Are you dealing with poor or no credit? Check out these simple credit tips to improve your credit score fast. Get your finances back on track.
Is your credit score a lot lower than you would like it to be?
There are many Americans who are in the same exact boat as you. Even though the average credit score in the U.S. sits just under 700, about 35 percent of people have what would be deemed a "bad" credit score.
Bad credit can prevent you from buying a home. It can also make it difficult to take out student loans or apply for credit cards.
But fortunately, there are credit tips that can help you boost your credit score quickly. Take a look at 3 tips that will produce real results below.
1. Dispute Errors on Your Credit Report
Studies have shown that about 50 percent of people haven't checked their credit report in the last six months.
If you fall into that category, you should make it a point to take a look at your credit report soon. There could very well be errors on your credit report that are dragging your credit score down without you realizing it.
If you see anything on your credit report that looks suspicious, dispute it right away. It could get removed from your credit report quickly and send your credit score soaring.
2. Use a Loan to Eliminate Debt
The average American is walking around with more than $6,000 worth of credit card debt at the moment. Many people also have unpaid medical bills, student loans, and other forms of debt that are killing their credit scores.
Debt is inevitably going to drag your credit score way down. So if at all possible, you should consider taking out a personal loan or a debt consolidation loan for the purposes of paying down your debt.
Your debt won't disappear when you do this. But it will free up available credit to you and make your credit score go up as a result. By paying off as much of your debt as you can, you should see a spike in your credit score in just a month or two.
3. Keep Accounts With Available Credit Open
Once you've paid off different forms of debt, you might be tempted to close the accounts that were tied to it. Some people will call their credit card companies and tell them they want to shut down their cards.
If you really can't stop using your cards, this might not be the worst thing in the world. But you'll be a lot better off keeping your accounts open and using your available credit to your advantage.
You might even want to consider applying for a new credit card that's designed to help build your credit up. See more details about a card that can do it for you.
Use These Credit Tips Wisely
As you can see, it's not as difficult to bring your credit score up as you might think. These credit tips will make it easy to transform your credit report in a short period of time.
Bringing your credit score up will improve your life in ways you might not have imagined. It'll allow you to sleep better at night knowing your financial situation is in better shape.
Read our blog to learn more tips on taking charge of your finances.