Arnel Pineda December 17, 2018

Having a bad credit score is not a death sentence, neither is it a shameful situation that brings stigma to one’s life. Bad credit score occur as a result of, sometimes, factors that are not necessarily your fault.
How to improve your credit score
If you are trapped in bad credit score, brooding over the situation isn’t a good approach, in fact, it shouldn’t be an approach at all. Getting yourself out of bad credit score isn’t something that’s particularly difficult, it only requires a conscious effort and determined mind to do. If you work out these financial advice and keep a good track of these points, you’d notice a sprouting in your credit score.
 Endeavor to verify the accuracy of your credit report: Scrutinize the veracity of the information in your credit report. Sometimes, your credit score is not as low as it appears on the papers, the reason why it appears to have dipped so much might be as a result of technical mistakes on the part of credit report bureaus.
 Identify what needs improvement: A lot of factors can contribute to have a bad score, some of these things you don’t even know they can bring a drastic fall to your score. You need to identify what is making your score drop. It might be payment history (how early or late you pay back credit), amount of debt, account mix. Other factors like: Stolen identity being illegally used by someone else, your partner erred on a loan, and you are experiencing the full weight on your credit score, you defaulted on one loan, and it’s showing up as multiple defaults on your account, a mix up of your credit account with someone who shares the same name . You need to be able to figure out the exact one that might have dropped your score.
 Map out ways to improve your credit score: Having thoroughly examined the information on your credit history and seen that it is accurate, then know that you are the one that needs to get something to improve your score. Pay your debts on time, fix your late payments, set alert due dates, close any unused credit cards, avoid debts and unnecessary credit loans.
 Clear up any collection account: Avoid repeated transfer of old debts to new accounts, they won’t clear your debts. Instead, pay off your debts and ask your debt collector questions, see if they can help you in any way.
 Open a secured credit card: With a smart credit card, you can open a secured account where you make deposits into a checking account that suggests to creditors that you are getting back on your feet.
 Limit your credit applications: The fact that you have a bad credit score doesn’t mean you should jump at every offer and discounts that come your way.
 Check your credit utilization ratio and fix it: Keep an eye on your credit card balance in proportion to your credit limits.
 Be intentional and focused: Bad credit score didn’t happen overnight, and it won’t get fixed instantaneously. However, if you are sincere about your intentions and are ready to follow the proffered solutions, your bad credit score might just turn out to be a thing of the past.

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