If you have a low credit score you need to improve your credit. Your credit report holds information that affects your credit score. It’s really the only thing that does. In turn, your credit score directly affects your buying power and ability to obtain new credit. A low credit score can prevent you from getting good rates on loans and credit cards or can prevent you from even qualifying for them.
With a lower credit score, regardless of the reasons why, you need to improve it. There are several ways you can rebuild your credit; you can use a credit repair service, pay your current bills on time, reduce the balance on your loans, and more. Read on to see the many ways you can improve your credit:
· Keep your accounts open: Even if you don’t use certain credit cards, keep the accounts open. Your credit report will reflect the longevity of the account, and having a long-term relationship with a creditor, even when it’s an inactive account, is a positive mark on your report.
· Don’t make late payments: Making late payments is one of the most common ways people’s credit reports go south. Make sure your making your loan and credit card payments on time, always. If you make late payments, the impact to your credit score could be significant and could stay on your report for up to seven years. If you can’t pay the balance in full, at least make the minimum payment. Timely payments will reflect on your report and can help you improve your score after some time.
· Check your credit report: You can often improve your credit just by checking your credit report and correcting any inaccuracies and removing old information. It’s pretty easy to do. If you find discrepancies or old information, initiate a dispute. This can start the process to remove and change the information so it becomes accurate. The entire process can take up to 30 days or so.
· Keep your accounts out of collections: If you are unable to pay a bill, call your creditor and talk with them. Often times they are willing to negotiate a payment plan that suits your budget and their payback terms. Allowing a debt to go to collections will reduce your credit score and will be a negative mark on your credit report for years.
· Reduce the balance on credit cards: High balances, those that 35 percent or more of your credit line can actually hurt your credit. Show your financial responsibility by continually working on lowering your balance and using your credit wisely.
Though all of these steps can be done independently, sometimes using a professional credit repair or credit recovery service is your best option. They can help you reduce your debt and improve your credit as they also teach you better ways to be financially responsible. If you’d like to learn more about improving your credit, contact U 1st Credit Recovery at: (855) 283 4056 or go to their website: http://www.b2bvibe.com/Credit-Services-Improve-Your-Credit-Credit-Education-Document-Preparation-Evaluating-Credit-U1stCreditRecovery.