Strategies For Improving Your Credit Score

If you have bad credit you first need to establish exactly how bad it really is! You might suspect that you have bad credit, or your credit applications get turned down, but before you haven’t pulled your credit report you will not know the full extent of the situation.
You can get one yearly free credit report from Equifax, Experian and Trans Union.
There are things that you can do to increase credit score by going through your credit report with a fine tooth-comb and making sure that there are no mistakes – we are not going to discuss that process in this article, rather, we will assume that even with all mistakes removed, your credit rating is still bad and that you need to improve it.
Unfortunately there is really no quick and easy way to raise credit score. You will have to do some work from your side and it is going to cost you. It will either cost you in time or in money or in self-discipline – or in all three!
You will need to work out a plan to be able to understand what your expenses are in relation to your income. The idea is that you want to be able to pay off your credit commitments regularly and consistently, starting with your short term commitments such as credit cards and short term loans.
The plan is as follows:
Look at your credit cards and loans and choose the one with the shortest time period remaining.
Look at your other expenses such as entertainment, food, clothes etc and decide which one you are going to sacrifice from in order to have some extra funds available every month. Yes, I know you should not sacrifice food, but you can take a look at the type of food that you buy – do you buy fast food? Do you buy expensive food? Do you waste food? Somehow you need to find some extra money every month to put towards that one credit card or short term loan that will take the quickest time to pay off.
You should then add the amount that you can save every month to the payments going toward the loan or credit card with the shortest payment period remaining and pay it off as soon as possible. Either close the account or keep it inactive.
You then take the full amount that you were paying towards the shortest loan or card that you have just paid off and put it towards the next credit commitment with the shortest payment period and you pay that loan or card off.
You get the pattern.
You will find that as you start paying off your credit cards and loans in a timely fashion your credit score WILL improve and you will raise credit score.

The trick then moving forward is to maintain a balance between using your available credit facilities but not over extending yourself to such an extent that your credit rating starts to drop again.

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