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Take Action – Improve Your Credit Score

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Improve Your Credit Score

 

“How do I improve my credit score?”…a question the attorneys at The Debt Doctors are very familiar with. The answer depends on a client’s specific financial situation, but there are some general ways to improve your credit score that apply to everyone.

To get started, you will want to first evaluate your credit score.  To get a free report, you can visit www.annualcreditreport.com. After you’ve pulled your report, carefully review it and identify if there are any mistakes.  If there are, dispute the mistakes directly to the credit bureau. If the mistakes are not fixed, you can call The Debt Doctors.

Next, you should try to establish 2 years of on-time payments for all of your accounts. This is a very important step since lenders look closely at your last two years of credit history. You will also want to utilize your credit by making sure you have at least 3 open accounts.

Additionally, it’s essential to have available credit.  If you don’t and all your credit cards are maxed out, your credit score will go down.

 

The best ways to improve your credit score:

  1. Pay your bills on time—not paying them on time can have a significant impact on your credit score

 

  1. Make sure you keep your balances as low as possible on all of your credit cards

 

  1. Only apply and open new credit cards if you absolutely must

 

  1. Don’t just move your debt around—pay it off

 

  1. Use the credit you have—show your ability to manage your credit responsibly

 

Remember—time is your friend when trying to improve your credit score. After all, fixing a bad credit score doesn’t happen overnight. You can even rebuild credit after bankruptcy—it will take you 2-4 years to get your score back at a good healthy level. However, you can start rebuilding credit right after your bankruptcy discharge (something people are not always aware of).

You should also keep in mind that your credit score goes up when you engage in behaviors that banks like. But be careful because they may not be what’s best for your finances. The best indication of a healthy financial situation—cash. Make sure you budget to save your money and fund retirement. To learn more about how to improve your credit score and turn around any financial distress you may be facing—contact The Debt Doctors today.

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The Debt Doctors

941 Penn Avenue, Suite 101
Pittsburgh, PA 15222

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