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Rebuild Your Credit Score With 8 Simple Steps
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Transcript of Rebuild Your Credit Score With 8 Simple Steps
What does a good credit score get you? Order from 1 credit bureau today
Order from another one in several months
Order from the 3rd in 8 months
What does a good credit score get you? Get a secured credit card
Requires cash security deposit, which sets your credit limit
Check to see if your bank or credit offers one
What does a good credit score get you? Bill payment history is #1 influencer of
credit scores Paying just 1 bill 60+ days late can impact
your credit score At least pay minimum amount due to
rebuild credit
What does a good credit score get you? Balance to credit limit ratio is another influencer Keep your balance low or pay it down to rebuild
credit Contact your bank/credit union to increase your
credit limit which increases balance to credit Limit ratio
What does a good credit score get you? Some banks don’t increase credit balances for
minimum payments When you pay more than the minimum, the ratio of balance to credit limit improves You’ll rebuild your credit as a result
What does a good credit score get you?
Having many accounts in a short time can decrease credit scores
Schumer Box is a good research tool for credit options
This tool gives a summary of credit cardDisclosures
Avoid cards with high penalty fees/rates
What does a good credit score get you? Begin by paying off low balance loans
Next, work on reducing larger loan balances Making regular payments are crucial
Pay down debt if you have additional funds afterpaying monthly balance
What does a good credit score get you? Here are additional online resources that
show you how to rebuild credit:
https://www.annualcreditreport.com/cra/index.jsp
http://www.consumer.ftc.gov/topics/money-credit
http://www.experian.com/index-hpw.html
https://www.creditkarma.com/