Is It Possible To Raise Your Credit Score?
Improving your credit score can be a long, arduous process, but the following tips can make your path back to financial stability a little bit easier.
Don’t Bounce Checks
When you write checks, be sure that you have enough money in the bank to cover the full amount. Banks can charge some hefty overdraft fees when they have to cover the money you don’t have, and missed payment fees can start to pile up fast. While they aren’t technically reflected in your score, overdraft charges can show up on your credit report, which can keep you from getting approved for loans, apartments and even jobs.
Get a co-signer
Starting a joint credit card account or a small loan with another person who has good-standing credit can help rebuild credit. Keeping a positive payment record can establish good credit, improve your credit history, and eventually lead to a better score.
Just be very careful with these accounts, because missed or late payments won’t just affect your credit, but your co-signer’s credit too.
Avoid collection agencies
Now don’t take this to mean you should avoid making any payments to collection agencies. You should try to avoid having to deal with collection agencies at all. Having a collection agency show up on your credit report is bad news, and can significantly damage your financial standing.
And the truth is that lenders are normally just as unwilling to turn accounts over to collection agencies as you are. When a lender has a collection agency handle a customer’s outstanding debt, the lender only gets to recover a fraction of what they’re owed. Because of this, lenders can sometimes be easy to negotiate with. If you know you’re going to be late for a payment, call them directly, and you may be able to work out a more reasonable payment plan.
If you or someone you know is suffering from a low credit score, fear not. Credit repair is indeed possible today. Perhaps you are wondering what is a good credit score. If so, there are many services out there to help improve your credit worthiness to creditors.
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Tags: credit repair, credit score, what is a good credit score
