If you want to stay on top of your finances, a good credit score is essential. Your credit score
can help you qualify for loans, give you better interest rates and even get you a lower
insurance premium.
If your score is not looking good, It is worth taking the time to improve your number. Here are
seven things you can do that will help improve your credit score.
This is the first point that can’t go without mentioning. It is what gets most people on the
lower end of the score. If you want a good credit score, you need to pay all your bills on time.
This has the biggest impact on your overall rating.
Your credit utilization ratio (how much of your available credit you’re using) is another major
factor in your FICO score. Keeping your balances low will help improve your score in this
area. Avoid using more than 30 percent of each card limit each month.
The higher the balance in comparison to the limit, the more it can affect your score
negatively. Utilizing less than this amount will help keep your score up while paying down
balances. This means if you have $15,000 in available credit across several cards and use
more than $5,000 at any given time, it can hurt your score.
Every time someone pulls your credit report, it shows up as an “inquiry” and can lower your
score slightly. Credit inquiry doesn’t have a huge effect as long as you get the quotes within
30 days of each other. Doing so will limit the impact on your credit score. Also, ensure you
aren’t opening many new accounts or have more than six inquiries.
When applying for new credit cards or loans, get quotes within 30 days of each other. Doing
so will limit the impact on your credit score.
If you suspect unauthorized inquiries, dispute those errors. The fastest way to dispute
and boost your score is with the help of a credit expert like Ascent Network. Limit Inquiries
on Your Credit Report.
Paying off debts is a great way to improve your credit score or utilize debt consolidation
services. The lower the debt you have, the better your chances of improving your score.
You can also consolidate your debts into a single large debt with favorable interest rates and
payoff terms and pay them quickly. Focus on paying off your credit cards with the highest
interest rates first and, if possible, pay more than the minimum payment due.
Don’t close old accounts that you don’t use anymore. But rather keep them open and active
by using them once in a while. If they don’t have an annual fee, there’s no reason to close
them in order to improve your credit score.
If you have bad credit, you’re not alone. According to the Federal Reserve, more than half of
Americans have a credit score under 680.
It is very important to check your credit history at least thrice a year to know your credit
score. You will detect fraudulent activities since it is easy for criminals to open credit cards in
your name.
A secured credit card will help you manage your finances better since you will be required to
deposit some cash to open the account. Credit card companies will report your credit score
to credit bureaus as you keep using the secured credit account. So, be sure to make at least
minimum payments on time to improve your score.
What should you do to manage your finances and not default in repaying your debts? Organize: Make sure your files are in order, so it’s easy to find bills and statements needed to create a budget.
? Set goals: Determine what you want to accomplish, such as paying off debt or
building an emergency fund of three to six months’ living expenses.
? Create a budget: Figure out how much money comes in each month and where it
goes. You may need to cut back on spending money on unnecessary things until you
reach your goals.
? Build an emergency fund: This will help you pay debts even when you lose your job
or in the case of unexpected expenses. Have savings worth three to six months in
your emergency fund.
Key Takeaway
Credit scores are used by lenders as a way to predict how likely you are to repay the money
you borrow. The higher your score is, the more willing lenders will be to take a chance on
you. People with higher scores than yours are offered lower interest rates and better terms
on loans and credit cards. It is best to take charge and improve your credit score to enjoy the
benefits.
A more positive outlook toward a more financially secure future starts today. Give the Ascent Network
a call today at 1-877-871-2400. Ascent Network helps consumers all over the United States and is
available locally in Huntington Beach, CA, Coachella Valley, Palm Springs, Cathedral City, Rancho
Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms.
If you have one or more credit cards, you probably have a credit score. This is a number that summarizes your credit history, and it’s based on the information in your credit reports (the detailed records that creditors keep about how much you borrow and how well you repay). There are several different types of credit scores, but most major lenders use the FICO scoring system. You get a score, generally between 300 and 850, from each of the three major consumer credit bureaus:
Experian, Equifax, and TransUnion. The higher your score, the better your credit looks to lenders. And, the better your credit looks to lenders, the more likely they are to offer you lower interest rates when you need to borrow money
A credit score is an indicator of the likelihood that you will pay your debt obligations. Your score is derived from information contained in your credit report. The higher the number (700-850), the better your score.
Lenders use this number to determine whether they want to extend a loan to you and at what interest rate.
Given that your score may not be good, you may be wondering: How can I improve my credit score in 2022? Is there a way to repair the damage and get you to the good books?
It is important to get a copy of your credit report to ensure it is accurate. If you find any inaccuracies (like a suspicious credit account you didn’t open), dispute such fraudulent activities with the appropriate credit bureaus to have them removed.
The best way to do this is through AnnualCreditReport.com. You can get one free copy annually from all three major reporting agencies (Equifax, Experian, and TransUnion).
You can also consider ordering a copy every few months since one agency may have information that another doesn’t. This way, you can monitor your progress as you work to raise your score.
If there are negative marks in your history that are valid, it is still possible to raise your score over time. You will need to be proactive and responsible in managing your debt going forward. What are things you can do to improve your credit score?
Consider a balance transfer
If you’re carrying a lot of debt and you are wondering about how to improve your credit score in 30 days, then paying off your debts should be your top priority. You might want to consider a balance transfer card that charges no interest for a period of time, allowing you to pay down debt faster.
Lower your credit utilization ratio
One easy way to improve your score is to lower your credit utilization ratio (the percentage of your total credit limit you have used). If you can get it below 30%, that’s a great start. But if you can reduce it further, such as by paying off some debt or asking for an increase in your limit, do so and watch your score climb even more.
Limit your credit card application
It’s best not to apply for new cards unless there’s a good reason, such as better terms on a balance transfer or a rewards rate. Applying for multiple cards at once can be seen as a negative. It suggests someone desperate for money. Instead, apply only when you have a good chance of approval.
To improve your credit score:
Pay bills on time
If you want to get your score moving in the right direction, take care of every little detail, especially your bills! Since bills might slip your mind at times, set up autopay on your credit accounts. This helps you stay on course even when you may be too busy to remember.
Become an authorized user
A close friend or family member can add you as an authorized user on their cards. You don’t need to have a card. This enables you to raise your score. However, ensure the cardholder uses the card responsibly so your score doesn’t sink any further.
Consolidate your debts
Consolidating all your debts into one monthly payment can help improve your credit because you are making only one payment. For example, if you have five loans with different due dates, it’s easy to forget to pay one or confuse the due dates.
Not only does consolidation help simplify monthly payments and make them easier to manage, but it also helps prevent late payment charges, which lower your score. The longer you make payments on time, the better the effect is on your credit history.
Do not close old accounts
Lenders favor old credit account holders. This is because your credit card gives them a detailed history of how you pay your debts. Closing credit cards while still having balances on other credit cards negatively impacts your credit score. This could knock off a few points because of the increase in your credit utilization ratio.
Lower insurance premiums: Companies that offer home and auto insurance often base their premiums on an applicant’s credit score. The better your credit, the less you may have to pay for insurance.
Easier time finding a place to live: Many landlords check prospective tenants’ credit scores as part of the application process. If they see something they don’t like, they might not approve your rental application.
Lower loan rates: If you’re getting a mortgage, car loan, or any other type of loan, a poor credit history could increase the amount you pay in interest and fees or prevent you from getting approved altogether.
Better employment prospects: Some employers pull applicants’ credit reports as part of their background checks. If your report shows you are poor in managing your finances, they will not trust you with their jobs.
Negotiate for better interest rates: Banks are happy to offer you loans when you have a good credit score. Banks and credit companies are always on the lookout to find borrowers with good credit scores. This puts you in a position to negotiate for better interest rates. You will also obtain a mortgage with more favorable terms.
Credit scores matter. Even a difference of a few points on your credit score makes a big difference in the interest rate you pay when you borrow money. A high credit score lets you take advantage of better credit card offers and gets more attractive deals on mortgage, car loans, and insurance.
Because a good score saves you so much money, it’s worth taking steps to improve a poor credit score over time.
A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call today at 1-877-871-2400. Ascent Network helps consumers all over the United States and is available locally in Huntington Beach, CA, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms.
February 7, 2022
In this economy, it is more important than ever to have a high credit score. A good credit score helps you get approved for a loan, get a better interest rate on a loan, and could even save you money on your car insurance. But if your credit score is not as high as you would like, don’t worry – you can raise your credit score fast!
The first thing you’ll want to do is to get a copy of your credit report. You can get a free copy of your credit score report from AnnualCreditReport.com. This website is authorized by the government to provide free copies of your credit report once every 12 months.
You can also sign up with a credit monitoring company, like The Ascent Network. Credit monitoring helps you get to know your credit score, gives you tips on how to increase it, and often shows you qualifying loan or credit card offers. Credit monitoring companies also flag suspicious activity and notify you of any unauthorized use of your social security number.
Next, you’ll want to check for errors in your credit report. Check the entire report looking for a name, address, and contact information mistakes. If you find errors, you need to dispute them through the credit report showing the error. The addresses to mail dispute letters to Experian, Equifax, and Transunion are here.
In your dispute letter, ask the credit bureau to remove or correct the inaccurate or incomplete information. Explain clearly what needs to be changed. Make sure you have copies of each letter and send the letter certified mail for tracking that it was received.
The credit bureau has 30 days to respond to your request. Once they complete their investigation, they must give you the results in writing.
Many people think that a closed credit account will automatically be dropped from a credit report. Credit bureaus only remove information from a credit report if it’s outdated, or inaccurate, or if a creditor agrees to remove it.
Some closed credit accounts can hurt your credit. If an account is closed and paid off but has delinquent payments or a charge-off, you can write a goodwill letter to the creditor and ask the account to be removed. Creditors do not have to honor your request, but there have been cases when a company is kind enough to do so after a paid balance.
There is also an option for credit accounts that are closed but have a balance. In these cases, you can send a pay-for-delete letter, which is an offer to pay the balance in full in exchange for removing the account from the credit report. Again, the creditor does not have to comply, but, often, they will consider the exchange for full payment.
The last option is to simply wait. Most items on a person’s credit report drop off after seven years. If a negative account is still on your report after the seven-year mark, you can try to dispute the account and have it removed.
Credit repair companies often have a negative reputation because of fraudulent companies in the past taking advantage of already-struggling consumers. The Ascent Network is different. Ascent is a nonprofit organization with a mission to provide clients with access to resources and services designed to assist individuals in improving their creditworthiness and financial position. You can find the Ascent Network Bill of Rights here.
Ascent Network is a member of the SecureTrust Trusted Commerce program. They provide services for credit repair, credit score improvement, debt settlement and negotiation, foreclosure prevention, and educational loan negotiation.
A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call today at 1-877-871-2400. Ascent Network helps consumers all over the United States and is available locally in Huntington Beach, CA, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms.
There is a lot of information available on the internet about credit repair. Some of it is good, and some of it is not so good. So, the question is, does credit repair really work?
The answer to that question depends on what you mean by “credit repair.” If you simply mean repairing your credit score, then the answer is probably no. However, if you mean repairing your credit history, then the answer is definitely yes.
Credit repair services can help you to remove negative items from your credit history, which will improve your credit score. They can also help you to negotiate with creditors to get those negative items removed from your credit report.
So, if you are looking to improve your credit score, then there are basically 2 parts to the process:
1. Get your credit report and dispute the negative items in it.
2. Negotiate with creditors to remove those negative items from your credit history, if you have been making on-time payments for a period of at least 6 months or so.
In general, negotiating with creditors on your own is very difficult to do, but credit repair companies have more experience with this kind of thing and are often able to better negotiate on your behalf.
The first step is to get a copy of your credit report. You can get a free copy of your credit report from each of the three major credit reporting agencies: Experian, TransUnion, and Equifax.
Once you have your credit report, you will need to identify the negative items that need to be disputed. This can be done by reviewing your credit report and looking for any errors or incorrect information.
You can dispute the negative items on your credit report by sending a letter to the creditor or debt collector that is listed on the item. Be sure to include copies of any supporting documentation that you have, such as billing statements or letters from the creditor
If you have been making on-time payments for a period of at least 6 months or so, you can negotiate with creditors to remove those negative items from your credit report. This can be done by sending a letter to the creditor or debt collector that is listed on the item.
Be sure to include copies of any supporting documentation that you have, such as billing statements or letters from the creditor. There is no guarantee that a creditor will hear your story and honor your request. But it’s definitely worth a try.
You can also sign up for professional help to repair your credit. Before you sign up for any credit repair program or service, just make sure that they are reputable. It’s not a good idea to go with the cheapest service available because it increases the likelihood that you will get ripped off.
Hiring a “free credit repair” service is also very risky because they usually lead you to believe that they can do things that are either impossible or illegal to do for free – such as getting your creditors to remove negative items from your credit history after making just one payment.
So, if you are going to hire a credit repair company, make sure that they have a good reputation and that you trust them. In general, the more expensive the service, the better it is likely to be.
The first thing you’ll want to do is to get a copy of your credit report. You can get a free copy of your credit report from AnnualCreditReport.com. This website is authorized by the Credit repair can often take several months before your credit score starts to show positive results from the work being done on your behalf by credit repair companies.
So, if you want to improve your credit score and repair your credit report as quickly as possible, then the best option is usually just to pay off your debt and stop using credit.
This will also help build up your trustworthiness with lenders over time, which will make it easier for you to get approved for loans (and thus improve your credit score) when you start to apply again.
The other option is to wait, and let time do the work for you. So long as you make on-time payments every month, then your credit score should continue to improve over time without any negative impact from the negative items that are currently in your credit history.
The most important thing to remember when you’re beginning your journey to credit improvement is to be forgiving of past mistakes, learn healthy financial habits moving forward, and seek professional help to stay on track.
A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call today at 1-877-871-2400. Ascent Network helps consumers all over the United States and is available locally in Huntington Beach, CA, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms.
It is easy to find information concerning credit today, TV, Newspapers, and the internet are loaded with information, but sadly, much of that information is inaccurate. Here are just a few of some common credit myths circulating today:
(Now, you might think that sounds absurd, but I assure you it’s far more widespread than you think.) Your spouse and your credit report and scores are looked at individually. If you have joint accounts, they’ll show up on both your credit reports.
If you get an authorized user account for your spouse, that’ll also show up on your report. However, if none of your accounts are joint, and you don’t have any authorized user accounts, there will be nothing that will affect your score for one another.
Huge Myth! Your credit score, right now, is looked at for almost everything you do. Increasingly, when you’re applying for a job, they look at your credit score. When you’re applying for auto insurance (in most states), homeowner’s insurance, or life insurance, they look at your credit score, they look at your credit history.
That’s why it’s so important to clean your credit up. Make sure that your credit’s reporting accurate information. If you have derogatory credit that’s truly yours, you work to rebuild credit.
This credit myth could not be further from the truth! The truth is, there is only one payment per billing cycle that is reported to the credit bureaus from creditors.
Multiple payments or trying to split up payments so that it “looks like” there is more payment activity on an account can actually hurt the consumer, how…….a lot of times if a payment is due on the 10th of the month and partial payment is received on the 1st of the month and then a 2nd payment is received on the 15th of the month if the payment made on the 1st was equal to at least the minimum payment due there will be a late charge which will be charged to the account no matter how large payment is made on the 15th.
The best advice, make your payments once a month on Credit Cards, Installment Accounts, and Mortgages and pay them at the same time each month so you develop a habit of paying on time.
If you want to stay on top of your finances, a good credit score is essential. Your credit score can help you qualify for loans, give you better interest rates and even get you a lower insurance premium. If your score is not looking good, It is worth taking the time to improve your number. … Continued
Read MoreExperian, Equifax, and TransUnion. The higher your score, the better your credit looks to lenders. And, the better your credit looks to lenders, the more likely they are to offer you lower interest rates when you need to borrow money Why your credit score matters A credit score is an indicator of the likelihood that … Continued
Read MoreFebruary 7, 2022 Get to Know Your Credit The first thing you’ll want to do is to get a copy of your credit report. You can get a free copy of your credit score report from AnnualCreditReport.com. This website is authorized by the government to provide free copies of your credit report once every 12 … Continued
Read MoreThere is a lot of information available on the internet about credit repair. Some of it is good, and some of it is not so good. So, the question is, does credit repair really work? The answer to that question depends on what you mean by “credit repair.” If you simply mean repairing your credit … Continued
Read MoreIt is easy to find information concerning credit today, TV, Newspapers, and the internet are loaded with information, but sadly, much of that information is inaccurate. Here are just a few of some common credit myths circulating today: Credit Myth: “Your credit score only counts when you’re looking to borrow money.” Huge Myth! Your credit … Continued
Read MoreWE COMMUNICATE WITH ALL THREE CREDIT BUREAUS FOR YOU:
