We’ve mentioned many times previously that improving your credit score will help you not only in qualifying for a loan, but getting a reduced interest rate and not having to pay higher fees as well. So we put together an on site resource to provide tips in bettering your credit score. Get ready to start living a better financial life!

1. Pay your bills consistently and on time. This is likely going to be the most important factor affecting your credit score. Sometimes it’s okay if a payment is late, it’s not a huge deal; however if this turns into a habit for you it will be detrimental to your credit score. Any individual payments later than 60 days will also leave a bad mark on your credit report.
2. Another factor is your balance-to-limit ratio. What this is is the amount of credit you’re currently using compared to the total credit that’s available to you. Keep this low (that means having less debt in comparison to your available credit) will be good for your credit score. A balance over 75% is considered too high and will be negative for your credit score over a prolonged period of time.
3. Don’t carry a ridiculous amount of unused credit. A huge line of credit in proportion to your earnings is not in your best interest. Lenders who see this will automatically classify you as a ‘high risk’ borrower.
4. Opening (or even inquiring about) multiple credit accounts in a short period of time is not advised. As a rule, inquires should be limited to one or two per year. New lines of credit should not be opened if your existing credit accounts aren’t under control. You can make your lenders nervous if you inquire about (or open) multiple accounts within a short time, and this could be bad for your overall score.
5. Have patience and realize that good credit doesn’t build itself over night.
6. Maintain a balanced mix of your accounts, varying between revolving credit and installment loans. This will show your lenders than you can responsibly maintain your finances.
7. Keep an eye on your credit rating at all times, as nobody else will do this for you. Sometimes companies won’t inform you if the status of your account has changed. Be sure to check your report every so often to make sure it is accurate. Report any errors and make sure they are dealt with. Keeping tabs on your rating is very important.

Follow this list and your bad credit refinance options will eventually become better for you.