Due to the recent recession, many consumers are experiencing money problems and damage to their credit files. Paying bills and meeting daily expense is the main things on consumer’s minds and nothing else. Therefore, consumers are forced to seek loans from bad credit lenders with high-interest rates and high fee cards. They do this just to stay above water with their bills. However, three months down the road they default on their financial obligations.
These actions tend to be the leading reason for consumers having a bad credit score. In today’s society, the 3 digit numbers are important when it comes to getting approved for the things you want in life. For example, if you want to buy a new car with a low-interest rate, you will need a good score. Second example, if you want to purchase your first home, you would need a good 3-digit number.
Your 3-digit number is based on the information in your bureau report, which is produced by the three bureaus. “Fair and Accurate Credit Transaction Act” are the watchdogs over the bureaus. Your 3-digit number decides whether or not you will be approved. When determining your lending worthiness, the lenders base their approval decision on your bureau reports. If the lending institution sees that you had a poor paying history, the chances of you getting approved is slim to none. In this article, I will disclose a few simple ways to raise your credit score.
Simple Ways to Help Increase Your Credit Score tip 1
Learn from the banks. Banks will let you know why you were denied and what you can do to improve your chances. Take the bank’s suggestions and improve your 3-digit number to avoid high-interest rates when you apply for a loan in the future.
Simple Ways to Help Increase Your Credit Score tip 2
Learn from the credit card company If you were denied by a card company, write a letter to them and see why you were denied. Then take your new found information and make improvements to your score.
Simple Ways to Help Increase Your Credit Score tip 3
Don’t apply While you are improving your score, do not apply for any new loans as this will damage your 3-digit number further.
Simple Ways to Help Increase Your Credit Score tip 4
More tips For more tips and ways to improve your score, search the internet, and read books on the topic. Try to follow the steps and techniques taught to you by the experts online and in the books. By following their strategies you will increase your chances of improving your 3-digit number.
Simple Ways to Help Increase Your Credit Score tip 5
Look for Experts Finding experts on article directories and sending them questions about your score will also give you guidance to improving it.
Pay on time You must also make you pay your monthly payments on time no matter the circumstances. If you miss one payment, it could drop your 3-digit number by 50 points. As a result, always pay on time, even if you have to borrow the money. If you are behind on your payments, consult with your lender for any hardship programs. That way you prevent further damage to your 3-digit number.
Make sure you contact them right away and not let your payments fall behind. If you get too far behind, the lenders will not offer you the hardship program and this will damage your three-digit number.
Settle your debt If you do fall behind, and you are not approved for the lender’s programs, try to settle your debts for a lower price, and have the lender delete the late payment and the account from your credit report. In return, this gives you score a boost. These techniques are proven to help your three-digit number if you take action.
Now that you are empowered with more information. Go out there and take action to get the score you want.
In the economic industry, we are dedicated to helping our clients get back on financial track. We strive at improving your credit and arm you with the proper tools and knowledge to keep it. Let our credit repair experts help you today.
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