Simple Credit Fixes To Improve Your Finances
June 16, 2022 | June Mckaig
Bad credit is a major problem. Not only can it impact your ability to borrow cash, but it may limit your options when it comes to getting internet services, cellphones, or even certain jobs. This is why it is so important that you put a few credit fixes into action. If you can do that, then you will find that your credit score will rise.
On this page, we are going to share a couple of tricks that will help to improve your credit score. We will also share an option for you if you need to borrow cash now, but your credit score isn't quite where you want it to be.
Credit Fixes And Tips
Check Your Credit Report For Any Errors
At least a couple of times per year, you should be checking your credit report to ensure that all of the information is accurate. If it isn't, then reach out to your creditors so they will be able to fix it for you.
This is one of the credit fixes that a lot of people forget about, but you will be surprised at how often errors can appear on reports.
Don't Use All Of Your Credit At Once
One of the most important factors when it comes to your credit is your credit utilization. This is the % of your available credit that you have used. For example, if you have been granted $10,000 in credit across your credit cards and you have used $3,000 of it, then you have a credit utilization percentage of 30%.
You want your credit utilization to be close to that 30% figure. Do not use too much of your credit at once. Your credit score will reflect negatively if you do. At the same time, you don't want to use too little credit, as this will also have a negative impact. This is because not using your credit can make it look like you don’t know how to manage your credit.
Use Credit Cards...And Then Pay Them Off The Next Month
The key to improving your credit is to show that you can make payments on time.
Each month, try to put some of your expenses on a credit card. As soon as that bill is due, pay it off. In most cases, there will not be any interest for paying off that credit card right away. You will also benefit from having a mark on your credit report that says that you have made that payment on time. Basically, you are demonstrating that you know how to handle your money.
Keep Up With Your Bill Repayments
Bills are important. Do not pay them a day or two late. Pay them before the due date. If you are struggling to reach the due date, then tell your creditors. They may be able to bump the due date up by a couple of days or two.
When it comes to credit fixes, on-time payments are great. Late payments are awful. Avoid late payments. Just one or two will be impacting your credit report for years.
Talk To Your Creditors If You Are Struggling
If you are really struggling financially, then reach out to your credit card providers, subscription providers, etc. Let them know that you are struggling. They may be able to set up a payment plan for you. While this is something that may have a temporary hit to your credit score, you will stop having to deal with late payments, and that is one of the most important of the credit fixes that you can make.
Could A Bad Credit Installment Loan Be An Option In The Meantime?
Applying credit fixes to the point where you see a noticeable benefit to your credit score is a process that can take months, sometimes years (depending on how bad the situation is). This is not really something that will help you if you need to borrow cash now. This is why some people may see an installment loan as an option.
An installment loan from Mississippi Title Loans, Inc. may allow you to borrow up to $1,250, depending on your financial situation. While a credit check will be carried out, often the requirements to get approved for an installment loan are not as tough as dealing with the banks.
Our installment loans are often funded in just a few hours, with the initial inquiry process taking under an hour. You don't need much to start the inquiry either. ID, proof of income, and a statement for a checking account in your name are how you can get started.
Get An Installment Loan Today
If you have poor credit, then it is important that you start working on credit fixes as soon as possible. The faster you can improve your credit score, the quicker your financial situation will improve. If you need cash now, then a bad credit installment loan from us could be an option. Fill in the inquiry form to get started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.