Five Ways to Improve Your Credit Score
When you are trying to be responsible with your money you check and know what your credit score is and how it’s affected by your choices. Unfortunately, we don’t know what’s going on with our score until it’s too late. This three-digit number basically controls your financial life and it can get very frustrating.
Don’t give up just yet though! Here are FIVE(5) big moves that might just be the jumpstart that points your credit score in the right direction. Best of all, you can do these things starting today! Let’s Go!
1. Let the site show you how to WIN!
Your Credit Score is your financial fingerprint. Just like your actual fingerprint, everyone’s is different and all for different reasons. Your score might be under 700 because you have an unpaid bill, someone else’s might be under 700 because they have an error on their report. Either way, both can be fixed with just a little effort on your part. Go to Credit Sesame, a free website that will take a look at your credit report and let you know exactly what you need to do to improve your score. It only takes about 90 seconds.
2. Write a Letter
… to your creditors.
If you generally have a solid credit history, but you recently noticed something amiss, then sending a well-constructed letter to those you owe most often helps you get back into good graces with them and will, in turn, improve your credit score.
Make sure that your letter includes and covers these following areas for best results:
Include your pertinent information: Account number and date(s) of missed payment(s) that you want to be removed from your credit history.
Why and how long you’ve been a loyal customer of the creditor.
Take full responsibility for your mistake(s) that led to the blemishes on your credit.
Describe in full the steps that you are taking to ensure that these mistakes will not happen again.
Make sure to appeal to their sense of empathy. Show that you are asking for forgiveness while also ensuring them that moving forward you will do better. You must show them that you deserve this!
Keep your letter clear, concise and to the point. Do not ramble on or over-explain. Less is more as long as you have all your bases covered.
Once you’ve written your letter, make sure to address it using the information on the creditor’s website.
Insane, over the-top-credit card interest rates are killing you, while you’re going broke, they’re getting rich! Credible is a consolidation company that will match you up with a loan that will cover your credit card bill. All this could happen as soon as tomorrow.
Here’s how it works: Credible will match you with a loan that will cover your credit card(s) bill(s). You then use that loan to pay off your bill(s), then you make monthly payments to pay off that loan at a lesser percentage rate. This new consolidated loan could lower your monthly payments and help you pay off your debt faster. Plus, no credit card payment this month. You don’t have to stand in line or call a bank. And if you’re concerned about whether you will qualify or not, it’s free to check online. It takes about two minutes to make a call and this call could save you thousands of dollars depending on your situation. Think of it as a double win, you can effectively chip away at your debt pile and improve your credit score at the same time.
4. More Complicated?
If what you are dealing with is more complicated than what these first three points can resolve, you may need to call in for more help, especially if debt collectors are involved.
If you have been getting phone calls and or mail from debt collectors, take a look into Collection Shield 360, a free service that helps people deal with collection agencies and clean up your credit report. They will contact your debt collectors and negotiate to get bad marks on your credit report removed, plus additional steps to help improve your credit. See how much you can improve your credit here.
5. Pay off Debt
When you’re trying to improve your credit ranking, paying off your debt is one of the most impactful things that you can do. You may feel exhausted from having your debt chase you around, you also may feel like you cut all the “fun stuff” out of your budget. You may think that there is nowhere else to turn, but the truth is, one of the simplest expenses that you can cut is your car insurance.
If you really want to get the most competitive price and the best price for you, experts say you should shop for car insurance twice a year. What? Who has time for that? Not you, you say? I almost agree with you, but at least once a year is a really good idea.
But, as you know, insurance companies take a lot of factors into consideration, and they are constantly changing, like daily. Fear not there is a service called Gabi, does all the shopping for you and helps you find a cheaper insurance carrier with the same coverage and deductibles you already have. And it saves customers an average of $865 a year.
You don’t have to fill out any forms. All you need to do is link your existing insurance account and enter your driver’s license and it will start looking for cheaper coverage. Plus, even after you’ve signed up, Gabi will keep looking for savings. No more shopping. Just think another $865 towards knocking down your debt.
Now you’ve got FIVE strategies to get your credit score back to where you need it. Get Started Now! You’ve got this!