If you credit has fallen down, for whatever reason, you may be wondering how you can help it go back up. Don’t worry, there are plenty of ways to rebuild your credit. Try to follow as many of these tips as you can and you will be able to watch as your credit improves!
- Pay on Time
Be sure to pay any bills that you have on time. One of the biggest factors in determining your credit score is timely payments and making all your payments on time will help bring your score up. A late payment can stay on your credit score for up to seven years so it can take a while to recover from even one missed payment. Consistent and timely payments should be your main focus.
- Use a Loan
As we mentioned before, making consistent, timely payments is one of the best ways to make your credit score go up. Take out a quick cash loan (getting you some extra cash in your pocket) and then make the appropriate payments on the loan. Even if you only take out a small loan, it will be enough to go on your credit report and bring it up! A quick cash loan is ideal as they tend to have easier application requirements and will approve you regardless of your credit score. Many people call these credit-builder loans and that is exactly what they are!
- Only Use a Little Credit
While your credit card may have a $10,000 limit, that doesn’t mean you should put $10,000 on that card. In fact, most experts recommend staying at about 30% or lower of your available balance to help your credit score. Keep your balances low in order to keep your score up!
- Try a Secured Credit Card
If you cannot get a regular credit card due to your low credit score, try using a secured credit card. To get a secured credit card, you will need to put a deposit down on the card which will in turn become your credit limit. The benefit of getting a card like this rather than just using a simple debit card is that the credit card issuer will report the payments to all three major credit bureaus. The card usage will go on your credit score and automatically show as being paid in full since you paid upfront. This is an easy way to help your credit score go up!
- Authorized User
If you have a family member that has excellent credit, you can ask to be an authorized user on one of their credit cards. Adding your name to their credit account will immediately benefit your own credit. In fact, you don’t even need to really have access to their card or account- just having your name on there is enough to help! Just be sure that you become an authorized user on a responsible person’s account because if they miss a payment, it may hurt your score as well.
Whether you decided to take out a quick cash loan to improve your credit, try a secured credit card or simply make timely payments on all your accounts, you will definitely bring your credit up following these tips. Good luck and your credit will be up in no time!