Improving Your Credit Score in Four Easy Steps
By Faranak Groves
If you have had a difficult time in your life where your credit score has dropped, there are some ways of improving your credit score rather quickly. As a matter of fact, most people are surprised that they are able to bring their numbers up to the extent where they may actually be able to apply for a mortgage and be accepted. Although that certainly is going to take a little bit of work on your part in order to do so, improving your credit score is really something that is done on a month over month basis. If you are ready to begin taking this positive step in your life, here are four easy steps of improving your credit score and taking control of your financial life again.
The first thing that you need to do is to pay your bills on time, every time. Even though some bills are going to give you a grace period of 15 to 30 days, you should not take advantage of this if at all possible. Make sure that you are paying all of your small bills as even these are going to make a difference in your credit report, should you happen to miss one. Once you begin doing this, your credit score will begin improving on the very first month that everything is on time. As a matter of fact, it will continue to improve, month over month as you make this a priority in your bill paying regime.
Secondly, you should make sure that you do not have too many small credit cards that do not have any balance on them. Typically, we end up applying for department store credit cards in order to receive a discount at the cash register. Cut these cards up and notify the company that you no longer want their credit. Once these are off of your credit report, your numbers will begin to rise as a result of you not being spread too thin.
If you have a lot of small credit cards that you are paying on, paying more than the minimum due is an excellent way of improving your credit score. It is not necessary for you to double the minimum due although that certainly would help you to pay them off a lot faster. While we're on the subject of credit cards, make sure that you are also below 50% of your maximum credit limit. These two things are going to help you in improving your credit score numbers quickly.
Finally, you should obtain a copy of your credit report and look for any mistakes that may be on it. Finding these mistakes and correcting them is one of the best ways of making large improvements in your score. Never allow these things to ride because they will make it difficult for you to ever get out of a situation with a low credit score. Do whatever is necessary to correct the matters and your score will rise as a result.
About the Author: Faranak groves has several years of experience in working in the finance industry.
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