How Can Credit Score be Improved?

Credit scoring is quite complex, and it works for different credit types. There are different credit scoring mediums, and these vary among creditors. Your credit score is subject to changes in factor. However, your score improvement depends on how a particular factor change relates to other factors considered by the score. Regardless of the credit scoring model used to evaluate your credit score application, the onus is on the creditor to explain the possible factors that might improve your credit score. Generally, credit scoring analysis is adopted to evaluate the following information in your report. With Blue Water Credit services, you can be assured that your credit score will not only be maintained but will be supervised by a team of experts to ensure success at the end.

scoring models

The timeliness of your bill payment.

Do you pay your bills on time? Your payment history is an important factor as it determines the outcome of your credit score. Your credit score may be affected negatively if you were earlier declared bankrupt, or if you do not pay your bills as at when due.

Do you have an outstanding debt? A number of credit scoring medium results to evaluate the amount of debt you have before it moves on to compare these debts with your credit limits. In the case where your debt is close to your credit limit, your credit score will be affected negatively.

How long is your credit history? Generally, credit score models take into account the history of your credit track. A credit track that is not sufficient may have a negative effect on your score. At the same time, other factors such as low balances and timely payments may offset your credit score report.

Have you recently applied for new credit? Some credit scoring models put into account if you recently applied for a new credit or not. These models simply look at the inquiries you have on your credit report. In the case where you have applied for too many credits in recent times, your credit score may be affected negatively. However, inquiries made by creditors monitoring your account or evaluating your reports to rule out pre-screened credit offers aren’t counted.

How many credit accounts do you have? What types of credit account do you have? While it is considered good to own established credit accounts, a tad too much credit card accounts may affect your credit score negatively. Also, most credit scoring models take into account the type of credit accounts you have. For instance, some credit scoring companies consider loans from finance companies a bad credit, as such your credit score is negatively affected.

Credit repair comanyFurthermore, Blue Water Credit uses more than the information you have in your credit report. For instance, the credit model may use the information contained in your credit application, your occupation, employment history or the number of houses you own.

Blue Water Credit advises its clients to focus on paying bills as at when due and pay down outstanding balances. This help to improve credit score significantly. Please don’t forget to check: