10 Things that Will Improve Your Credit

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It’s easy to get in debt over your head, especially if you’re just finishing school or you’ve lost a job that makes paying the bills difficult. But there are 10 steps you can take that will help you get out of debt, repair bad credit, and get back on your feet financially.

  1. Know your credit score. Review credit reports from Equifax, Experian, and Transunion annually and look for mistakes or problems that lower your credit score.
  2. Correct mistakes on your credit report. Look for inaccurate balances, accounts inaccurately reported as unpaid, and items that are more than seven years old. You can dispute problems on your credit report by providing documentation of the error.
  3. Negotiate with creditors to resolve credit problems. It’s almost always better to deal with the creditor than with debt collectors. If you can’t make your payments, contact the creditor and try to work out a plan that you can afford. 
  4. Pay off credit card balances. Credit card debt is considered the worst kind of debt, so work toward paying off your balances as soon as possible in order to repair bad credit.
  5. Make payments on time. Late or missed payments can mark you as a bad risk in the eyes of lenders and can cause loan applications to be refused. Making your payments faithfully is the single best thing you can do to build good credit once you’ve taken care of any errors or problems on your credit report.
  6. Decrease overall debt. High debt balances can hurt your credit score even if you make all your payments on time. Look for ways to get out of debt by putting more of your income toward your debt balance.
  7. Get rid of unnecessary credit cards. Too many cards mean greater opportunity for you to incur unmanageable debt. This can make you appear too risky in the eyes of mortgage lenders or financing companies.
  8. Only apply for new credit cards and loans when you need them. Each time you apply for a new card or loan, an inquiry will be tallied on your credit report. Try to keep these inquiries to a minimum in order to maintain a high credit score.
  9. Seek credit counseling. Credit counseling companies can give you advice on how to get out of debt, how to deal with debt collectors, and how to repair your credit.
  10. Consider debt consolidation. Debt consolidation can help make your debt manageable and can save you money by reducing the interest rate or overall balance on your debt.

If you need help to repair bad credit, RepairMyCredit.com gives you credit repair solutions ranging from credit report repair, debt management help, and credit repair resources.

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