Would settling credit card accounts on time increase credit rating?
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regan
Apprentice
Joined: 08 Jan 2007
Posts: 5
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 Posted: 03/04/08 - 11:09 Post subject: |
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| I have recently decided to make a loan, but because of some bad credit deals in past, i do not have credit rating high enough. Now I am in position to settle my credit card accounts on time, to make up for past mistakes, but I need to know whether that will increase my credit score and allow me to get a loan I want. Thanks in advance for any kind of help. |
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foss
Apprentice
Joined: 20 Mar 2006
Posts: 5
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| Posted: 04/03/08 - 02:12 Post subject: |
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There are many factors that help your credit score, or ruin it. If bad credit deals of the past reduced it, settling the accounts on time will surely increase it. Whether that will be enough to get a loan depends on your present rating and capacity for increase, but if you are in position, you should do it right away, without any delaying. Also, in the future, try to repay any debt you have as soon as possible as that will also increase your credit rating. If you want to see what will help you increase it, I suggest you go to http://www.associatedcontent.com/article/251035/
how_to_increase_your_credit_fico_score.html. One useful site is http://www.credit.com/credit_information/
credit_help/The-Top-10-Credit-Mistakes.jsp. You will also find it helpful, as you will find there what will ruin your score. |
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