How determined are you?
Yes, you have a poor credit score and you definitely cannot access loan but how determined are you to correct this problem? Can you be determined enough to structure a plan to get out of this problem and improve on your credit score. If your answer is yes, then this article would be worth reading.
Take the initial step:
To know your financial status is the first step to boosting your credit rating. And as a matter of fact doing so is quite easier than you can imagine. Get to know what the credit bureaus say about your credit reports before the lender does. Make sure you require for your reports from the three credible bureaus in the country, [Equifax, TransUnion and Experian]. thecreditrepairblueprint.com/how-can-i-report-my-rent-payments-to-credit-bureaus/ Most of the time the lender may not need to check from these three bureaus, however, it is important that you do. By the time you get this information the next stage is to critically examine the content of each.
Scrutinize the report closely:
If you can admit that the job of keeping your financial position healthy is your responsibility, you would boost your credit score easily. If you are not financially literate, then, teach yourself basic financial terms. Get the credit reports scrutinized for errors. Make sure all errors are noted down on the reports. Look for errors of omission or any other error. This because most of the time the reports are filled with creditors claims that are not verified before being addressed. All errors detected should be mentioned to the bureaus for correction.
Late payment is a plague:
Late payment of any financial form and charge off accounts are plagues that can dent your credit worthiness for close to seven years. This is because it is not how regular those payments are made that is important in scoring your credit rating but how punctual those payments are made. Only punctual payment can repair your credit score. This does not bother on loans alone but other things like utility bills, phone bills, rent and so on. If you cannot handle this yourself, subscribe to auto-payment.
What credit account do you want close?
To reduce your credit error, you should close all your old credit accounts or any account with small balances by paying them off first. This single act will not only reduce errors but avoid financial fraud. The best way to improve your credit score is to close your newest accounts and keep the oldest ones. Know that closing the oldest account will only shorten your credit history and lower your credit score rather than increase it.
It is paramount therefore that you start repairing your credit score right now than wait till you are in need of financing before you start building it.