Pay down your revolving credit balances
Nothing more important than payment your bills on time. However, a close second is lowering your credit card balances. If you are in the “Rebuilding” phase of fixing your credit your credit card balances should not be more than 10 percent. The lower your debt ratio is the better it will help boost your credit score. The sooner you can pay off your balance each month the better. You can also make multiple payments toward your balance throughout the month, so it is easier to track your spending, and it keeps your balance low. And although it helps to even pay off a portion of your debt, paying off the entire balance will have the biggest and fastest impact on your credit score.
Increase your credit limit
You can increase your credit limit one of two ways: Either ask for an increase on your current credit card or open a new card. The higher your overall available credit limit, the lower your credit utilization rate. Before asking for a credit limit increase, make sure you do not use these cards other than to help boost your score. Credit Services of America has the tools to assist you by either adding tradelines or taking advantage of our credit card offers.
If you are considering opening a new credit card, do your research beforehand. How often you apply for and open new accounts gets factored into your credit score. Each application requires the card issuer or lender to pull your credit report, which results in a hard inquiry on your report and could lower your credit score an average of 2-5 points.
Check your credit report for errors
One way to quickly increase your credit score is to review your credit report for any errors that could be negatively impacting you. Your score may increase if you are able to dispute them and have them removed.
About 79% of Americans have an error on their credit reports, so it’s important to take the time to review. Some common errors to look out for include fraudulent or duplicated accounts, as well as misreported payments.
Most of the clients we meet with have not reviewed their report within the past year and are often surprised by what we find to discuss with them.
You can get a free credit report from the three major credit bureaus (Experian, Equifax and TransUnion) on a weekly basis by going to AnnualCreditReport.com now through April 2021.
Remove negative entries from your credit report
You may have a series of late payments on your credit report, or perhaps an old collection account that have since been paid off still shows up. If this is the case, you must have them removed. (And if you do have a collection accounts that are unpaid, make this a priority. Unpaid collection accounts negatively impact your score.)
Bottom line
Credit Services of America has been helping clients for almost a decade removing negative items from their credit reports. We can help you too!
A Goal without a Plan is just a Wish. Give us a call TODAY at 844-FIX-URCR or click on the following link creditservicesofamerica.com to schedule your FREE consultation and create your personalize plan to achieve your credit and debt GOALS!
*Individual results may vary. Please call for more details and to discuss your own individual situation.
Tips To Fixing Your Credit!
