Your credit score is a numerical expression used by lenders that represents how creditworthy you are as an individual. Lenders look at your credit score and the information that makes up your credit history and evaluate whether you are likely to pay back any money they lend you.
You may not realize just how important your credit score is until you go to apply for credit for a loan, car finance or for a mortgage on your first home.
But you will likely struggle to get the finance you are applying for if you do not have a strong and accurate credit score. Therefore, many people are looking for ways to improve their credit check results wherever possible. So, we have put together this guide that suggests ways for you to improve your credit score in just 30 days!
It is important that your credit history is correct, as an error on your report could be the difference between getting a glowing credit check report and getting the finance you are applying for and having your application declined.
Around one in 20 people have considerable errors in their credit reports and removal of these errors can help to improve your score by around twenty points. You should be sure to query any mistaken late payment penalties or incorrect balances that appear on your credit record.
There are many different credit report checks that you can use online for free, so be sure to utilize them. You can use the commercial websites available that allow you to check your score, such as Credit Karma, but once a year you can also get your free credit report on the Government website.
You can even get some apps on your phone now that gives you a monthly notification when your credit score is updated, and which give you specialized tips on how to boost your credit score rating.
Your credit score will likely be made up of the positive and negative contributions to your overall credit rating. You should highlight the accounts on your credit score that give you a negative rating so that you know what to work on to improve your result.
One of the best ways to improve your credit score is to reduce your debts by paying them off as quickly as you can. While this isn’t always possible within 30 days, any payments you can make towards them will help to improve your score in the long term.
You should consider assessing what money you owe and schedule monthly repayments into your overall living budget. While fifty dollars a month may not initially seem like a lot, that amount of money will soon add up after a few months.
Improving your credit score is usually a long-term project, but you will be surprised at the significant changes you can make in 30 days by following these suggestions.