A credit score is an expression of credit worthiness of a potential borrower & is used by lenders to evaluate loan applications. In the United States, the FICO is one of the oldest & most widely used credit score. It is also used by online lenders on websites such as Instant Credit Loans US.FICO collates data from three other respected consumer credit reporting agencies – Experian, TransUnion & Equifax; to give you a three-digit score. The FICO score can range anywhere between 300 & 850. Any score above 650 is considered good. If you are looking to order a credit report, it makes sense to order a FICO as it used by most lenders. Of course, some other agencies which publish credit scores are VantageScore, CE Score etc. Your credit score is arrived at through a combination of factors such as payment history, total debt, duration of credit history, types of credit and credit enquiries made.
If you are going to be looking for credit on Instant Credit Loans or through any other source, it is prudent that you look at your scores & work on improving them. Here are a few quick steps you can take.
1) Check for Errors- Sometimes you will see that your FICO for TransUnion is different from that for Equifax. Chances are that, there are errors in your report. Dispute any incorrect information on repayment history and double check on debt burden.This is the easiest & quickest way to improve scores. You might see an improvement in your score as soon as the next month.
2) Make Timely Payments- Your creditors provide your details only once a month, to reporting agencies. In case, your household bills are paid right before due date it might be captured as a pattern for late payments. Similarly, you might be defaulting on monthly debt payments by honestly forgetting about them. Auto-withdrawal mandates or monthly reminders will come to your rescue here.
3) Reduce Debt- This may seem obvious but is important. Before you make another large debt commitment, it is important that you work on setting aside money to pay current debt. Especially credit cards as 30% of your FICO score is determined by your credit card debt.
4) Maintain A Low Outstanding Debt- This applies to open loan accounts such as credit cards. It is important that you borrow a lower percentage from your total pool so that your debt percentage seems smaller & boosts your credit score. For example, if your credit limit is $100, borrow only what you need such as $10. Your outstanding amount would be calculated as 10%.
Simply using these plain hacks can help your nurture your credit scores & turn them in your favor so that it is easier to access credit from lenders on platforms such as this.
Instantcreditloansus.com (website) cannot be deemed as a solicitation or offer to lend. This website provides only a service and is not a representative, agent or broker of any lender. It does not charge you or endorse for any loan product. The operators of the website too, are not lenders and do not offer loans of any or nor do they provide credit decisions. The information collected by the website is for the sole purpose of forwarding to our partners on our lender network. You in no circumstances are under an obligation to use the services of this website to either neither contact, initiate nor apply for a loan product or credit with a lender or any service provider. The offered loan amount will range for personal loans from $100 up to $10,000 and for business loans, from $5000 up to $750,000. It should be noted that not all lenders will provide the maximum loan amount and the final amount will depend on many factors. Do note that providing your personal information on this website will not guarantee you a credit or loan product approval. The speed of cash transfer will vary between lenders and will also depend on your bank or financial institution. Not all services and loans by lenders are available in all the states of USA. Some lenders may perform third party credit checks with either of these three credit bureaus i.e. Experian, Trans Union or Equifax. They may also perform alternative credit checks or may refer to alternative consumer reports to arrive at their financing decision. By submitting your loan application request, you accept, agree and authorize that your information would be sent to third-party partners and/or lenders on your behalf and such lenders may then refer to consumer reports and related financial information about you from one or more third party credit scoring or assessment agency.