To maintain a good credit score it is important to understand the basic factors which contribute to this score – whether you pay your bills on time and have a balance on your credit card also has an impact. You should also check for errors in your credit report. If you are from Vancouver and Surrey and dealing with a bad credit score, do not worry. Read this blog to know more about how you can amp up your credit score with bad credit help.
What is bad credit?
The lenders prefer FICO scores to evaluate credit scores. It is calculated on a score of 300 to 850. If you have a score below 670, the lenders will consider it a bad score. A score between 580 to 669 is considered to be fair, while if it is between 300 to 579 it is poor. The higher your credit score, the higher will be your chance to qualify for loans and credit.
A bad credit score can lead you to these troubles
- Rejection from loans: With your bad credit score you can be rejected for car loans, mortgages, personal loans, etc.
- Issues while getting an Employment background check: Employers might even check for your credit report as a part of their background screening process if you are opting for any financial jobs.
- Difficulties in getting any rental application approved: Most landlords can opt for credit checks and evaluate your payment history to check whether you are going to make timely payments.
How to improve your credit score?
Bad credit does not mean it will remain the same in your report, you can improve and make changes to your actions. You can take bad credit help Vancouver and take control of your financial health and this is how
- Pay your bills on time: Payment history is important in the FICO score. One of the best ways to make your payments on time is to set up autopay.
- Pay down debt: If you want to amp up your credit score, make sure to pay down your debts. Experts recommend you use no more than 30% of your approved credit limit. To maintain the best credit score, come up with a plan so that you get debt free within no interest time zone.
- Get help in amping up your credit: If you are having trouble getting your loan approved on your own, you can take bad credit help Surrey from experienced individuals in this field.
A bad credit score will not weigh you down. There are concrete actions you can take today to improve your credit score. Debtconsolidationbc has experts in this field who will support you in improving your credit score and empower you financially.