Credit Rating
Information Can Help Motivate You To Get Your Debts Under Control.

Credit rating strategy legal credit repair services 3 simple steps to catapult your credit score ratings to a 600 credit score, 700 credit score, 800 credit score or an 850 credit score!

Your ability to pay or your risk for repaying money loaned to you is a credit score rating. It is a tool or expression of your credit worthiness calculated by a lender or investor. They rely upon your financial history and current assets and liabilities to assess it.

If you have good credit score ratings, you have easier access to mortgage and car loans, and other forms of credit. If your rating is poor, companies perceive you as a high risk for defaulting on a loan. As a result, a company may deny you a loan or increase your interest rates to reflect the higher risk.

Basic Types of credit rating

There are different types, they include the following:

  • Individual: a rating applied to an individual person like - credit score ratings
  • Corporate: ratings applied to corporate entities like - moodys credit rating
  • Sovereign: ratings of a sovereign entity, usually a country like - uk credit rating
  • Short-term: applied to the probability of an individual or group becoming bankrupt and defaulting within a year
  • Long-term: the probability of defaulting applied to a longer time frame

Elements in the rating process

In both Canada and the United States, it is the provenance of credit bureaus to determine your rating. These companies establish your exact rating through an analysis of your credit statistics.

Fair Isaac Corporation (FICO) calculates its three-digit credit score, a credit rating number typically between 300 and 850, on an analysis of specific data. Three other groups/systems providing credit rating services include NextGen, VantageScore and the CE Score.

The actual information taken into consideration to determine your credit rating number includes data from your financial history and current assets and liabilities.

Your punctuality in making payments and the amount of debt you are currently carrying are also part of the systematic analysis. So, too is the length of your credit history, the type of credit you are using and your recent credit search. All become a percentage of the data analyzed to determine your rating.

Significant factors

One of the single most important factors affecting your rating is whether you pay your bills on time. Your payment history indicates whether you are a good credit risk.

If you pay your bills on time, chances are your rating will reflect this to your benefit. If you do not, the opposite will occur.

Another factor is how you use your credit cards. If you use less than 30% of your credit limits, you increase your chances of obtaining the best possible credit score.

This approach will also prevent you from succumbing to debt. Moreover, do not carry a balance on your credit card. Pay off your bill totally. This will help you increase your rating.

Finally, you do not need to carry a balance on a credit card to have a good credit score. Paying your bill off in full is the best way to keep your finances in shape and build your credit at the same time.

Credit Rating Guide Strategies Anyone Can Use!

1) Canceling credit cards can actually hurt your credit score, particularly if they are an old and established part of your credit history. Even if you no longer use a card that is ten or twenty years old, in most cases it is better to simply shred it since 15% of your score is based on the length of your history. In addition, keeping accounts open gives you a better debt to credit ratio, which makes up 30% of your credit score.

2) While not taking on any debt and paying for everything with cash seems like a logical choice, no credit means bad credit in the eyes of many lenders. There is bound to be a time when you cannot pay for something with cash, such as purchasing your car or first home, so make the effort to open at least one account and make purchases with the credit card occasionally but always pay off the balance monthly.

3) Approximately 35% of your credit score is based on past debts that are over 30 days late. This means if for some reason you are going to be late, do not let it slip past 30 days.

When considering your future, remember, your credit score, along with your credit report can affect your ability to borrow money. Keep your finances under control and you can ensure your credit score will be able to help you obtain financial loans when you really need them.

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Disclosure: I am an independent Credit Repair Cloud™ Affiliate, not an employee. I receive referral payments from Credit Repair Cloud. The opinions expressed here are my own and are not official statements of Credit Repair Cloud.