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Debt-Free Strategy:

How to Improve Your Credit Score

Part 1

If you have a poor or average credit score, you should constantly be working to bump this number up.  This may seem like a daunting task, but don’t worry, we’ll walk you through it.      

 

First you’ll want to double-check your full credit report from all three bureaus.  You can access these for free at AnnualCreditReport.com.  You will be looking through these reports for any discrepancies – accounts you did not open, payments incorrectly marked late, or any other information that you may want to dispute.  You can file a dispute through any of the credit bureaus websites.  If your reports are clear of any incorrect information, we can move on.

 

Now, look for any negative information.  This information can stay on your reports for 7 years, but you may be able to resolve some items.  If you have any debt in collections, resolve these immediately – collection actions that have been fully resolved will no longer appear on your credit report.  For any other negative information, you may just have to wait until it falls from your report.

 

Okay, the rest of this is going to feel like a snail’s pace, but it’s the only way to improve your credit score:

 

  • Make all your payments on time
  • Get your credit utilization as low as possible

 

These practices won’t transform your credit score overnight, but they are absolutely necessary if you want to see it improve.  As you pay off your debt your credit score will naturally increase, and once your score has risen high enough you can go back and use either our balance transfer or personal loan strategies for placing the final nail in your debt’s coffin.    

 

If you are interested in a more in-depth explanation of your credit score and how to improve it, you can learn more in our separate Credit Score Guide.

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Want to read this later? Download this guide as a PDF or eBook.

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