Boosting your credit score!

As all of us are not super wealthy so at some point of time we have to finance purchase. For that reason it is important that you maintain a good credit score. You should know the basics of the formulation of the scores and how it is used. All the lenders and landlords takes decision on the basis of your credit score. Low credit score means higher interest rate as its raise question about your financial credibility in the minds of the lenders.

There are several ways to boost your credit score and they are:

(1) Delete errors as soon as possible:

If possible remove errors within 48 hours. This is the most fastest possible method to raise your credit score. You can do this only through bank or mortgage company. If you find error in your credit score while applying for home loan then ask your loan officer to conduct a Rapid Rescore. This required proper paper work. You should have proof against the mistake.

(2) PiggyBack Someone's Credit:

This is another easy way to boost your credit score. But to apply this strategy you need some really good friends who trust you. Its need your friend to add you in your account. Like you have seen while applying for credit card there have been a section to add a card holder. When any person adds you and if his/her credit score is good then his credit report is reported on your credit report too.

(3) Always pay on time:

I know this one is quite obvious. Even if you pay only after 30 days your credit scores will start decreasing. The loan companies makes lot more moneys from your late fees.

If you are resident of US then credit score is everything to you to stay financially fit. So you should be always serious about your credit score.