Is your credit score bad? Are you scared that you won’t be able to apply for the house loan which you needed so badly? Don’t worry.
While having a bad credit score could prove problematic and stressful, it is certainly not the end. You can follow the remediation steps immediately to repair your Credit Score. We’d recommend finding a bunch of reputed credit repair companies like Lexington Law to help you through it but if you’re willing to go the DIY way then we’ve got you covered on that.
How can you do that? Here are 5 simple ways to repair your Credit Score quickly:
Pay off your debts
The first and foremost step would be to pay off all your dues and debts. If you have many debts piling up on your credit card which is past their due date or would be soon enough, then it is time to clear it all up. Make sure that you get your credit card usage back to 30%.
If you have money then it will be easy enough for you, clear all your debts before you make any new purchases. If you are short on money, then you might need to sell a few of your personal belongings but make sure you don’t have any debt hanging over your head.
Debts and dues impact your Credit Score greatly and paying them on or before time can really boost your score.
Get a copy of your Credit Score
Another thing which you must do is to get an annual copy of your Credit report from the credit reporting agencies. This will help you in determining what is affecting your credit score balance negatively and then you can work on it to repair it.
Unless you know which account or debt is hurting your credit score, you won’t be able to take the remediation steps. So go get your credit score copy now!
Make sure there are no errors on your Credit Score
Once you have your Credit Score copy you need to check if all the data is correct or not. Sometimes the agencies make some mistakes and add an incorrect date of debt payments which hurts your credit score intensely.
In such cases, it is better to write to the credit agency or the creditor who made this report and inform them of the error and get it rectified immediately. Removing errors from your credit score could get your score back up by almost 30 points. Lexington Law is pretty popular for auditing errors in credit score, visit their blog for recommendations on how to go about it yourself.
Seek help from Creditors
If there is a bad debt or account collection on your Credit Report, don’t lose hope it is not the end. You can fix this with persistence and hard work. The first thing to do would be to try and negotiate with the creditor and ask his help in getting the bad debt removed.
If you are suffering from sudden monetary issues, then the creditors might also help you in lowering your monthly payments. There are endless possibilities, reach out to your creditor and see what all options you have.
Don’t apply for a new Credit Card
If you are already suffering from a bad Credit Score, then it would be better to avoid applications for a new credit card as these tend to invoke multiple inquiries which could really hurt your credit score. Avoid any new application for a few months until your credit score is better again.
If you have any doubt regarding the credit score feel free to contact us here.