Many people seeking information on repairing their credit score get taken down the garden path when in actual fact, this needn’t be the case. Often what is needed is a credible resource and some good old fashioned sound advice. Stay with me for the new few moments and we’ll explore a few simple steps on how to repair your credit score.
Quick Fix 1: Pay off Your Credit Cards
Credit card debt is viewed differently to other debts such mortgages, auto loans and student debt. As such, when looking for means of how to repair credit score, the first port of call should be paying off your balances outstanding on credit cards. Granted, you may not have all the cash to do so, but get going anyway; what you want to show the credit ratings bureaus is that you have the fiscal discipline to manage debt. They’ll reward you instantly with an improvement in your credit score.
Quick Fix 2: Get an Installment Loan
It may seem slightly counter intuitive to suggest that you get a loan when looking for means on how to repair credit score but believe me, this method works a charm. An installment loan can be had from your local credit union and will be easier to get than a traditional loan from a bank. Once you have setup, simply have the payments reported to all three major credit ratings bureaus and you’ll see a dramatic impact on your credit score. In fact, installment loans are seen as one of the top 3 best ways for how to repair credit score.
Quick Fix 3: Use Existing Cards Better
By ‘better’ we mean keeping balances to between 10 and 30% of the established credit limit. Ratings agencies look not only at your frequency of payments but also at your balances. Too high a balance each month on cards and they will red flag you and this is how you get a low credit score. If you are serious about how to repair credit score then this principle is gold and you should follow it to a T.
Finally, I should let you know that repairing your credit score can be very simple and easy if you realize that it doesn’t all have to be handled by you. There are tons of professional credit repair companies online who will take the guesswork out of fixing your credit. Many can be found just by using Google and there are even websites that rank them based on affordability and quality of service. Before you bog yourself don with data on how to repair credit score, a simpler approach using one of these companies may just be the solution.
Regardless of your choice however, you’ve just been armed with powerful information on how to repair credit score.