There’s really no quick fix when it comes to preparing your credit. Fixing a low credit score is kind of like losing weight: it takes a long time to get to where you want to be, but it will improve, little by little, if you put the time and effort into it. Here are three tips to help you fix your credit and eventually have your finances in order.
1. Get a Copy of Your Credit Reports
You can’t repair something if you don’t know exactly what’s wrong with it. Every year, you can get a free copy of each of your three credit reports. Read each one over carefully - if there are mistakes, your credit score could be lower than it has to be. You can request for each mistake to be looked into and changed; each request will be dealt with in a timely manner.
2. Get Automatic Payment Reminders
It’s amazing how quickly your credit score can be dragged down if you’ve been making late credit card payments. One of the first things on your “Credit Repair” list should be to get on top of your credit card bills. The best thing to do is to set up automatic deductions from your bank account, but if you’re living on too tight a budget, at least arrange automatic reminders so you know when a due date is approaching. Reminders can be sent to you via e-mail or text. Also keep in mind that if you do set up auto payments, only the minimum will be deducted each month - you should still try to pay extra every month to actually pay those limits down.
3. Pay Off Some Of the Debt
Eventually, you’re going to have to face the music and actually pay off some of the debt you owe. In the end, this will help raise your credit score too. Figure out how much you owe to different accounts and also take into account the amount of interest you’re paying every month. Work out a repayment plan that’s doable for you and that will also allow you to stay on top of all your current bills.
When in doubt, you can always contact a professional firm that handles credit repair. Even law firms like Lexington Law can help you figure out how to fix your credit and get on the road to financial freedom.