Having a low credit score can be tough. Low credit could prevent you from getting approved for a loan, mortgage, apartment or credit card. Having bad credit could also cause you to pay higher interest rates on loans or security deposits on utilities.
The bottom line is that having bad credit could set you back financially—which is why it’s important that you know how to repair and rebuild your credit. It may not be a quick and easy task, but fortunately, repairing your credit is possible! Here are seven tips for fixing your credit:
1. Check for any credit report errors.
First, you’ll need to get a hold of your credit score. There are plenty of free tools online that allow you to check your score (and checking won’t hurt your score!). Once you have your score, check for any credit report errors. This might be inaccurate information on your report, incomplete information, or any information that you believe can’t be verified.
Any errors can be disputed online, over the phone, or through mail. Keep in mind that if you have several disputes, spread them out over a period of time. The creditors may become suspicious if you file too many disputes.
2. Address any past due accounts
Your payment history makes up 35% of your credit score—therefore making it the most impactful part of your score. Having too many past due accounts will drastically hurt your score, so be sure to tackle those first. The goal is to have all your past due accounts marked as “paid” or “current”.
And when paying these accounts—be sure to tackle the ones that aren’t yet “charged-off”. A charge-off happens once your payment is 180 days past due and is one of the worst account statuses you could have.
3. Bring down your highest balances first
Once you’ve tackled any past due accounts, it’s time to start paying down your balances. The accounts that should be paid off first are any that have exceeded the credit limit or are about to exceed the credit limit. Ideally you want to be using less than 30% of your credit limit. If you can do this, you’ll greatly boost your score.
4. Don’t close any credit cards
Closing a credit card doesn’t usually have any benefits. That’s because a credit card contributes to your available credit/credit limit. The higher your total line of credit is across all accounts, the easier it is to keep a lower credit usage percentage.
If you want to close a credit card because of a high annual fee, try calling the credit card company and telling them you’re considering leaving because of the fee. There’s a chance that they could wave it for you. You could also look into transferring your line of credit before you close a card.
5. Don’t be discouraged by setbacks
While going through credit repair, there’s a chance that your score could unexpectedly drop. Don’t let this discourage you. This could happen as a result of you paying off a debt and closing the account. As long as you continue to add positive aspects to your credit report—such as paid off accounts, low credit utilization—you’ll be on the right track to repairing your credit.
6. Work with a credit counselor
If your debts are becoming too much to handle and creditors won’t work with you, consider getting a credit counselor. Look for a free counselor with a non-profit to help you get your credit back on track.
7. If bankruptcy is inevitable, file sooner rather than later
If filing bankruptcy is the only option, don’t waste time on other solutions. Decide whether or not bankruptcy is the right choice for you by looking at your finances and chatting with a professional. The sooner you file, the faster you can start the process of rebuilding your finances.
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Bad Credit Cards
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- See website for Details*
- Intro (Transfers)
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- Annual Fee
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FIT™ Platinum Mastercard®
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Freedom Gold Card
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Surge® Platinum Mastercard®
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- Regular APR
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Reflex® Platinum Mastercard®
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Milestone® Mastercard®
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- Credit Recommended
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First Progress Platinum Select Mastercard® Secured Credit Card
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- ¹Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
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Upgrade Cash Rewards Visa®
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Reflex® Platinum Mastercard®
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- Less than perfect credit? We understand. The Reflex Mastercard is ideal for people looking to rebuild their credit.
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Merrick Bank Secured Credit Card
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- Credit Recommended
- See website for Details*
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- Credit Recommended
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Surge® Platinum Mastercard®
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- Regular APR
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- Credit Recommended
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- See website for Details*
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- See website for Details*
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- See website for Details*
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