Credit Tips and Advice – How to Raise Credit Score
Many consumers complain that raising your credit score once damaged is hard, but this idea is far from the truth. It does not matter how bad your credit report was in the past because, with the proper education, you can improve your three-digit number over time. In this article, I will discuss five tips that you can employ to raise your credit score.
- Know how money works.
Learn the ins and outs of how money works for you to be better prepared to pay your bills. You should also read books on money and budgets and attend seminars. By doing this, you will never miss a payment, therefore increasing your credit score.
- Staying in financial shape
A lender will look at your savings, income, and employment when applying for loans. You want to ensure that you keep a good amount of savings in your account to show the lender that you have discipline when handling money. They will also examine your income to see whether you make enough money to keep up with the monthly payments. Finally, they will look at the length of employment to ensure you are stable. The above factors will help you get a loan, which will help you raise your three-digits number in the long run.
- Late fees removed
If you are late, ask the lender to waive the late fee as a courtesy because most lenders will do that if you have not used all of your late waivers for the year. Lending institutions allow either one or two late fee waivers yearly. Then take the money they would charge you and reduce the balances on your credit cards to increase your score.
- Stay organized with your bills.
Get a file cabinet to track your bills and place them where you can get to them quickly. Know the date of your payments and use calendars to remind you of your due dates. Take advantage of automatic payment deductions and electronic email reminders from creditors when offered. When employing these strategies, you never miss a payment, and as a result, you improve your score.
- Set goals
Set goals to track your credit repair efforts. For example, create a tracking list for your credit repair letters. Note to whom you send letters and when. Set up reminders to check your score regularly to see whether it has improved. Create dates for paying off your debt and recheck your score.
As you can see, the tips disclosed above are simple and straight to the point. Now that you have empowered yourself with new knowledge go out there, and take action.
