Raising your credit score is no easy feat. But it can be done with some help from a credit repair company. If you are looking to obtain a higher score, keep reading for a few things you can do to help yours.
While many of us wish that credit repair could take place overnight, it simply is not the case. Some of us will get lucky and have our credit scores raised rather quickly, while others will take a much longer time. This is because your credit score considers several factors.
One of the first things you need to think about when it comes to your credit score is your payment history. As this is the largest portion of your credit score, you should make it a priority to pay all your bills on time. Many just feel that it is important to pay certain bills on time. But truth be told, all bills should be paid on time, from your credit card bills to the phone bill to the gas bill. If you are late on your bills, it can go on your credit report for up to seven years.
Your credit history’s duration has a slight effect on your credit score, but its impact is relatively insignificant. This takes into account how old your oldest and newest credit card accounts are, along with the mean age of all the accounts. The older your credit is, the better. This is because it demonstrates to creditors you possess more knowledge of handling your credit.
Credit usage, or credit utilization, is another crucial element. This calculates how much of your available credit is available to you at any time. Professionals suggest you keep this under 30%.
Your credit mix has a minor influence on your credit. This glances at the kinds of credit you have. Creditors like to see that you can offset revolving accounts such as credit cards with installment accounts like home loans, school loans, vehicle loans, and personal loans.
Your recent credit also has a small impact on your credit. This traces the applications one applies for items such as new credit cards and personal loans that possess hard inquiries. Remember, the less you have, the better.
So how can you obtain a higher credit score? Follow these tips to work on repairing your credit.
First, be sure to check your credit score on a regular basis. There are three credit bureaus where you can find your credit score that offer a free report once a year. If you find any mistakes on your credit report, be sure to dispute it right away.
It is also a good idea to sign up for free creditor monitoring. This will allow you to receive alerts when something is awry. It is much better to catch it sooner rather than later.
Setting up Autopay helps you create a consistent payment history over time. It won’t help you raise your credit score immediately, but it can protect you from the rapid decline in your credit score that is likely to happen if you fail to pay.
Rather than making one large payment once a month, try dividing it into smaller installments every other week. This allows you to make several additional payments each year, saving you interest. The additional payments also allow you to pay off your principal balance sooner, thus lowering your account balance and credit utilization and improving your score.
If you are looking for credit repair to raise your credit score, do not believe those companies that promise results overnight. If you are in the Clearwater, FL, area, call Super Credit Repair today to discuss how they can help you obtain a higher score over time.