Are you having trouble getting approved for credit cards or loans? Are you not getting favorable rates for financing? If so, you’re not alone, but you may need to improve your credit score. While building credit is not the most simple process, the Quick Loans team is here to help you along the way. In today’s blog, we provide more ways to improve your credit score — Part 2 of 2.
Regularly Check Your Credit Reports
You’re entitled to a free copy of your credit report once every 12 months from each of the major credit-reporting agencies. When you check your credit score, you’ll observe a list of specific factors affecting it. The best way to begin improving your credit score is to focus on those factors. You can monitor your credit all year long by staggering the reports, checking one every four months. Also, if you’re denied a job or credit, you’re legally allowed to review your credit report at no charge.
Avoid Opening New Credit Accounts
When you open new credit accounts, creditors and lenders might assume that you’re taking on more debt and may have trouble paying it all off. Unnecessary credit can harm your credit score in many ways, by tempting you to overspend on credit or by creating hard inquiries on your credit report. You can stay on the right path to good credit if you keep your open credit accounts to a minimum.
Eliminate Credit Card Balances
Some people develop a habit of charging $100 on one card and $50 on another instead of using the same card. These spending habits can put a lot of balances on your credit report, which can hurt your credit score. To improve your credit score, gather the credit cards with small balances and pay them off. Then, select one or two cards that you can use for all purchases. You could also consolidate multiple credit card balances with a balance transfer credit card or a personal loan.
Contact the Team at Quick Loans
Whether you have bad credit or no credit, it’s never too late to start building good credit. The team at Quick Loans wants to serve you by getting you approved quickly for the loan that you need. From installment loans to pre-owned auto financing, we make it easy to apply. For more information about our loans, browse our website, call (417) 725-5010, or contact us online.