Learn How to Improve Your Credit Score With These Tips

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If you’ve been refused loans or credit cards, you need to learn how to improve your credit score. It takes time, but you should:

  • Check Your Credit Report
  • Reduce Your Debt
  • Try a Secured Credit Card
  • Apply Only When Necessary
  • Pay Your Bills on Time

Understanding credit scoring is easy, and you can begin taking the steps to improve yours today — let’s explore how these tips work in practice.

Check Your Credit Report

Request a free copy of your credit report and check it for errors, such as missed payments that didn’t actually occur. It could simply be that the data used to calculate your credit score is at fault, in which case you can request that changes be made.

Look for:

  • Your personal information
  • Credit accounts
  • Late or missed payments you remember paying on time
  • Accounts or applications you don’t recognize

Reduce Your Debt

We realize that this is easier said than done, but reducing your debt is one of the best ways to improve your credit score. Determine how much you owe on each account and what interest rate you’re being charged. Budget to get that debt paid off, working on the higher-interest accounts first.

Try a Secured Credit Card

Sometimes a poor credit rating means you can’t get a conventional credit card. However, you should be able to get a secure credit card. Essentially, these are backed by money in your checking account — if you put in $200, you get credit for $200. By paying off the card in time consistently, you can improve your credit rating.

Apply Only When Necessary

Whether you’re at a shopping mall in Michigan, an airport in Idaho, or a gas station in Wisconsin, it’s easy to find credit cards that offer sign-up incentives. Unfortunately, taking multiple credit cards will affect your credit score — your credit score will even suffer if you apply but fail to qualify. Applying for multiple credit cars over a short period of time can really make your credit score suffer.

Let Us Help You Fix Your Credit Score

We’re happy to teach you how to increase your credit score, and we can provide loans that cover high-interest credit card payments. To find out more, visit your local Xpress Cash location.