A credit score is a three-digit number that helps lenders determine how likely it is for them to get their loans repaid – on time. One of the ways to improve your score is by applying for a West Elm credit card.
A credit score is an important part of our financial lives. That’s why we are offering you pointers on ways to improve your score and a better chance of getting a loan.
Improving your credit score requires on-time payments.
So, let us get down to it.
The first step in improving your credit score is credit education. You need to find out the factors that are affecting your credit score to be able to address them. 15% of your credit score is length of history. One of the best ways to build history is by obtaining a credit card such as the West Elm card and making on time payments.
Specifically, people need to understand that your ability to pay and pay on time is a major factor. That determines your creditworthiness. Lenders are looking for type of behavior. Therefore, you need to make it a habit of paying your bills on time. Do not just pay on time. You need to keep to the agreed payment as well. If you agree to repay $500 every month, anything less sends a wrong signal to lenders and can harm your score.
Have you been denied a West Elm Credit Card?
When you apply for a credit card, you may not always be approved. In either case you will have a hard inquiry recorded on your credit report. Inquiries can impact your credit score and remain there for two years. Don’t apply for too many new credit cards at once. Applying for too many new credit cards at once will worry lenders about approving you new credit.
Certainly, dispute inaccuracies on your reports. Your credit reports should be checked with all three bureaus, that is Equifax, TransUnion, and Experian. Do not neglect the need to check as some inaccuracies may pop up on your reports. Go through them thoroughly and make sure to dispute any inconsistency or inaccuracy.
These are not exhaustive, but they’ll help you improve your score to a large extent.