Is your credit score as good as it could be? There’s no magic credit score that means you’ll get approved for a loan everywhere, but if your credit score is at least 700, it’s usually considered a good score, which can help you to be approved for credit at attractive rates. Is your credit score under 700? Makes these moves ASAP. While you can’t bring your credit score above 700 overnight, you may start to see some improvements when you take the following actions.
Catch Up on Any Past Due Payments
If you have some bills that are past due, do everything you can to get caught up. Once you’ve brought all your accounts current, be careful to make all your payments on time going forward. If you’re not already making your monthly payments using automatic payment, it’s a good idea to start doing this so that there’s no chance you’ll simply forget to make a payment.
Reduce Credit Card Balances
Whenever possible, avoid using too much of your available credit on credit cards or any other revolving credit. If you’ve already borrowed more than 30 percent, look for ways to reduce your credit card balances. If you’ve got a score in the 600’s, you might be able to take out a debt consolidation loan at a lower interest rate than the rate being charged on your credit cards. Bringing down your credit utilization can help your credit score go up.
Avoid Borrowing More Money
Your credit score improves when you demonstrate that you’re responsible with the money you’ve borrowed. Applying for new credit too many times in a short amount of time is a factor that can bring down your credit score. Instead of relying on borrowed money to make ends meet, get into the habit of living within your means. Look for ways to cut expenses or increase your income so that you can start paying down your debt while avoiding borrowing any more money.
Make Sure the Info on Your Credit Report is Accurate
An important step toward improving your credit score is to see what’s on your credit reports and make sure that everything that’s on them is accurate. You may be surprised to learn that as many as 2 out of 3 people find errors on one of their credit reports when they take this step.
Things to look for include wrong balances, accounts that you’ve paid off showing as open or payments reported as being past due when they’ve never been late. It’s also possible one of your accounts shows up more than once on a credit report, which can make it look like you owe more money than you do.
How Dovly Can Help
Any inaccurate information on your credit report should be disputed as soon as you find it. Dovly can make the process of fixing and managing your credit as easy as possible. When you let us know what items need to be disputed, we contact the credit bureaus to have incorrect information removed. You can sit back and relax and watch your score improve. Let Dovly help you take charge of your credit. Try it risk-free with our free membership tier.
