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How to Improve Your Credit Card Score

credit card score

Many of us know that a credit card score is very important. Credit helps us buy a house, take out loans and pay for sudden expenses.

Still, maintaining your credit score can be very difficult, and if you’ve already made past mistakes, then increasing your score sounds nearly impossible.

But, it can be done. Here are a few tips to help you increase your credit score and rebuild credit, giving you a chance to be financially secure once again.

    1. Obtain Your Credit Score
    The first task is to find out exactly what your current credit score is.

    There are three major credit bureaus: Equifax, TransUnion and Experian.Your true credit score is usually averaged between these three. You can contact each of these agencies and get a free credit report.

    Also, through a Google search, you can find many websites who will compile the information and offer you a credit score for a small fee.

    In any case, discovering this number and where your credit stands is an important place to start.

    2. Settle Outstanding Debt
    By obtaining your credit card score, you can also find out exactly how much you owe, and to whom. Many times, we will have completely forgotten about a bill that was past due months, even years, ago. Gathering this information will help you tally everything up and decide what to do next.

    The problem with past-due bills is that they collect interest. Moreover, the company might sell the bill to a collection agency that might tack on more fees. Thus, you might have to do a little work to track down who you owe money to. The bill will always show up on your credit card score so it is important to get it settled.

    3. Get Help
    Now is when you need to make a decision. Either fix it yourself, or bring in outside help. If improving your credit score seems too overwhelming, there are many credit repair agencies that will consolidate what you owe into one tidy monthly bill.

    Equifax ScoreWatch

    The good news is that a credit agency could get the amount you owe reduced, so even with their fee added on, you could still be paying less. Shop around for quotes before deciding on this.

    4. Negotiate
    Repairing your credit score yourself is also a perfectly viable option. If you have the discipline and focus, there really is no reason not to.

    Begin by contacting every creditor you owe money to, and ask each what your options are. In many cases they are willing to negotiate with you and reduce the accumulated interest.

    5. Pay Off Debt
    Getting your debt paid off is vital to improving your score. Start with the smallest bill and pay that off quickly. Pay only the minimum amount due on the others.

    Now, suppose you were paying $50 a month on the smallest bill. Once paid off, add that $50 to what you’re paying on the next smallest bill, and so on. This will clean up your credit score very quickly.

    6. Deny Access
    Once all this is accomplished, maintain your credit card score by locking away all your credit cards in a drawer or cut them all up except for one which is to be used only for emergencies.

    By just paying the monthly fees, the information will go to the three main credit bureaus and make it look like you can pay your bills on time, increasing your credit card score and allowing you more financial freedom.

    By denying yourself access to your cards, you will also refrain from accumulating more debt which will negatively impact your score.

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