Checking your credit report regularly is very important, especially if you are planning to get a huge loan in the future. Although you do get an annual free credit report as entitled to you by the government, sometimes this is not enough. In fact, this will not even give you your credit score, which is the primary basis which potential lenders use in deciding whether you are worth giving a loan or not. If you do not know what your credit score is, how are you going to remedy it if it turns out to be low?

That is why you should do some credit monitoring more than once a year, even monthly if needed. Your credit score can change overnight once you make a debt, so be sure to check your credit report regularly. That is already the first step in fixing a bad credit score.

Once you find out that your scores are already going down, you should take time to understand your financial situation. What are your loans and what are the minimum monthly payments required for those? Can your monthly income cover these expenditures? If so, you should learn how to budget your income in order to pay your debts on time. If you can, make it a habit to pay not just the minimum payment required but also add something extra to pay off your debts more quickly. This will reflect as you check your credit report and your scores will also rise up.

It is also advisable not to close off the credit cards which you have already paid off. Keep these accounts active since these will show your potential lenders that you have a good credit history. Moreover, once you check your credit report, this will also reflect as available credit, having a positive impact on your credit score.

Here is the good news.

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