Your Credit Score - Boost it Today  

Simple but effective tips on improving your credit rating.  Do not borrow too much money. If you owe a lot of money lenders fear that at some point in the future, even if you are currently meeting your payments, problems can occur with your ability to repay your debts. For this reason, lowering your level of borrowing, if possible, will help to boost your credit score.

Having a higher level of debt also means that should circumstances change; for example, if you lost your job, there is much less slack in your financial situation to deal with this short-term crisis. A person with a smaller level of debt will be able to easier ride out any difficult short-term problems.

Try to pay off as much of your debt as possible.  Lenders will always give you a credit limit on things like a credit card help. It is always better to be well within this if at all possible. For example if your credit limit is $5000 try to stay at a level of at least half of this. Lenders do not like to see borrowers always hovering at or near their credit limit. Of course it is better in the short and medium term if you are able to clear balances on credit cards every single month.

This in itself will boost your credit score but also credit card offers you significant savings in that, generally, if you have paid all your credit card balance at the end of every month you will not attract any interest.  Have a range of types of borrowing

Lenders like to see that their borrowers are able to deal responsibly with different types of debt. It will generally be better if rather than having all of your borrowing in the form of a credit card you perhaps have a smaller credit card debt and also a small personal loan. Obviously, it is still essential monthly repayments on both are kept up. This range of debt should help to boost your credit score over time.

by Richard Lave 

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