There is no denying the fact that improving credit score is a time-consuming affair. However, there are ways by which you can accelerate the process of credit score build-up and in limited time possible, provided you are willing to abide by certain rules.
So, if you are determined to get your credit score to the next the stage of improvement, then you ought to go through the entire article to achieve this feat.
Fast credit score improvement tips
Here are some of the golden rules of credit score improvement that you may choose to follow:
- Stay firm to make all the loan repayments on time – First of all, any missed payments will drag down your credit score by 100 points and perhaps more than that. This is equally detrimental to both people with low as well as high credit score. However, the good part is that you need not repeat the same mistakes like others. Moreover, you probably wont feel that mush of a heat for the next seven years till something like that gets off your credit report, but then you’ll have to discipline yourself.So, you’ll have to stay current with your monthly payments and re-commit yourself to remain the same with other lines of credit. In order to prevent missing a payment deadline, you can make automated payments via your credit/debit cards. Now, with the advancement of the mobile applications, you can enroll for such services on your iPad or smartphone.
- Stay current about all the credit report information – Errors on credit reports are a rampant issue. So, a regular watch on them will aide in improving your credit score, if at all your credit score is being damaged due to someone else’s misleading credit information. However, if that is not the case, then at least you’ll know or would have the stomach to find out the ways to boost your credit worthiness.A lot of credit reports may highlight the areas that are hurting your credit score. In this case, you can take advantage of the free credit reports every year from Experian, Equifax and TransUnion. This you may get at AnnualCreditReport.com. Apart from that you’ll be able to keep a track of score at zero cost and even get free credit repair tips from them.
- Stay away from the clutches of credit card debt – One of the best ways to boost your credit score is to get rid of all your credit card balances as soon as possible. Doing so will have an instant and that too a positive effect on your credit rating. This is because paying off your credit card dues will lower your credit utilization ratio and this is one of the reasons why your credit score will improve.Actually, credit utilization ratio refers to the amount of balance you are carrying against the credit limit set for you. However, the trick here is to pay off all the credit card bills and to steer clear of incurring fresh high value balances immediately after that. If you can’t manage to pay off your balances, then you may opt to consolidate them so that it becomes easier for you to make the repayments.
Always keep this one fact in mind that credit card issuers will report your existing balances along with your payment history to the credit bureaus and so, sooner rather later they may come back to haunt you all over again.