DIY Credit Repair: How to Increase Your Score Successfully

credit repair

Your ability to borrow money and access financial products such as loans or credit cards is directly affected by the credit score you already have. You’ve been rejected for one of these products already, or you suspect that your score is not enough for you to get approved, so you don’t even want to give the applications a try? Don’t worry. This doesn’t have to be permanent.

Put differently, you can raise your credit score and either reapply or apply for the very first time, confident that you’ll get the financial product and service you’re after. Even if you don’t really need any of those services for the time being, working on your credit is quite important nevertheless, because you never know when you may need them in the future. And, being ready is a good thing!

Knowing you need a good score is one thing, but actually building it is another. If you haven’t been paying much attention to it up until now and if you haven’t been that diligent and responsible with your finances and bills so far, you may find yourself surprised at having a poor credit score. Of course, if you’re in debt, then this won’t exactly come as a surprise.

In any case, you’ll want to do something about it. Losing hope and assuming you can’t do anything to fix the problem is not the wisest move. No reason to give up when there are solutions to the problem. In other words, no need not to try and fix the issue when there are some concrete DIY steps you can take to successfully increase your score and repair your credit. Let’s check what they are.

credit repair

Really Examine the Credit Report

Have you taken the time to really examine your report lately? Or, have you just flicked through it, checked out the score, got completely disappointed and refused to go into details? The latter is not the best thing to do. Really examining the report will help you identify the weak points and the areas which can and should be improved. So, this should be your first step.

Here are some more tips on DIY repair:

Check for Any Errors

Another reason why you should examine the report carefully. A mistake or two might have creeped up. Finding the error at first glance is not something you should expect. Instead, diving deeper into the report and checking for errors is what you should do. Should you identify some, request for those to be corrected, as that could quickly affect your score.

Pay Your Bills on Time

Here’s an obvious one. Paying your bills on time is the best way to work on your creditworthiness and basically prove to the lenders that you can effectively manage your finances, which will lead to getting approved for a loan or a credit card. Of course, it’s worth remembering that not all bills count towards the score, and your report can give you a clear idea on which ones do, so that you can focus on paying those on time.

Pay Off Your Existing Debts

Struggling with some debts already? The fastest way to fix the actual score is to pay those off if you can find a way. Sure, this is easier to say than to do, but it has to be mentioned as a rather important step in DIY credit repair. Learn why building it is important here.

Break Financial Links With Other People Who May Have a Poor Score

Do you have a joint bank account or joint borrowing with another person? And, does that person have a poor score? That will directly affect yours as well. Breaking financial links with such people can lead to a quick boost in the score as well, so this is something to absolutely do, especially if looking for a quick fix.

Consider a Credit-Building Card

A credit-building card, and the very name explains its entire purpose, could be your ticket towards improving the score. If you have a bad credit history, or if you haven’t used it in the past at all, getting one of these cards will put you on the right track towards building or improving the score, and thus becoming eligible for other financial services. Just make sure to choose the right providers and reasonable interest rates.