Are you looking for a quick fix to your depleting credit scores? Don’t worry as you are on the right page that will help you sail through your difficult times.
Take a look at these 10 tips to improve credit
score and relax.
Scan
credit reports: Developing
this habit will let you know if you have been delaying the payments or if any
misinformation has cropped up or there has been any fraudulent activity. This
habit will help you fix your credit scores by reporting it to the credit bureaus and getting it rectified.
Opt
for credit repair agencies:
These can be like your guardian angles if you happen to
land up with the right company. These companies take over the responsibility of
dealing with challenging items such as reviewing your credit reports, dealing with collection agencies, lenders
and so on.
Prioritize
debts: Adopting a well-planned strategy will help you
become debt-free soon. Financial experts have advised concentrating on paying
off the smaller debts first and then moving on larger ones. You could also try
getting rid of those debts that have a higher rate of interest.
Find
a co-signer: Having a co-signer
guarantee your loan ups your credibility. This is because the cosigner would be
committing to pay the balance in case you are unable to repay the amount. Having
a cosigner potentially lowers your rate of interest, reduces the amount of
Equated Monthly Installments (EMIs), and keeps your credit
scores shining.
Avoid
debt settlements:
Also known as credit score settlement and account settlement, this provision
could be tempting for those who want to get the lenders off their back. But the
lenders report it to the credit bureaus and it stays on your credit report for several years. You could try talking with the lenders to
restructure your installments as per your convenience to keep your scores
soaring high.
Avoid
hard hits: When you apply
for new credit it incurs a hard inquiry which hurts your scores. So, to keep
your scores intact, apply for a loan only when you need it and avoid too many
applications frequently.
Pay
twice a month: For those
struggling with finances, they must try to pay their credit bills twice a month
to keep the balance to a minimal. This saves you from paying high interest on
the balance and ensures the credit utilisation limit is never exceeded.
Never
discard old credit history: Your credit history length is a reflection of
how you have managed your reputation. It is proof that you have paid your bills
on time each month and as a result of it, there has been an improvement in the
credit scores year after year.
Have
a healthy credit mix:
A good credit mix having a diverse financial
portfolio. It could
have a combination of secured loans such as home or automobile loans and
unsecured loans like credit cards and personal loans. Maintaining a mix of
credit displays an overall greater sense of responsibility towards your
finances.
Use
reward points: These are
like icing on the cake. Redeeming reward points allows you to make purchases or
avail discounts and save your money. This eventually helps you improve your credit scores.
Conclusion
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