Credit scores are more important today than ever before. In an world fueled by consumer debts, having a good credit score could mean that you pay thousands less in annual living expenses by paying much less in interest! However, when I comb the web for interesting information about improving credit scores, the articles always tend to end in click here to hire me, I can help. So, this poses a question that I’ve been asked quite a bit, “Do you have to hire someone to improve your credit score quickly?”. The simple answer is…
No, You Do Not Need To Hire Someone To Improve Your Credit Score Quickly
The truth is, there is only benefit in hiring someone to improve your credit score if you do not trust yourself to stay on top of it. There are a few things that you are going to need to do each month to make sure that you have steady growth. However, with a bit of research, you will find that building your credit scores is a common sense task. Making common sense decisions financially is a great way to start. Here are a few simple things that you can do to improve your credit score…
• Check Your Credit Report For Inaccuracies – Your credit score is more of a scale of trust. It is a number that allows lenders to figure out how much money if any they can trust you with. With that said, it’s hard to trust someone that lies on applications. If your credit report is inaccurate, this may be exactly what it looks like every time you fill out a new credit card or loan application. With that said, get started by getting a free copy of your credit report and reporting any inaccuracies to the credit reporting agencies.
• Pay Off Past Due Debts – If you have debts that are past due, it’s going to be hard for lenders to be able to trust you with more debt. Therefore, it’s time to start paying down any past due debts that you have. Once you’ve paid everything to a current status, you will most likely notice an incredible improvement in your credit score!
• Make On-Time Payments – Making late payments is a great way to hurt your credit score. Therefore, if you want to build or even maintain good credit scores, it’s important to always remember to pay on time. Personally, I try to make all payments at least 2 weeks in advance. This way, I get a little bit of time if an emergency were to come up. This is a great way to avoid future late payments you might be in danger of making!
• Open A New Line Of Credit – Because your credit score is based on your history with regard to maintaining your debts, if you have no history of debt or bad debt history, you have little to no or poor credit scores. A great way to improve this is to open a new revolving credit line and use it properly.
• Send More Than Minimum Payments On Revolving Debts – One way to show lenders that you are financially capable of handling debts is to send them more money than they ask for. By aggressively paying down your outstanding balances, you will show lenders that you are more than capable of handling more credit!
How Long Does It Take To Improve Your Credit Score?
Once consumers learn how to improve their credit scores, the next question that’s generally asked is, “How long does it take to improve your credit score?”. The truth is, the answer to this question will be different for everyone because everyone has their own unique financial capabilities and in-capabilities. However, it is important to remember that there is no way to improve your credit score over night! This is an ongoing process that will require a bit of time and attention!
This article was written by Joshua Rodriguez, proud owner and founder of CNAFinance.com and avid personal finance journalist. Join the discussion about this article or any personal finance topic of your choice on Facebook!