The 3 Easiest Credit Score Fixes
People are often under the impression that credit scores are a fixed and immovable thing once they’ve lowered, that it would take years of strenuous work to get those numbers back up. While it does take time, not every aspect of raising your credit has to be a Herculean task. Here are some of the easiest ways to fix your credit.
And if you’re not sure what your credit score is, don’t worry. Credit Report Problems is happy to help you order your free credit report.
The 3 Easiest Ways to Fix Your Credit Score:
Age for Best Results:
Just like a good bottle of wine or scotch, the longer your credit accounts age, the better your scores will be. THAT IS, only if your accounts have a history of solid transactions. If you keep a credit account for ten years and every payment is late, underpaid or your accounts are frequently overdrawn, chances are your credit score will be atrocious. But if you keep a good history with your line of credit–even one with occasional late payments or dings–the more favorably it appears on your score. After all, what your credit score does is predict how reliable you are with your credit: being married to it versus a series of quickly closed, one-night stands will lead to a much better score.
Cut Down on the Hard Pulls:
Credit inquiries are broken down into two categories: hard inquiries and soft inquiries. Soft inquiries are credit checks that are independent from loan applications: such as your free yearly check or your monthly checks with apps like Mint and CreditKarma. Hard inquiries are those checks that precede taking out a line of credit, say when looking to buy a new car, apartment or house. These hard inquiries lower your credit every time they are performed. The simple fix is simply to stay away from them until absolutely necessary.
Automatic Payments:
As your payment history–specifically your late payment history–accounts for 35% of your credit score, one of the smartest and easiest fixes you can do is set up autodraft payments for your bills. Having your accounts set to automatically draft will ensure you won’t miss a payment because it fell on the weekend or because the other elements in your life got a little crazy. Out of sight, out of mind, as the old aphorism goes.