Have you thought of how to improve your credit score? We feel sad when our credit score is bad or low. This is because we may not get the kind of card we want. We may not also get a car or mortgage loan. Is that the end? Certainly not, there are several things to do and get the credit score high again. Let’s consider the followings:
Stop Using Your Credit Cards
When you apply for new cards, your credit utilization increases. The higher they are, the lower your credit score. Stop applying for more cards. Use your cash to pay for your purchases.
How To Improve Your Credit Score : Collect Your Credit Report
It is only when you know the content of your credit report that you will know what to work on. The report will clearly state what you are not doing well and how to do it well. You can get your credit report from any of the three major credit bureaus. Just order it from AnnualCreditReport.com. It is fee.
How To Improve Your Credit Score : Pay You Previous Due Balances
Late payments attracts a late payment fee as well as low credit score. Your payment history makes up 35 percent of your credit score. Delinquencies in payments can hurt your score. Pay when it is due. Also, pay your balances in full monthly.
How To Improve Your Credit Score : Dispute Credit Report Errors
An accurate credit report is your right. If your credit report has inaccurate information in it, you can dispute the error. Simply write to the credit bureau or your creditor who listed the account on your credit report. Follow up to ensure it is resolves quickly. If the error is not corrected it can negatively affect your credit score especially when it involves delinquencies in payments.
Involve Your Creditors
If you are having serious issues with your credit score, consider calling your credit card issuer. Tell them about your situation. You may get temporary hardship programs to reduce your monthly payments until things improve with you. Or, they may re-age your account so your credit report shows your account has always been paid on time.
Do Not Apply For Another Card
It is not right to apply for more cards now. These applications create credit inquiries which can hurt your score. Stop all credit card applications until you successfully build your credit score. Moreover, opening a new credit account also lowers your average credit age which hurts your credit score.
Keep Your Accounts Open
Do not close your credit card accounts when you still have a balance to pay in it. Leave your account open and make your payments consistently, it will improve your score.
Pay Your Debts
Ensure that you are not owning in your credit card. Your debt carries 35% of your credit score. If you pay them, you will improve your score. You can earn extra income by taking on a second job or by turning
Do Not Give Up
It takes time to rebuild a bad credit score. Do not rush it and be patient. It will gradually improve if you do not give up. Continue working hard, your credit score will rise and you will be able to apply for any card you need.