How to Increase Credit Score – Tips by Hard Money Lenders Los Angeles

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Based on credit history taken from different credit bureaus, a credit score comes in the form of numerical expressions. This score becomes vital to the lenders, when they pay loans or offer any credit to a person. Therefore, if you have a better credit score then you will surely get an added advantage in getting loans from a reliable lender or lending agency. As per the hard money lenders Los Angeles, your credit score depends on your repayment history, length of credit history as well as an individual’s debts in total. Let you get familiar with the tips to increase your credit score.

Ranks of credit scores:

A credit score, which is above 700 is considered to be a good credit score. Credit score below 580 is considered to be poor. However, 670 to 719 is considered as a good score. So, if you want to stay higher with your credit scores then get the effective tips, offered from some of the renowned hard money lenders Los Angeles.

· Always Pay Your Bills on Time:   Timely payment of bills helps getting increased credit score. So, never delay in paying your debt. You will remain in better position in getting more loans from your lender or other lenders in need.

· Increase Your Credit Line:    With an aim to increase your credit score, you may use your credit cards in a responsible way. By calling to increase your credit line, you will get good responses. In this way also you can maintain a good credit score.

· Never Close a Credit Card Account:    When a credit card is not in use, many people plan for stopping the credit card. However, this is not a better option. You may not use the card, if you don’t need any debt at present. By not closing your credit card, you can increase your credit score.

· Avoid Negative Scores:   After completing the hard money loans Los Angeles, if you want to close your credit card then it may affect your credit score negatively. Therefore, to avoid such negative effects that may decrease your credit score, you may plan for stop using the credit card.

What Counts for Your Credit Scores at What Percentage:

Payment history counts for 35% of your credit score. In addition, 15% counts for credit history. On the other hand; the type of credit you have used, counts for 10%. Therefore, it is obvious that if you maintain these points in a proper way, you will grab a better opportunity to keep your credit score higher always. By having higher ranked credit score, getting hard money loans Los Angeles would be easier for you at any time.

Handle the Credit Cards Carefully:

You may have more than one credit card and at a time you may plan for not using these cards. As mentioned above, you shouldn’t close these accounts. Before you stop using the credit cards, always ensure that the cards have no balances. By following so, you will grab the best opportunity in maintain your credit score in the finest way.