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4 Easy Ways to Improve a Bad Credit Score
It takes a lot of self-discipline to improve your credit score, especially if you’ve survived personal financial disasters. But there are quite a few easy ways to get started on the road to financial recovery. I don’t know about you, but I like easy. So here’s 4 no-brainer ways to turn your bad credit around.
Tip 1 to Improve Bad Credit
Get a Bad Credit Loan or Credit Card
Sounds crazy maybe, but it works! There’s an abundance of lenders willing to work with you, even if you have bad credit. By getting one of these loans and re-paying it on time, you will begin a turn-around cycle on your credit score. Be sure that the lender you choose reports to the major credit reporting agencies, And be sure to pay on time, every time! That’s the simple formula for making a bad credit loan improve your credit score.
If you choose to get a credit card through a bad credit lender, the formula is basically the same with the most important thing being; Pay on time always! Use the card regularly and don’t go over your limit. If you decide to stop using it, don’t close the account. Just let it idle. It will add points to your score even if you aren’t using the card.
A bad credit loan or credit card may cost you a little more in interest, but it is an easy way to bump up your credit score. And it’ll put a little money in your pocket. Plus, once you’ve established a good payment history with the lender, you can negotiate a lower interest rate.
Tip 2 to Improve Bad Credit
Know Your Credit Score
No, really KNOW your credit score. Before you can improve your credit, you need to know what it is now. Know what it could be. And know how to get it there. You can know what your credit situation is now by getting a free copy of your report from each of the three major credit reporting agencies. You can do this easily by going to annualcreditreport.com. They are the legitimate free credit report site. You won’t get caught up in a spam storm and it won’t cost you a dime. This takes care of knowing what your score is now.
740 and up is an excellent credit score. That takes care of knowing what your credit score could be.
There are lots of ways to get from point A to point B. If your credit is less-than-perfect then here’s one cool little trick; try to pay down your credit card balances as quickly as you can, but don’t close your credit card accounts. Continue to use your credit cards regularly, but only use around 10-15% of the available credit lines for at least the next 6 months and watch your credit score soar! You could even try calling your credit card companies and asking them for a credit line increase. Have the credit available, but don’t use it. It really works!
Tip 3 to Improve Bad Credit
Develop the Habit of Saving
Did anyone ever teach you how to save money? No one ever taught me and I had to develop the habit of saving. Even if you start small, it is a habit and once you’ve developed it, the amount of money you set aside will grow and you will improve your credit score. One of the easiest ways to get started saving money is to have your employer do the dirty work for you.
You can open a savings account online in just a few minutes with no money. Just go to google.com and do a search for “free savings account” or if you already have a checking account, call your bank and tell them you want to open a savings account and that you intend to set up a direct deposit into that savings account. Then, call your employer and tell them you want direct deposits made from your salary into that new savings account. You get to choose how much or how little and how often. By having someone else set the money aside for you, you’ll never miss it and before you know it, you’ll have a nice little nest-egg.
Owning a savings account is a giant leap towards improving your bad credit. Many lenders and credit card companies give bonus points just for having a savings account, no matter what the balance is.
If your employer isn’t able to provide this service for you, then just go back to the bank where you opened that savings account and have them set up automatic transfers from your checking account into your new savings account. Same method. Same result. You never have to touch the money.
Tip 4 to Improve Bad Credit
Reduce Your Expenses
Do you really need unlimited texting and cell phone service? Do you really need 150 TV channels? Do you really need a $4 cup of coffee from Starbucks every day?
One of the simplest ways in the world to cut back on your spending and improve your credit is to ask yourself this simple question: Do I really need this right now? Major expense cuts can be achieved by doing nothing more than paying attention to what you’re spending. Stop taking it for granted that you have to pay huge utility, cell phone and transportation expenses. Simply decide to start looking for ways to cut back. You’ll be amazed at what you’ll see.
Using these 4 simple tactics will have you well on your way to regaining your good credit score as well as improving your financial freedom.