3 Quick & Easy Tips For Improving Your Credit Score Now
3 Quick & Easy Tips For Improving Your Credit Score Now
Its easy to assume that you wont ever need credit in life. Most people think that because they live the simplest lifestyle on earth that they wont ever need a good credit score. If this is you, then you should change your thinking.
There will be times in life when you are short on money and need an extra $300-$1000 to cover rent or buy food or fix the car. But if you dont have the minimum credit score necessary to get a loan for these amounts - how on earth will you pay your bills? Do you really want to resort to pawning things that are very valuable to you for the benefit of "getting by" this month? What about next month, what will be the solution then?
All of this can be taken care of with a good credit score. The good news is that you can start now when things are great in your life so that when times get tough - you have the solid history and good repaying habit that creditors will use to approve you for a loan or credit card.
But you dont just need a good credit score for when things get tough in life. In fact, things could be going just fine, you could have a nice monthly income, and you will still need to have a great credit score. This could be for a mortgage loan, a car loan, or even a business loan. And the higher your credit score, the greater your chance of getting credit that has low interest rates and convenient payment terms.
However, if you are like alot of people in life with a low credit score, you can run into alot of problems. You will have a hard time being approved for loans and credit cards, and if you do get approved, you will have to deal with high interest rates, ridiculous fees, and payment terms that you may not agree with - but will have to deal with. This is the reality of alot people in life, and the only way out of this scenario is to improve your credit score.
So how do you improve your credit score? Lets take a look at a few great tips that will help you to start getting the credit and loans that you want.
TIP #1: Purchase a copy of your credit report
This is crucial to boosting your credit score. When you purchase your credit report from all of the 3 major credit bureaus, the first thing you will probably notice are the negative marks things that are being reported about you - and the high balances that every creditor sees when you apply for a loan.
However, even though you may see these comments first, the very 1st thing you will want to look for are errors on your report. Any error that states you still owe money when know you paid it off will have a significant impact on your credit score. At this point, its time to get out the proof of payment and send in a letter to the reporting credit bureau asking them to fix it.
After you have done this, or if there aren't any errors on your report, you want to take a look at all of the problem areas regarding your payment history. If there is a certain bill that is constantly being reported as past due, you want to do your best to take care of that immediately. All of these small factors are doing harm to your score - whether you know it or not.
TIP #2: Pay everything on time
On time. That's the key. On time. Not 1 day after. And preferably, you're credit cards and loans should be the first bills that get paid every month just to be sure that you've got those out of the way. If you have to go on a beans and rice dinner plan until your credit gets back in shape, then this is the best way to go. Your future and your family's future doesn't get better until your credit gets back on track.
If you can pay your bills anywhere between 1-5 days after the monthly statement is released, then great. Because this is an excellent habit to acquire. Also, if it's a hassle to constantly go online, call, or mail in payments, then consider setting up an automatic payment plan to pay your bills on time for you automatically.
TIP #3: Use your credit cards only when you need them
Use your cards only when its an absolute necessity to use them. Remember, its your uncontrollable spending habit that got you in this situation in the first place. So continuing this behavior is not healthy for you now - nor 3 years from now. You have to make a lifestyle change now to see incredible results later.
By using credit only when you need to, you can avoid making "feel good" purchases and avoid acquiring a huge debt. If you can get your card balance to 30% of your credit limit, you're in a good place, and you want to keep this up.
Your score is very important, and if you want an excellent future, it's pivotal that you keep it in good shape. Make it a priority in life to get and maintain a great credit score. Its one of the best things that you can ever do for yourself.
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