If your credit score is less than perfect, you may have trouble getting the interest rate you desire on loans. This can be particularly problematic if you are trying to buy a new car or take out a mortgage. However, while it may take a while to get your score up to where you’d like it to be, credit repair doesn’t have to be hard. To improve your score within a short time frame:
- Get a credit card if you don’t already have one. While this may seem counterintuitive, consistently using a credit card and then paying off the balance consistently is one of the best ways to repair credit.
- Pay down existing credit cards. If you do have credit cards with high balances, try to make a dent in paying them off. Typically, the ideal place to be is to have a balance which is 30% below the limit on each card.
- Pull out an old card. The age of your credit history can also benefit your score. If it’s been a while since you used a certain card in your wallet, use it to go out to dinner or fill up your gas tank and then pay off the balance immediately.
While these strategies for credit repair may have an impact on your credit score, they may not be enough to improve your credit score substantially if it is extremely low. Consult with an attorney who specializes in credit repair, like us at Leonard and Moore, PLLC in Asheville, NC, to find out how you can get back on track to improving your credit and live debt-free once and for all.