Everyone pretty much knows the state of the economy at the current time. The bad news is that this doesn’t help much when you’re trying to improve your credit score. However this doesn’t mean that there is nothing you can do. Below are a few steps that you can follow that should at least start to improve your rating.
Ask to See Your Credit Report
The first thing that you should do is ask to see your credit report. You can do this my contacting one of the three main bureaus who are obligated to send it to you when they receive your request. It shouldn’t take long for your credit card report to arrive and once it does you can begin to analyze it. When you are analyzing your report, you should pay particular attention to any errors. Errors are not as uncommon as you may think and they can damage your credit rating. If you find any errors you should report them as soon as you can – they should not take too long to fix and you may find that your credit score dramatically improves.
Generate Positive Transactions
If you didn’t find any errors on your credit report, don’t worry as there are still things that you can do to improve your credit score they may just take a little longer. One of the best ways to increase your score in a short space of time is to generate positive transactions. If you already have a negative rating you will struggle to get a credit card however you shouldn’t have any trouble getting hold of a store card. One of the best things that you can do is to purchase items on your store cards and then pay the balances off immediately. Even purchasing something for $50 and repaying it in full when the bill comes in is enough to increase your rating.
Commit to Lower Your Debts
Of course if you are still in debt you will find it incredibly hard to increase your credit rating so if you are in this situation the best thing you can do is commit yourself whole heartedly to lowering your debts. Start paying bills on time, try and lower your repayments and if possible look into debt consolidation to help you pay off your debts in one affordable monthly payment. Once you begin to become more responsible with your finances you will see your credit rating increase.
All of the above ways to improve your credit card score vary in the length of time that they take to work. However by being responsible with your finances there is no reason why you cannot improve your credit rating, even in the current economic climate.