Let’s face reality, no one wants to deal with the consequences of suboptimal credit. Whether it’s dodging the debt collectors that keep calling or not getting approved for the car loan you desperately need, suboptimal credit makes life way more difficult than it needs to be. But if the credit damage is already done, how can you get on the path to financial freedom? If this is something you struggle with, check out our four tips to help you achieve financial peace of mind and learn more about how Dovly can help.
- Check your credit report
This is a simple but essential step in improving your credit. After all, how are you supposed to improve your credit without even knowing your score? Your credit report can be accessed for free on AnnualCreditReport.com, and you should be checking your report at least once a year. However, the more often you check your report, the better.If you choose to engage with a free credit report site, make sure to read the fine print before signing up. The best free credit reports are easy to access and don’t ask for your credit card information, so keep this in mind before using a free service.
- Pay down credit card balances and prioritize higher interest rates
Now that you know where your credit stands, it’s time to start tackling those balances. The most important thing to know is to start with the items with the highest interest rates. Make the minimum payments on everything, and put the most toward the item dragging down your financial health the most. Once that’s paid off, move onto the item with the second highest interest rate and repeat until all balances are paid.
- Cancel subscriptions you don’t need
You didn’t think you’d make it through this blog without being told to cut your spending, right? While cutting costs is never fun, it’s absolutely critical to achieving financial peace of mind. We’re not saying you need to do this forever, but it’s a great way to get on the fast track to financial success. One of the easiest ways to do this is to cut those subscription services that add up month after month. We’re talking about Netflix, Spotify, Amazon Prime and all of those things you think you need. Even though these services add convenience to our lives, ditching these and using that money to pay down your credit can help boost your score.
- Review credit card and bank statements for charges you don’t recognize
Have you discovered an erroneous charge on your credit report? Unfortunately, seeing false charges can happen more often than your credit bureau cares to admit. When this happens, it can benefit you to dispute these false charges. By having your credit bureau eliminate the false charges on your report, you might even see your score increase overnight.
Bonus tip: enroll in Dovly There’s a reason why 92% of Dovly customers experience a 54-point increase on average to their credit scores in just six months. It’s because we offer an intelligent approach to credit improvement that others don’t. Dovly soft pulls your credit report, shows you the negative items dragging down your score and invites you to flag the items you want to dispute. From there, our algorithm will automatically figure out what to dispute first and communicate with all major credit bureaus to remove errors quickly and effectively. Dovly was built by experts in the credit industry and designed to get you on the path to financial success. What are you waiting for? Join Dovly and start your credit improvement journey today!
