Nowadays, almost everyone is aware of the benefits of having a good credit score. But, the sad truth is that not all of them are having a good score. Are you among the millions of Americans with a bad or poor credit? Here are some ways to fix your credit score. In other words, here are some easy ways to add 50 to 100 points to your credit score as stated by our credit repair experts. Continue reading…
Paying down balances:
You may not be aware that your utilization ratio that is the amount you owe your lenders would take up almost 30% of the credit score. In this, you must remember that this is not just the amount you owe but the amount you owe when compared to the amount of credit available to you. Keeping this in mind, you must always ensure that your utilization ratio is not exceeding 30% of your credit limit. And, in case, if you have more than this recommended limit, you are advised to pay it down as immediately as possible.
Opening a new credit account:
This may come as a surprise to some of you. But, by opening a new credit account, you are in a way lowering your overall utilization ratio. Here, you must understand that the utilization ratio would take into account your total credit limit of all the credit cards and the balance of all the credit cards combined. Thus, opening a new credit account means your credit score will be increased.
Cleaning up the credit report:
We could say that this is one of the easiest ways to increase your credit score. It’s because about 79% of all the credit reports contain errors, according to the U.S. “Public Interest Research Group”. This means that your credit report may also contain some unverified or outdated information. Just by cleaning up your credit report for these errors, you can increase your credit score significantly.
If you need more information on getting your credit report and fixing your credit, feel free to contact us anytime by clicking here.