Improving your Credit Report

It would appear that everywhere you look from newspapers to magazines to the cable news programming on television, credit reports and credit ratings are one of the most written about and discussed news items today. In the current economic situation people are becoming alarmed about their personal credit scores, scores which they know can determine their future.

No longer does a good credit report purely reflect only on a financial application for a mortgage or a loan, it can now make all the difference to securing a new career or renting a property.

Suddenly consumers are hearing of the horror stories of credit card holders who despite maintaining a good credit history are losing their cards. No longer is it advisable to hold your credit cards in reserve and think of them as a financial emergency fund. The time has come to start using those cards regularly. 15% of your credit rating is applied by how long you have held cards, so keeping hold of all you have is vitally important.

In order to help improve your credit report there are a few simple steps you can take. The very first course of action to make is to apply for a free copy of your credit report from the leading credit bureau agencies: Experian, Equifax and Trans Union. Study this report closely should you find anything incorrect, immediately contact the credit bureau for the mistake to be rectified.

Ensure you always pay your bills on time and try to pay down your debt as quickly as you can. The threshold for borrowing on your credit cards should never be above 30%, if you owe more than this then concentrate on getting this back within that figure.

You can help your credit score by requesting a higher credit limit, however make certain that they will do this automatically on your account and not place a search on your credit file.

While you are working on how to improve your credit report it is always worthwhile knowing what it is that is considered the worse you can do to your credit history. Obviously paying your bills late and maxing out your card. These two simple little acts will harm your report so fast and stay there far too long.

Your credit report has become probably the most important documentation you could imagine. The impact this file can have on your life and your future is incredible, so it is of the highest importance to your well being that you do all you can to improve, maintain and nurture your financial status.