The single biggest consideration when it comes to your credit score, regardless of who the credit-score generating agency is, is your ability to pay your obligations when they fall due. That’s why if you want to increase your credit score and keep it that way, you must do all you can to make sure that you make your payments on time — even earlier if possible. Here are some of the payment-related things you can do to help boost your credit score.
Improving Your Credit Score
Given that your payment history comprises the biggest chunk of your credit score, late or missed payments comprises 35% of your credit score almost instantaneously! That‘s so easy to remember to the point of becoming a disadvantage.
How so? It’s so easy that many people take it for granted, which results in missed or late payments. It’s like that friend or family member you always take for granted because they’re always there, i.e., easy to get hold of. That’s why even though it’s common sense not to miss payments or make late ones, we all need to be reminded of it. Learn more at http://bnkut.com
You can leverage on today’s available technologies to make sure that missing or making late payments on your ﬁnancial obligations is practically impossible.
First, you can sign up for an automatic payment scheme with your bank, this method it the most simple, and worth the time to set up. Because it’s automated, amnesia’s ability to rob you of the opportunity to pay your obligations on time will be completely neutralized. But that’s assuming that your accounts have enough balance of course. But what if you don’t have enough money to meet your upcoming obligations on a regular basis?
Make Timely Payments
One of the best things you can do is to contact the institution to which you owe money. Ask their people if it’s possible to adjust your due date to a later one, which can give you much-needed space and time for timely payment.
What if your monthly budget is as tight as your skinny jeans after a buffet dinner on a day you fasted? That’s an altogether whole new story right there. If you have enough good credit, why not try combining or consolidating all the money you owe into just one debt that has a lower interest rate. If that isn’t possible, consider talking with your creditors and ask for a grace period or a lower interest rate. There’s no harm in trying. If you succeed, you may be able to bring down the amount of your monthly financial obligations to the point where you can start paying them on time every month.
Your last option — if a lower interest rate just won’t cut it for you — is to negotiate with your creditors for a restructuring of your existing obligations. By restructuring, I mean extending the number of months or years to pay off the amounts you owe without having to be levied with high interest and penalties or charges. It may be a long shot but there’s no harm in trying.