Ways to improve your credit rating

Credit ratings are very crucial for everyone as it determines your credit worthiness, these days the number of people who are dependent on credit is considerably increasing. Thus lenders consider personal credit ratings and credit reports to estimate your potential to repay the debt. Credit ratings are evaluated by credit bureaus who analyse your past history or transactions. You need to manage credit ratings, especially while planning to take a loan, as a low credit rating indicates that you’re borrowing high risk borrower and are unlikely to pay the loan back.  The following ways will help in improving your credit ratings:

Know the basis of credit rating
Any defaulted payments or filing for bankruptcy can leave a negative mark in your credit report and may affect you while trying to secure loan. Having a bad credit rating means it can narrow your borrowing options. Continue reading Ways to improve your credit rating