Struggling with money issues is not uncommon because lifestyles have become expensive. However, if one does not monitor his/her way of spending, it might lead to a debt situation.
On the other hand, many people don’t have the habit of saving so they are often unable to deal with unexpected expenses.
With a financial struggle like this, it is not surprising to have a low credit score. However, here at Loan Away, we are ready to help you! Please, keep reading to find out more.
Why a Good Credit Score is Important?
It is important to have a good credit score because it shows one’s responsibility and ability in terms of finances. It will give you the credibility in the eyes of a financial institution such as banks.
Having a good score is not just about being able to take out loans for immediate expenses. It can be incredibly helpful when you plan to apply for a mortgage, which is one of the most common ways to acquire a home these days.
How to Raise Your Credit Score?
If you have a declining financial score, it is quite possible to raise it. It may not be a piece of cake but there are plenty of methods to do so. Another thing to remember is consistency. Even with time, you will be unable to raise your score if your financial behavior is not consistent.
- How to Build Your Credit Score?
- Everyday Habits That Will Boost Your Credit Score
- How Can I Rebuild My Bad Credit?
Raising Your Score Fast
We have mentioned that raising a score takes time but you can make a considerable improvement within 30 days. From here, if you manage to be consistent with your financial patterns, you can keep raising it.
If you are seeking to increase your credit within 30 days, here are a few methods to do so:
METHOD #1: Often, creditors may make errors and add false late payments to your report. You should identify such mistakes and then call the creditors personally. Request them to remove the errors. Additionally, you will have to make the same request to all three credit bureaus so they can rectify at their end.
METHOD #2: It is possible to remove a recent late payment. Depending on your current score and the number of days, a payment was late, it could considerably reduce your credit. It is not easy to negotiate with the companies but persistence may help. Call the original lender and request for a goodwill adjustment. If you face resistance, you can even offer automatic payments.
METHOD #3: In case you have a collection account added to your report, negotiate to get that removed too. Do not pay the collection account, as it will not help raise the score. Negotiate with the collectors for paid deletion in writing. Pay the account once you have a written agreement from the collector. Afterward, you can work on getting the account deleted
Using these methods, you can fairly improve your credit score within 30 days. There are other methods too, which you can follow to maintain persistence in raising your score. Meanwhile, you should be careful about avoiding debt and other poor financial situations.