Learn Exactly How to Increase Your Bad Credit Score
Many people suffer from bad credit due to the tough economic times. Medical expenses, death or job loss can seriously ruin a person's credit in a very short period. Even though bad credit can follow you for several years, you still have the ability to improve your credit.
I would like to share some simple tips to easily improve your bad credit score quickly.
1. Do not apply for new credit accounts. If you have bad credit, you need to resist the temptation to get more credit cards or loans. Even though many department stores offer discounts for opening new credit accounts, you need to resist that urge. Realize that the 10% immediate savings on the items you are purchasing, will not equal the benefits of cleaning up your credit.
2. Be careful with credit card consolidations. Some credit card consolidation loans offer really low-interest rates; however, it is only for a limited amount of time. After that time period has expired, your APR goes up tremendously and sometimes, higher than you can afford. Be sure to review all the documents before you sign anything. There are some great consolidation packages out there, just make sure the interest rate does not increase after an introductory period.
3. Pay your bills on time. This is stating the obvious; however, many people with bad credit sometimes give up on paying their debts because it can become extremely overwhelming. If you are capable of paying money on your debt, you should do it.
4. Pay off your balances A major cause of low credit scores is not only payment history but also the amount of outstanding debt to available credit. Even if you pay your bills on time and never miss a payment, if you have a high amount of debt, you may still have a very low credit score. A great way to improve your credit score is to pay off as many balances as possible so your available credit increases.
5. Never max out your credit cards You should never max out your credit cards. This can completely devastate your credit score. You should only use about 75% of your available credit at any given time. If you have $100,000 of available credit, then you should not have more than $75,000 of debt.
6. Monitor your credit and remove any errors Even if you have bad credit, you need to watch it for identity theft and errors. If you have paid off an account, you need to make sure your report reflects that status. If a debt is older than 7 years old, you can ask to have it removed from your report. The 7 years starts from the date of inactivity and not when the account was opened.
If you have bad credit, do not give up. There are several steps you can take that can drastically improve your credit score. I know someone who increased their credit score from 575 to 703 in less than 90 days by following a few of the items listed above.
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