Avoid Destroying Your Good Credit Rating


If you already have a good credit rating, how do you exactly maintain it? If you don’t, how do you improve it? The good news is there are so many things you can do to obtain excellent credit scores in your report.

Settle your debt promptly.

Avoid going on defaults or not paying your debt for at least two consecutive times. If you cannot meet the exact deadline, then better make sure you can pay for your dues within 30 days. At least 30 percent of the credit score is comprised of debts that are already more than 30 days unsettled.

Maintain your credit card.

If you have a credit card, don’t immediately think of cancelling your account. The credit bureau will use the information such as your credit history to establish your trustworthiness. If you don’t want to use your credit card, then just keep it someplace safe. If you’ve already settled your debt, maintain your account, but you can just shred or cut the credit card into pieces.

Nevertheless, avoid maintaining a lot of credit cards. For one, it means you have so many obligations to settle, and lenders may become apprehensive of trusting you. Second, it may just cause you to go on a default.

Get your own credit report copy.

Don’t wait for lenders to call your attention. Have your own copy. You can always request for a copy at Credit Bureau Singapore. This way, you can always check the data in the report. If you see any inaccuracies or discrepancies, immediately file for a dispute. The waiting time can be usually long.

Keep low balances.

If you have surpluses in your money, it’s ideal if you can use them to pay more of your existing bills, such as your credit cards and mortgage. This will not only reduce your repayments, but will also greatly improve your credit score.

Never lie.

You could get yourself blacklisted, not to mention ruin your reputation, if you do just that. Sometimes you can be sued, and it will only add more damage to your present credit score.

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