your Payment History Clean: Make sure that you do not have bad debts and always pay back on time. This portrays you as a responsible businessman and tells the lenders that you are careful with your credit. Your payment history is the most important factor taken into consideration by scoring systems Like FICO and VantageScore. A higher credit score gets you a good reputation in the market. So stay away from defaults and late payments and repair your credit score. If you are looking for credit repair in South Florida, you may get it touch with Credit Solution Experts Inc.

2.Know Your Credit Utilization Rate: Credit utilization rate basically tells you the amount of credit you are actually using of the total credit owed by you. Keeping a tab on your credit utilization rate helps you spend wisely, well within the credit limit. A higher ratio negatively influences your future borrowings. FICO says that you should target for a utilization rate of less than 10 percent, while according to VantageScore system’s, 30 percent or below is the optimal rate.

3.Let Your Old Debts Do The Talking: As long as your payments were done timely, you do not need to close those old debt records because according to experts an old account with a good track record of payments goes a long way in improving your credit score.

4.Make The Most Of Score Boosting Programs: Utilize platforms like Experian Boost and UltraFICO to repair credit score.

5.Be Patient: Most importantly develop good credit habits and be patient. Credit score will improve automatically.

Checkout Credit Solution Experts Inc for improving your credit score. If you are looking for credit repair in South Florida, they are the way to go. They are a team of experienced professionals who give 110% to their customers.

Author’s bio: The author is an avid reader and has a way with words. The article is about repair credit score and credit repair score, South Florida.

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markoliver268 Joined: December 31st, 2019