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  • How to fix your bad credit

    Do you have bad credit? You’re not alone if you do. There are millions of people that have let their credit score get away from them for one reason or another like student loans, consumer credit card debt, or bankruptcy. A good credit score can create a lot of advantages for you in life. Individuals with high credit scores usually get lower interest rates on car and home loans. It is also much easier for them to get financing when they need it.

    Many people are too scared to look at their credit score because they don’t want to know the truth. They are also under the impression that not much can be done to help improve their credit once it gets bad enough. This couldn’t be farther from the truth. Here are some tips that can help anyone improve their credit score and get a home loan or car loan they couldn’t get before.

    How to Fix Your Credit

    1. Keep Your Credit Card Balances Low – Many suffer from bad credit because the balance on their consumer credit accounts is too high. If you want to improve your score, try to get each of your balances to about 30% of the total credit limit.

    2. Old Debt Isn’t as Bad as You Think – It is a common occurrence for someone to immediately do everything they can to get a car that they paid off taken off of their credit report. This is understandable, but not a requirement to improve your score. This old debt that you have paid off is actually good for your credit because it shows that you have a history of paying things off.

    3. Don’t apply for too many things – Applying for credit will cause your score to dip in some instances. Try not to apply for a lot of credit cards at one time or it could add up. These dips are usually minimal but every point counts when it comes to your credit score.

    4. Pay your Bills On Time – This one should be pretty obvious since it is the very measure by which your credit card is judged. Still, some people might benefit from being reminding to pay all of their bills on time. Sometimes, small bills can get put by the wayside when we are preparing to make bigger purchases. Don’t let this happen because it can add up and have a disastrous effect on your score.

    13 Apr

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