If you aren’t getting approved for credit or loans, or aren’t getting favorable rates for financing, there are ways to improve your credit score. Here’s a helpful list of Tips to improve your credit score.
Make Sure Your Credit Report Is Accurate
Credit reports can and very often do have mistakes. Since your credit scores are based on the data in your credit reports, it’s incredibly important to make sure all of that information is accurate.
Spot potential errors
Once you have your credit reports in hand, check to see if your personal information is correct, if all your credit accounts are being reported, if there are any late or missed payments listed by mistake, if there are any accounts or applications for credit you don’t recognize, and if there are any items from your distant past that still appearing on your report.
Pinpoint What You Need to Improve
If your credit report is accurate, but you still have a bad credit score, it’s important to understand why. Keep in mind that a credit report from one bureau may have an error, while another may not. That’s why it’s so important to check all three of your credit reports for inaccuracies.
Payment History
If you have a history of making late payments, creditors see you as a bigger risk, and this is the greatest factor in what could be causing your bad credit score.
Amount of Debt
Debt contributes 30% to your Score’s calculation and can be easier to clean up than payment history, if you currently have five maxed out credit cards, creditors worry whether you’ll be able to take on more credit (and whether they’ll get paid back first or if your other creditors will).
Age of Accounts
If you’re newer to credit and borrowing, there isn’t a whole lot of data to go on. You may need time to see your credit score improve. A quick way to include some positive information in your credit reports is to report your utilities, including phone and internet accounts. To report to TransUnion, use eCredable Lift®. To report to Experian, use Experian Boost.
Account Mix
Lenders want to make sure you can handle different types of credit like credit cards, student loans and auto loans. If you only have credit cards, this may be keeping your score from rising.
History of Credit Applications
If you applied for a dozen new credit cards this month, creditors wonder why. They may be worried you’re overextended financially. This will harm your credit score. Only apply for credit when you really need to.
Create a Plan
If your credit report information is accurate, and you know what you did wrong and want to work to improve it, you can create an action plan by using www.MyCreditPlan.org, and see how this plan impacts your credit scores over time. You can even get tips on what your problem areas may be.
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Fix Your Late Payments
Call Family Financial www.ffef.org to setup a payment plan, or try to do it yourself by contacting your bank or lender to adjust your payment due date to better align with your budget — making sure they fit your paycheck schedule.
Build a Strong Credit Age
You could try to piggyback onto a friend or family member’s credit card with a long history of on-time payments by having them add you as an authorized user, but you may struggle to find someone willing to do so since they would be responsible for any charges you make. If you are still new to credit, you could benefit by including a utility bill that you’ve been paying on for the past few years. Both eCredable Lift® and Experian Boost can help you include the previous 24 months of payment history in your TransUnion and Experian credit reports.
Clear Up Any Collection Accounts
Call Family Financial www.ffef.org to have a Certified Credit Counselor to setup a payment plan with the collection agencies or contact them yourself to see if they’d be willing to stop reporting the debt to the credit bureaus in exchange for full payment.
Don’t Let Old Mistakes Unfairly Haunt You
If you are considering or have filed for bankruptcy, Call Family Financial at 1-877-789-4172 or visit www.ffef.org. We offer Pre & Post Bankruptcy Courses that will help you understand how long will it really take to get out of the credit score hole.
Open a Secured Credit Card
If you’ve never had a credit card before, your scores may be suffering because of that account mix factor. A secured credit card it may be the type of credit card that can solve this problem.
Stop applying for stuff!
That 10% discount for signing up for a store credit card may seem worth it in the moment, but if your credit score will take a small hit for applying (whether you get approved or not), may not be that worth it!
Fix your credit utilization ratio
Your credit utilization ratio makes up 30% of your credit score, so it’s really important to pay attention to this. If you are using more than 30% of your available credit on your credit cards, you are definitely harming your credit score. Try to keep below the 30% threshold at all times!
Find other Financial Tips at: www.ffef.org
Learn more about eCredible services: ecredable.com/ffef-org
Need better Credit? – Visit: www.mycreditplan.org
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