Credit Tips

Tips On How To Increase Your Credit Score

If your credit score is lower than you'd like, know you can increase your score in time. When it comes to credit, there is no fast solution. The best advice for rebuilding credit is to manage it correctly over a period of time- here are some tips to help:

  • Get A Copy Of Your Credit Report- Credit score repair starts with understanding your credit report, so review your credit report and check for any errors. Your credit report includes all resources used to calculate your score and it may contain discrepancies such as incorrectly listed late payments or balances. If you do find any errors, dispute them with the credit bureau and reporting agency ASAP.
  • Activate Payment Reminders- Making your payments on time is one of the most important factors that affects your credit score. Check with your bank and/or credit card companies to see if you can implement payment reminders, such as email or text messages, letting you know when your payment is due so you don't miss it and make a late payment.
  • Reduce Your Amount of Debt- This may sound tough, but once you start reducing the amount of debt you owe, your credit score will begin increasing and you will be closer to financial freedom. To reduce debt, STOP using your credit. It's much more difficult to reduce your debt when just adding to it. Make a list of all your credit accounts to see how much money you owe on each and what the interest rates are so you can create a payment schedule to start paying off the credit cards with the highest interest rates first. Your payment history is an important aspect to your credit score because it's the record you've established by either paying or not paying your bills in a timely manner. Your credit reports will reflect your payment history on any account you've had in the previous 7-10 years, so make sure to make payments when they're due.
  • Make Payments On Time- Late payments and collections will negatively impact on your credit score.
  • Behind On Payments? Get Current And Stay That Way- The longer the period of time and the more often you pay your bills on time after missing a payment, the more your credit score will improve. The effect of past credit issues diminishes over time and recent good payment patterns show up on your credit report.
  • Paying off a collection account won't erase it from your credit report right away. It can affect your credit score for up to 10 years.
  • Unable To Make Payments? Contact your creditors or a credit counselor- this won't rebuild your credit immediately, but if you can begin and continue to pay your bills on time, your score will improve. AND, seeking assistance will not hurt your credit score.

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