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Start Building Your Dream Credit Score And Increase Your Cash Flow

It's often unavoidable for business organizations and individual entities to borrow money at one point in time. Your credit score — which is a number between 300 and 850 — is a measure of how trustworthy you are to lenders. And many of those who want to beef up their cash flow and expand their portfolio invest in doing a credit repair to help achieve a particular score.
In this article, we're giving you credit education 101 as we run down seven essential tips on how to hit the credit score of your dreams.
Check your credit reports. You have to know where you currently stand to have a realistic strategy to reach your target. You can do so by getting a copy of your credit reports, which itemize your repayment transactions and debit and credit management. If you find any errors, make sure to dispute them early on.
Always pay on time. One of the most straightforward measures to present yourself as someone creditworthy is to pay bills on time. Apart from paying penalties, late payments will give your creditors a wrong impression. A better way is to make more frequent payments within each month so you won't ...
... have to endure hefty one-time fees. As payment history makes 35% of your score, it's essential to make sure you don't have and balances.
Ask for a higher credit limit. When doing a credit repair, you should be mindful of your credit utilization (the percentage of your credit card spendings vs. your credit limit). The recommended level is 30% or less. One way to achieve this figure is by asking lenders to raise your credit limits.
Avoid unnecessary credit card purchases. Suppose you want to keep an optimal credit utilization rate. You can also accomplish it by paying in cash instead of using your credit card. The higher your balance is, the higher your credit utilization will be, which will negatively affect your credit score.
Keep your credit cards open—many people close credit accounts in hopes of "erasing" the financial delinquency they've attained through them. However, be careful that even if your accounts are already closed, you will still have to pay the outstanding balance, as shown in your report. Experts recommend keeping them open and pay the balance strategically.
Communicate with your creditors. Credit professionals often recommend that you keep your communication lines open with your creditors. For instance, if you find yourself in a situation that might make it hard to pay on time, talk it out with them and let them help you develop a more flexible payment policy.
Help from a credit professional. People looking to improve their credit score — and subsequently, their cash flow — often find themselves performing better when aided by a professional. Numbers can be overwhelming, and there might be circumstances that might push you to your financial limits. A financial expert can help you manage your debts systematically and more effectively.
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