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Top Ten Ways to Fix a Bad Credit Score

It may become challenging to pay your bills on time or to pay them at all during certain times in your life. This could be because of life changing health situations that overcome your financial ability to pay or the loss of your job. These situations can lead to a decrease in your credit score and to a bad credit report. The best way to obtain the lowest interest rates when shopping for a mortgage or a car or department store credit cards, is to maintain as high a credit score as possible.
It should also be noted that prospective landlords and employers may conduct credit checks on prospective applicants as a means of eliminating the less credit worthy applicants. Should your credit score be less than acceptable, be advised that a low credit score can be easily raised by following the ten tips listed below.
First – Before attempting to raise your credit score, ensure that you are paying promptly on your current bills. Regardless of the size of the debt, it must be paid when required, and not allowed to fall past due.
Second – Do not maintain a large number of credit cards accounts at the same time.
Third – Ask your spouse, your brother or sister, or a friend you know well and who has good credit, to add your name as a joint holder on one of their credit accounts. When this credit account is reported to the credit bureaus, your credit bureau report will also receive positive feedback and your credit score will increase.
Fourth – Be certain not to max out the available credit on your accounts. Utilizing only about one third of your available credit and making regular payments will add points to your credit score.
Fifth – If you recently had a bankruptcy or a foreclosure, you will greatly benefit from opening a new line of credit. This will add points to your credit score and refresh your credit history if the accounts are maintained by making on time payments. New credit lines can be created by opening a new checking or savings account or by opening a secured credit card after making a security deposit on the card. The banking institution will have confidence in the process as they will be able to advance you credit up to the limit of the deposited security.
Six – Work on reducing your debts. Eliminate your debts by paying them off or substantially reducing them. This process will increase your credit score. Seek out ways to eliminate your debts as soon as possible. Options you can utilize include putting your tax refund money towards wiping out the debt, or doubling the regular monthly payments or even negotiating a low or a zero interest loan from a trusted friend or relative.
Seven – Get your credit report including information from the major three credit reporting bureaus every year.
Eight – Scrutinize the entries in each report and challenge any inaccurate or incorrect entries. Incorrect entries in your credit report will lower your credit score, so it is important to correct these as soon as possible. Dispute these entries and follow up to ensure that they are corrected promptly. Be on the lookout for signs of identity theft, and take action to correct.
Nine – Especially if your credit history is bad, refrain from opening several accounts at the same time. Lenders will view this activity as risky and will view you as taking on unreasonable debt.
Ten – Do not close accounts you are not using. Doing so will not remove the account from your credit report and will cause your credit score to be lowered.
Paying close attention to the preceding ten tips will keep your credit score high and will even help you raise it quickly if circumstances should reduce it to an unacceptable level.