Poor or bad credit scores can only imply equally terrible financial conditions for you. Hence it is essential that you should fix your credit score before applying for any kind of loan. If this is not done, then there are almost no chances that you would get low rates of interest for the same, and in some cases, the chances of getting loans are also eliminated. There are some simple steps through which the credit scores can be fixed in a jiffy, and this would also improve your credit report.
Fast measures of fixing your credit scores
It is vital for the borrower or the debtors to remember that since their credit scores did not get worse in a day, hence there is no way your credit scores can be improved overnight. You would require at least a week to ten days, for improving your credit scores and seeing these changes in your credit reports. So you should choose the best and the fastest methods available for improving your credit scores.
Reasons for improving your credit scores
There are many reasons for improving your credit scores and the most vital one is the financial stigma associated with bad credit scores. For instance, if you have poor credit scores, but want to get an education loan, then your credit scores are the first thing to be considered. The same factor applies for all major loans like car loans, home loans and even personal loans.
Some of the best methods of improving your credit scores are-
1. Getting regular credit reports
If you are getting your credit reports regularly, then you would be able to keep a track of your finances and would also enable you to know about your dues and debts. So you should contact your credit bureaus and get the three, different credit reports. All of these reports are available once a year and hence you can get at least one free credit report, every 4 months from these bureaus. A regular check of your credit reports would ensure that all previously cleared debts are listed in the same and there are no errors on these reports.
2. Repaying the smaller dues and bills
Most people have a misconception that clearing bigger dues would improve credit scores faster. But they forget that smaller dues are easier to repay and these would ensure that your credit scores are improving constantly. Thus the clearance of smaller bills helps to improve the credit scores.
3. Keeping the credit balances low
Another vital factor for improving your credit scores is to keep the credit balance low. This way the debtor has an improved chance of rectifying their credit scores. Hence you should have the least amount from the loans that have been taken and a card balance of less than 20% can improve the credit score immediately.
4. Donít close your old accounts
Another vita factor here is that you should not close accounts, which have good credit records. This will only make the bad credit report worse and should be avoided.
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Once you follow these tips, you will be able to improve your credit score quick. It will also help you to manage your finances and achieve debt relief in the future.
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