Credit Scores Falling Down? 4 Ways to Help Bring Them Back Up
Wednesday, October 9, 2019, 6:00 AM | Leave Comment
If your credit has suffered and caused your credit score to sink to an all-time low, there are several things that you can do to get back on track.
Doing all the necessary footwork to raise your credit score will make applying for any future credit cards, mortgages or car loans much easier.
Here are some great ideas for increasing your credit score.
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Reduce Loan Balances
The more outstanding debt that’s owed, the lower the credit score. Trying to pay off all outstanding balances on credit cards and other loans as quickly as possible can help boost your credit. It’s also a good idea to try to pay more than the minimum payments so that you aren’t just paying the interest fees and can make more headway in reducing your debt.
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Work with a Credit Repair Service
Credit repair services are in the business of improving people’s credit scores in the most practical and efficient ways. Financial experts who work for these services can devise solutions to make satisfying debts and raising credit scores as easy as possible. The right service can even help you establish new credit tradelines (also known as credit accounts) that can be opened for a one-time flat fee and come with low interest rates.
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Dispute Negative Marks
You may notice specific negative marks on your credit report that can be disputed by following the right steps. Contacting the credit report bureaus to dispute any negative findings will be an excellent start. When you file a report, a credit report bureau will likely make a note to let other people who might check your credit know that a given negative mark is being disputed. If you don’t get satisfaction, you can hire a lawyer who practices credit and finance law to help resolve your claim.
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Investigate Any Possible Fraud
You might be the victim of credit fraud without knowing it. If you fail to investigate your credit for any fraudulent activities, you may be held liable for the charges and have your credit ruined in the process. It’s always important to check your credit score regularly with a service that won’t penalize you and lower your score just for looking at it. If you notice any fraud, it’s advisable to contact any credit card companies or other lenders that processed the fraudulent charges to try to resolve the issue.
You don’t have to settle for bad credit. By taking a proactive approach to repair your credit, you might be able to raise your credit score considerably higher in a short amount of time.
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Meghan Belnap is a freelance writer who enjoys spending time with her family. She also enjoys being in the outdoors and exploring new opportunities whenever they arise. Meghan also enjoys researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook and Twitter.
