How to Repair Your Credit and Improve Your FICO Scores in 2018

When your credit score is too low for you to borrow money from the bank, you may not be able to buy a car or secure a mortgage. A low credit score can also make it difficult to lease an apartment, open a credit card or take out a student loan. Fortunately, it is possible to improve credit over the course of several months. As you follow these tips, your credit score will begin to rise.

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Manage Your Monthly Payments

One important step that can rebuild credit is to make your monthly payments on time. An on-time payment history for your electricity, internet and phone bills will help to boost your credit. Paying your rent, student loans or car loans on time will also improve your credit scores.

Manage Your Balances

It’s also important to start paying down some of your credit account balances. To improve your credit, lower your credit utilization ratio. This refers to the amount of your available credit that you are using. Paying down your balance lowers your credit utilization ratio and thus boosts your FICO score.

Check Your Score…Often

You should also check your credit report with Equifax, Experian and Trans Union. Fixing any errors could also help to rebuild credit. If you see errors on your report, contact the reporting bureau in writing and request that they fix the mistakes. The company has 30 days to respond to your request.

Avoid Temptation

Another way to improve credit is to avoid opening new accounts. The more accounts you have, the higher of a risk you are to lenders and the lower your credit score. If you have old accounts that are in good standing, however, it’s a good idea to keep them. The age of your accounts is a factor in how your credit score is calculated by the three bureaus.

We encourage you to see if any of these credit repair tips could benefit you.

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