Fixing credit score is a long-term process; it takes time. If you have a bad one, to fix the credit score there may be no quick and easy solution, but it is not impossible. The first thing you need to know is be wary of the pieces of advice given by people claiming that bad credit score can be fixed within a short period.
To have a good credit score you will need to work on it responsibly over the years. Here is what you need to do now:
- Take a look at your Credit report. There may or may not be some errors in your credit report, and you can fix it by have a look at it carefully. This is important because the data in the report is used to calculate your credit score.
Check and re-check to see if there are any mistakes in the report. For example, any late payments listed incorrectly. If you find any errors contact the credit bureau.
- Make payments on time. Set up regular reminders well ahead of time for each payment. Making on-time payments is a great way to improve your credit score. You can either ask your bank for regular reminders or enroll in other ways to get timely messages. There are ways to also transfer amounts from your credit card directly to your loan account. However, it does not solve the lon-term problem.
- Decrease the loan amount. The best solution to fix your credit score is to clear out all the loan accounts. After you have checked your credit report, look at all your accounts and device a plan to repay each one. You might also want to stop using your credit card while you are at it because using credit card while trying to be off debt is not such a helpful idea. Go online and find all the information you will need. Check the updated statements for each account and plan out a way (with the help of software) to repay each account.
If you have done all of the above, it is now important to understand that sorting out the credit score will take time. So, don’t expect results instantly. To have a good credit score means basically to improve your chances to get a loan. Follow the steps mentioned above and have patience.
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