Could your credit score use a little boost? Having a poor credit score can affect your ability to take out a loan, mortgage, or even prevent you from renting a property. However, the good news is there are ways to increase your score, regardless of how bad it may be.
Here, you’ll discover some of the easiest and quickest ways to improve your score and get your finances back on track.
Check for errors
Did you know your credit report may not be as accurate as you think? There are many things which can impact your credit score including the addresses and people you are financially linked to. If there are any errors, such as an incorrect address, it could be having a negative impact on your score.
You may also have debts showing up on your report which should have been deleted. So, go through your report with a fine toothcomb to double check everything is correct.
Use a credit card wisely
Although it may seem absurd to apply for a new credit card in order to improve your score, it can work really well. You’ll need to make sure you apply for a credit card specifically designed for bad credit, like the one offered by Ocean Credit Card. Then, use it to make small purchases, paying the balance off in full each month. This gradually rebuilds your credit rating, showing you can borrow money and pay it back in a timely manner.
Don’t miss any payments
One of the main things that’s going to impact your score, is missing any payments. Missed payments on loans and bills will have a significant negative effect on your score. So, it’s important to get on top of your finances and ensure you have money available for bills. It can help to create a spreadsheet of all of the bills that are due to come out each month, and the dates they need to be paid by.
The above are some of the quickest and easiest ways to improve your credit score. Regardless of how poor your score currently is, there are lots of ways you can build it up. It doesn’t take as long as you think either. You could easily see a drastic improvement within a few months. So, don’t let your bad credit score get you down, start working on ways to build it up and regain your financial freedom.