Creditcheck

How to Raise/improve your Credit Score

There are a lot of tips and tricks on how to improve your credit score rating but nothing you see, hear or read about the subject will impact your credit score faster or more effectively than paying your accounts on time and using your credit cards responsibly.
There are some parts of the credit score algorithm that are very hard to understand and that is where credit check comes in . Our company can make a comprehensive assessment of your credit score to determine the causes and offer solutions to increase your credit score rating.
Consumers are becoming more aware of how improving their credit score improves their financial outlook and Credit check knows and understand the secrete to increase credit score. We found that consumer’s quality of life improved dramatically when their credit score has improved.
“Many people thought they had a great score, but then found out they overestimated it. 
It is worth knowing that it takes more time to repair a bad credit score than it does to build a good one. Lenders penalize your credit score and end up costing you hundreds or thousands of Rands in higher interest rates when taking out a loan. A poor credit score also can be a roadblock to renting an apartment, setting up utilities, and maybe even getting a job, it must be fixed as soon as possible.

So, What Is a Credit Score?

A credit score is a numeric summary of your credit history, a commonly used method for lenders to predict the likelihood that you will repay any loans they make to you.
The credit score is used by most of the businesses in South Africa. to determine how much credit to offer a consumer and what interest rate to charge them for that credit.
five major components in the equation that produces your credit score. Those five include:
• Payment history: Do you pay on time? Do you pay the full balance, the minimum or somewhere in between?
• Amounts owed: How much of the credit you’re allowed, do you use? If you exceed the limit, you are seen as a high risk and penalized.
• Length of credit history: The longer you have an account, the better the scorekeepers like it.
• Credit mix: it is good to have a credit mix between credit cards, home loans and car finance as long as you can afford them! Don’t take out another loan in hopes it will improve your score. This category doesn’t’ count enough in the overall equation.
• New credit : It’s OK to occasionally open a new account, but if you are applying for several accounts in a short period of time, you are a risk and your score will reflect that.
As you go through life, your credit score will fluctuate. How much it fluctuates depends on how reliable you are at repaying debt on time, especially credit cards and installment loans. When you use credit more often, whether it’s by taking on more credit cards, getting a mortgage, taking out a student loan or car finace, your credit score changes to reflect how you deal with the responsibility of more debt.

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