History

Credit Score through Time

Your credit score is the main criteria which entitles you to a fresh credit loan. To calculate credit score you need to follow certain steps and to raise credit score, you need to improve upon your financial dealings with your existing creditors to be in their good books. It is with time that your credit score will fluctuate, sometimes keeping you in a favorable position and sometimes leading to anxieties.
Keeping track on all your credit accounts and manipulating these accounts by depositing money as installments or repayment of loan will alter your credit score through time. If you need to raise credit score you will have to follow certain steps. At times when you have your credit balance amount nearing your credit limit, your credit score is affected. You should immediately deposit some money towards repayment of your loan to bring loan the balance to less than 30% of the credit limit.


All your outstanding credit balance of your existing accounts are reported to credit bureaus. This information is used to calculate credit score. If you can limit your balance to below 30%, you will improve upon your credit score. If you are unable to manage your accounts by keeping track of the gap between your credit limit and outstanding balance, then set up your call alert and request your creditors to inform you as and when the balance crosses your set limit, so that you can immediately deposit some money. So as time progresses, you are able to improve upon your credit score.
Getting a new credit card for bad credit or a secured credit card will keep your credit score to a high one. This can only be done when your accounts are under your control. Another way to raise your credit score is to avail a credit builder loan. Some credit companies offer such loans wherein the money you borrow is put in a savings account which serves as a collateral security. When you have finished paying the monthly loan amount, the money in your savings account is paid to you along with the accrued interest.
As time progresses you have enough opportunity to raise credit score through different means. To avail loan opportunities, you need to make open your money accounts to prove that you are efficient to handle mix credit accounts. Improve your spending habits as this is an important factor which the creditors notice. Your accounts will reflect the type of spending you make. To raise credit score you need to be scrupulous in handling your credit accounts. The more efficient you are, you stand to improve on your credit score and be in the good books of the creditors.
Very seldom somebody has a uniform credit score all through their life. Financial stability depends upon many eminent and unforeseen circumstances. It is natural an individual’s credit score will fluctuate with time but to hold on to a good credit score will be an asset for the future. Young generation should be more aware of credit score as they have enough time in their life to nurture on that.