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Wednesday, July 7, 2021

5 Signs You Need to Improve Your Credit Score Rating

Do you live in an apartment or use a credit card? Hope to be a homeowner or take out a loan for a business or school? Having good credit can mean the ability to do all of these things, and having bad credit means sometimes you can’t.

No one is born with good credit. You have to build it over time, but it’s not always on the front of your mind. These are some indicators that your credit score rating might be in need of attention. 

1. Debt

If you have debt, you should look into your credit score and see how you can get back on track. Slipping into debt is an easy way to lower your score and a hard place to come out of. If you’re looking at your score and wondering what a bad credit score is, be wary of a number below 650. 

The credit score range goes from 300 to 850, with 720 and up being good to very good. There are a lot of ways to get your credit up, but being in debt is one of the first things to fix. Try and set up regular payments and save here and there so you can chip away at it before you get in too deep.

2. Denied a Credit Card or Loan

If you try to qualify for a credit card and are turned away based on your credit, you should take a look at your score and what’s keeping it down. Some credit cards require very high credit, but many allow you to qualify with lower to no credit so you can start building it up.

A credit card or loan can help you build your credit over time, but if you already have bad credit it can be challenging to qualify. Your bank or a financial advisor can help you get started with a card or make a plan about how to get back up and running.

3. Can’t Rent

If you are looking for a new place to live, applied, and gotten denied, it could be due to your credit. Bad credit history could prevent you from landing an apartment and lead to housing issues.

If you’ve gotten denied or see a required credit score on the application, check your credit before applying again to save the money and make a plan. There are several ways to boost your credit for the next place, including credit repair companies like this company who will help you work through your financial issues.

4. Afraid to Check 

If you are afraid to check your own credit score, chances are you should. The sooner you see what’s going on and possibly going wrong, the sooner you can start rectifying the situation.

And if you’re asking yourself how to check your credit score, you can find several free apps and services online that will check for you with good accuracy and at no cost to your credit.

5. Your Accounts Are Closing

If your credit cards are being closed without your permission, it’s likely a sign your credit is suffering. Those credit companies may see you as a risk and be closing them to prevent further damage for you and for them. You can contact those companies to learn more about what is going on and how you can start turning things around.

Keep Up Your Credit Score Rating

Your credit score rating shouldn’t be keeping you down from doing things like renting, getting a loan, or finding a good job. By checking your credit score, you’re already taking steps to fix it if low, and raising it no matter what.

Don’t wait, check today. And if you found this helpful, check us out for more good business tips.

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Kiara Dawson
Kiara Dawson comes from an Engineering background, with a specialization in Information Technology. She has a keen interest and expertise in Web Development, Data Analytics, and Research. She trusts in the process of growth through knowledge and hard work.

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