A credit score is a three-digit number that’s used by potential lenders to decide if they’re willing to extend credit to you.. The higher your credit score, the better deals you’re likely to get. Not only does your credit score affect credit card and loan approvals, but it also may be considered on an application for an apartment or car insurance. If your credit score isn’t the way you’d like it to be, there are steps you can take to help you improve it.
Get a Copy of Your Credit Reports
The first thing you’ll need is a copy of your credit report from the three main credit bureaus, which are Equifax, Experian, and TransUnion. Consumers are entitled to receive a free credit report each year by going to AnnualCreditReport.com.
Check Credit Reports for Accuracy
Make sure the information on your credit reports is accurate. As many as two in three people have errors on their credit report. So, what should you look for?
- It’s important to make sure all your personal information is correct.
- Make sure that there are no accounts listed that don’t belong to you.
- Verify that the status of each account is being reported correctly.
- Check that each balance is correct.
If you find any errors, dispute them as soon as you find them. Dovly can help make this process as easy as possible.
What do Credit Bureaus Look at?
When you understand what information credit bureaus use to calculate your score, it can help you to know what you need to work on to bring it up. Be careful to always pay bills on time. Setting up automatic payments can help you be sure you’ll never forget to make a payment. If you have bills that are already past due, work on bringing them up-to-date. If the total amount you owe is high, do what you can to bring down your balances.
How much of your available credit are you using? A rule of thumb is to keep your credit card utilization under 30 percent and even lower than that if you can. If your credit cards are almost maxed out, consider consolidating with a personal loan. However, don’t be too quick to close accounts that have a zero balance, because that can make your credit utilization percentage go up.
Watching Your Credit Score Improve
When you work on fixing your credit, your credit score won’t go up overnight, but you may begin to see it improve in 60 days or less. Let Dovly help you fix your credit. Dovly is an automated credit engine that can find and fix errors for you.
Don’t let inaccurate information drive your credit score down. Dovly’s credit engine runs on autopilot, so you don’t have to worry about having to check your score each month. Our credit engine works 24/7 monitoring your credit and removing any items that aren’t accurate.
We make sure your credit report is accurate and your score is improving, and you can watch your progress on the Dovly dashboard. We can also alert you to changes to your credit score. This is a great way to be proactive about fixing your credit. Try it risk-free with our free membership tier.
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