How To Improve FICO Score and Repair Your Credit

How To Improve FICO Score and Repair Your Credit

It’s important for you to understand that repairing bad credit is like losing weight. It takes time as there is no quick way to fix it. As a matter of fact, out of all the tricks to repair your credit score, a quick-fix way is most likely to backfire. Therefore, beware of any advice that claims to repair your credit score quickly. Your best option can be rebuilding credit to organize it responsibly over time, if you didn’t do that, then you first need to fix your credit history if you want to see credit score improvement. There are some lenders like www.smallbusinessloans.co.uk/  who are more likely to approve your loan request, if they see improvement in your credit report over time. The tips below will help you achieve that.

3 Important Things You Can Do

Check Your Credit Report

Repair process for your credit score begins with your credit report as I mentioned above. If you don’t have it ready, request a copy of your credit report and check it for errors. Your credit report has the record of the data that is used to calculate your score and it may have some errors, therefore check thoroughly to make sure that they are no late payments incorrectly listed for any of your accounts. If you find any, dispute them to the credit Bureau.

Setup Payment Reminders

It is one of the most important factors that you make your credit payments on time. Many banks offer an online reminder for your credit payments through their online portals which sends an SMS or an email to remind you about when your payment is due. You should also be considering automatic payments through credit card and loan providers to have your monthly credit payments debited automatically from your account.

Reduce The Amount of Debt Owe

It is easier than the thing done, but decreasing the amount which you owe will be a far more satisfying achievement than improving your credit score. The first step towards achieving this goal is for you to be stop using your credit cards. Figure out a way that puts most of your available budget for debt money towards the highest interest cards first with maintaining minimum payments on the other accounts.

Tips on How to Fix It & Maintain Good Credit

Pay Your Bills on Time

Delayed payments, even just a few days make a huge negative impact on your FICO scores. Therefore, always ensure to be ready to pay your bills on time.

If you, By chance, Missed Payment; Get Current and Stay Current

The longer you pay your bills on time, the more your FICO score is likely to increase. Old credit issues count for less, so poor credit scores isn’t going to haunt you forever. The impact of bad credit in your past passes away over time. And, good FICO scores weigh any credit issues against positive information which says that you’re organizing your credit well.

If You’re Having Problem Making Ends Meet, See a Legitimate Credit Counselor

No, this won’t rebuild your credit score immediately if you were hoping for that, but if you start to manage your credit and payments on time, you score will increase over time and seeking some assistance won’t hurt you.

Summary

Fixing a credit score is more about correcting errors that you made in past and following these guidelines will surely help you to maintain consistent and good credit history. Remember, raising a bad credit score takes time, so be patient!