2000 words REFLECTION PAPER OVERVIEW based on worksheets and assignment that already have been done & letter of last instruction

Abdulrahman Al Baalharith summary on how to improve/establish a credit score FA 218

Improving or establishing a credit score may take up time as there is no shortcut that can

probably yield the stipulated results as this are likely to backfire. The only way that can be used

involves taking up the needed time and being responsible in managing by starting with repairing

the credit history before even starting to improve the credit score. There are several ways that

can be used in improving the credit score and this include; (Dratch, 2016).

Watching out for the credit balances as the amount available on the credit card and the

amount which is being used matters a lot. It very advisable that one should maintain their credit

rating to lower than 30% as this can be achieved by paying up the balances so as to keep the

balances lower (How to Build Credit - Establish, Maintain Repair Credit| Discover, 2016).

The second option is by eliminating credit card balances that is owned by an individual as

the number of cards which have several balances is also a determinant of this score. Which

necessitates that one to pay off all the small balances and even settle to only using one of this

cards. This may also entail paying your bills on time as timely payments has an effect in the

credit reporting of a person as failing to pay this bills on a timely basis also affect ones credit

cards negatively (Fay, 2016).

Lastly, one may decide to talk to their creditors so as they can prepare a payment plan in

the events when one may have problems with delayed payments or when one is unable to pay of

their bills. This would save the credit score as it would avoid the unnecessary problems arising

from the late repayments.

In conclusion, It’s very important that one have a good credit card history as a positive

credit card can help in most of the future financial problems such as when buying some assets,

and even in one’s daily transaction.

References

Dratch, D. (2016). 7 Simple Ways To Improve Your Credit Score | Bankrate.com. Retrieved

October 30, 2016, from http://www.bankrate.com/finance/debt/7-simple-ways-improve-

credit-score-1.aspx

Fay, B. (2016). Improving Your Credit Score -. Retrieved October 30, 2016, from

https://www.debt.org/credit/improving-your-score/

How to Build Credit - Establish, Maintain Repair Credit| Discover. (2016). Retrieved October

30, 2016, from https://www.discover.com/credit-cards/resources/credit-scores/building-

credit/how-to-build-good-credit/