Unfortunately, there is really no way that you could improve your score in a blink of an eye or even after an overnight sleep. It would take time to repair or build a good credit score. But the right goal to aim at is that you have to at least minimize the time it takes to repair or build a good credit score. How? Just read along. Featured in this article are some tips on how you could improve your score.
1. Do not rely on your credit cards always. If possible, minimize the use of your credit cards. Use your cards on important instances only to avoid accumulating a large balance. There is no more damaging to your score than building a huge balance and be unable to pay it.
2. Have a copy of your credit report yearly. This is for you to be able to check if all the information in your report is correct. You have the right to have a copy of your report from any of the 3 major credit bureaus.
3. If there's any incorrect information, repair it. You also have to right to correct or remove all the incorrect information. Contact your creditor immediately so you could talk about the steps to make in order to correct your report.
4. Get current with your delinquent accounts. Computation modules generally account 35% of your score with your credit history. Meaning, if you have a bad history, you would have a bad score. So there is no other way to improve it than to pay your old and outstanding balances.
5. If you have delinquent accounts, then do not try to apply for a new one. If you still have plenty of delinquent accounts, and you have a plan to fix your score, then do not apply for a new credit account. Doing this would only hurt your score even more.
6. Do not close your older delinquent accounts. Closing them would just damage your score. There is really no other way to deal with your older accounts than to pay them. As for your current accounts, if you have a balance, pay them. By all means, you must really be able to pay your balances to improve your score. You could try to sell some of your properties to help you with the payments.
7. If you are overwhelmed with your credit status, seek professional help. There are experts that could help you with your problems and they could design your road to recovery.
8. Communicate with your creditors. You would be surprised that even though you have tried to hide from them and avoided paying them, they would still offer you help. Share your problems with them so they can adjust your payment mode and make it easier for you to carry until you are on your feet again.
9. Be patient. It would take time to repair a damaged score. Just keep doing the things listed above and your score would have no other fate but to improve.