Posts Tagged ‘increase credit score for free’

Tips To Increase Your Credit Score For Free

There are plenty of things you can do to increase your credit score for free. Most of the times, when things seem to be out of control, people often get frustrated and get so much stressed that they fail to think of a solution on their own. That is how they get trapped into the predatory claws of unscrupulous credit repair agencies. It is very important for you to understand that no credit repair agency can do any miracle for you. They do not do anything that you cannot do. It is just about how informed you are. Information is the key factor. The more informed you are, the better you will be able to take control of your credit situation. Following are some of the very effective ways to improve your credit worthiness. The good thing is that implementing these methods does not cost you anything. You can do it on your own without spending even a single penny.

Errors On Your Reports Can Be Costly To Your Credit Health

While you are trying to work out your strategies to increase your credit score for free, the first thing you have to do is to obtain the copies of your credit reports from the three major credit bureaus – Equifax, Experian, and TransUnion. Check each and every entry on these reports thoroughly. See if all entries are 100% correct and complete. Mistakes can happen on any end. It can be your lender who provides wrong information. It can be the credit bureau staff members who enter incorrect data as typing error. For example, you can notice that you have already made a timely payment toward a certain debt, but that is not showing on the reports. Likewise, there can be several other such mistakes also. So,, do a thorough review. Make a list of the errors you have pointed out. Then, file a dispute for each and every error separately. The credit bureau will investigate your claims. If they find out that your claims are genuine, they will correct those errors, which will eventually boost your credit score.

Demonstrate Some Financial Discipline

If you want to increase your credit score for free, you will have to accept that your low FICO score is mainly because of your irresponsible financial behavior. Once you are sure that your credit report is completely error free, the next thing to do is to do a thorough review of how disciplined you have been in managing your debts and finances. Have you been making late payments? If yes, you must note that untimely payments can have a substantial negative impact on your credit score because 35% of your score is determined only on the basis of your payment history. Therefore, this is the time you must show some financial responsibility. Work on a strict budget plan. Spend less; earn more; increase your savings and then use the same to pay off your debts faster without making further defaults. Other important factors that you have to work on include the number of enquiries you are making for new credit, the types of debts you have in your name, the length of your credit history, and most importantly, how much of your available credit limit you are using.

Overall, it should not be an exaggeration to say that if you prepare all your strategies to increase your credit score for free on the basis of above two steps, there is no reason why you should feel.

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