Do you need to apply for a personal loan but aren’t sure what to do about your credit score? No worries; we’ve got you covered.  Here are five tips that can help boost your credit score before applying for a personal loan. At Mark Credit we believe that bad credit shouldn’t stop you from getting the loan help you need. So we’ll work with you even if you can’t raise it. But it’s always a good idea to work on raising your score for many reasons – especially if you’re looking to apply for a personal loan.

1) Check your credit report

While your credit score is based on many factors, there are only three components that go into calculating it: payment history, debt-to-credit ratio, and length of credit history. Understanding how your financial habits are affecting your credit score can help you figure out what changes you need to make in order to boost it. A low credit score won’t necessarily disqualify you from getting approved for loans. Especially when working with Mark Credit Corp because we specialize in helping people with Poor Credit Score. But it could result in higher interest rates or less loan money allowance; especially if you’re borrowing from a bank or other Personal Loan Corporation.

2) Lower your credit card balance

Whether you’re planning on taking out a loan soon or simply want to avoid paying interest on your purchases, lowering your credit card balance is one of the best ways to boost your credit score. Take advantage of 0% promotional offers when you can, and make sure you pay off your balance in full every month. Otherwise, you could be charged with high-interest debt that’ll drag down your score over time. The same holds true if you have a loan with higher-than-average interest rates — the longer it takes for you to pay off that loan, the worse off your credit score will be. In other words: paying off debt is good!

3) Pay all bills on time

Making late payments can not only damage your credit score, but also come with fees and interest charges. If you are having trouble keeping up with all of your bills, check in with your creditors and see if they offer an interest-free grace period or reduced minimum payments while you get back on track. Keep an eye out for accounts that are nearing their limits. It’s best to take care of those before they turn into late payment marks against your name.

4) Review your available credit limit

One of the factors that goes into calculating credit score is your debt-to-credit ratio. You’ll want to review your available credit limit and how much you’ve already used. To even out this ratio, you can either apply for a higher credit limit for your card or pay off your balance. Remember that having a higher credit limit doesn’t mean you have to – or should – use it.

5) Reduce new credit inquiries and close old accounts

It’s only natural to want new credit, especially when you’re trying to repair your credit after struggling financially. One of the biggest mistakes you can make is applying for too many credit cards. It will have adverse effect on your credit score. Open up new accounts only when absolutely necessary. And make sure they’re paid off in full each month to avoid racking up high balances and getting hit with interest fees.

To clean up your credit score and boost your chances of being approved for new loans, close old accounts you no longer use. So before you apply for any loans, get rid of old accounts that have high interest rates or other penalties attached. Especially if they have a negative impact on your score. You may also want to reduce your number of inquiries by only applying for one loan at a time. Once you’ve been approved, it’s safe (and recommended) to start shopping around again if needed.

6) Applying for A Personal Loan

If you’re in need of a personal loan, but are struggling to raise your credit score. Don’t worry. Mark Credit Corp. works with you regardless of your score. We won’t let a poor credit score keep you from getting the personal loan you need. Start your application online today to get started!

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