Ways to Increase Your Credit Score in 90 Days

Hey, guys! What's up? It's Devyn Howard! Today I'm going to be telling you how you can raise your credit score in just 90 days I know it sounds unbelievable but it's true! Keep on watching to find out what you need to do to fix that credit score and don't forget to click SUBSCRIBE! Having a credit score is imperative to a good credit history and to qualify for a favorable loan or be approved for financial accounts a high credit score is a must! If you don't know your score, companies such as TransUnion, Equifax or Experian can easily unveil it for you

If you find that your credit score is low and you're trying to get approved for a car or mortgage loan, for example, there are ways that you can increase your score in just 90 days Understanding your credit score! Your credit score measures your creditworthiness and is based mainly on your credit history, whether you've paid off loans and balances on time, the debt that you have accumulated the length of your credit as well as the types of credit you took all come into play when determining a person's credit score A credit score ranges from 300 to 850 Your score is rated as follows: Excellent 750 and Above; Good 700 to 749; Fair 650 to 699 Poor is 550 to 649 and Bad is 550 and below Since a credit score is used by lenders to assess risks, your credit history is one of the most important factors

If you've defaulted on your loans in the past, lenders feel you're more likely to do that in the future than other borrowers, therefore, you pose a greater risk to them The lower your score is, the harder it is to get qualified for new loans even if you qualify you'll likely be subject to unfavorable terms such as higher interest rates So, here is how to raise your credit score! Fortunately, a bad credit score is something that can be easily fixed All you need is some basic financial tips, patience and financial restraint Here are some of the best ways to increase your credit score in 90 days or less

Carefully check your credit report! Credit reports are compiled automatically and some errors can slip through the cracks, seriously hurting your credit score and preventing you from becoming eligible for a loan This is why it's imperative to check your credit report at least once per year If you see any errors, take action right away! All big credit bureaus allow you to dispute errors online If you spot an error that is preventing you from taking out a loan, like mortgage, notify the lender who can contact the bureau for restoring and fix your credit score in just a few days, instead of the standard one month Use credit card balance transfers! It is highly unlikely that high credit card debt is hurting your credit score

However, since you have accumulated substantial debt on it, it is difficult to pay it off, especially since the interest can be well over 18% The solution to get rid of credit card debt is to transfer your balance to a new credit card There are many zero percent balance transfer credit cards you can take advantage of, which will help you pay off your debt faster with no interest rates Be careful to know exactly when the introductory period expires, as that rate may jump right away, making it difficult to pay off the amount Also, keep in mind there is usually a 3% balance transfer fee that you should account for

Correct past mistakes! It's highly likely that you could have missed a payment to a company in the past and forgot about it or the bill never reached you because of an error on the part of the company, unfortunately, unpaid debt will have the biggest impact on your credit score, so, try to correct these issues as soon as possible! You don't have to pay all your debt at once, lenders will appreciate any effort towards repaying outstanding balances, and collection agencies will be happy to discuss options with you Negotiate with lenders! If an old credit card is causing you trouble, them you could negotiate a deal with your lender to have the "past due" history removed from your payment history This will, of course, work if you offer to repay the debt in full If you cannot repay the debt in full, you can try negotiating with the lenders Some will either lower the amount you owe or set you up with affordable monthly payments

You can also try to talk down the interest rate that is accumulated on your debt to lower the amount Improve your credit utilization ratio! Your credit utilization ratio expresses how much debt you owe in comparison to how much credit you were approved for For example, if you have $900 of debt on a credit card with a $1,000 limit, your credit utilization ratio will be 90%, which is really high It hurts your credit score because your borrowing ability is limited If you have several credit cards with high debt to limit ratios, you have to repay as much of your debt as possible to bring the balance to 30% or less apart from freeing up some of your debt, this allows you to borrow more money, which improves your credit score

Another option to improve your credit utilization ratio is to request a higher credit limit Although lenders may be reluctant to approve you for your higher credit due to a bad score, if accomplished, your utilization ratio will improve even if the debt remains the same Consider this, if you owe $900 with a $1,000 limit, your ratio is 90% but if you owe the same amount on a card with a $1,800 limit, your ratio is now 50% Use your credit cards responsibly! Many are under the impression that a credit score can be improved by simply putting a stop to using credit cards This is false! Remember the thorough credit history and proves your overall score because lenders have more data on you and can assess your risk factor better Instead of not using your cards at all, simply use them responsibly which will show lenders that you're able to pay for what you charge Always make payments on time! Once you raise your credit score, maintain it by always paying your bills on time If you want to improve your credit score in less than 90 days, meeting all your minimum monthly payments is a must

Don't let payments become overdue and manage your finances, so, that at the end of the month you can pay all your bills! If you cannot pay your bills, be smart and pay off the most important ones and the ones that will likely be reported by your lender to credit bureaus Late mortgage and credit card payments are almost always reported, whereas, your utility providers are less likely to notify bureaus about a late payment If for some reason you cannot make a monthly payment, contact the lender and ask for an extension Being a few days late shouldn't be too much of a problem especially if this is your first offense If you present your case, the lender may offer you an extension and not report a late payment with the credit bureaus

If your credit score is bad you should do everything possible to improve it These tips will help you restructure your debt and make amends with the bureaus and lenders Remember that a bad credit score can be improved simply by making a phone call to your lender Also, if your credit score is low, that doesn't mean that you can't or shouldn't borrow any more funds In fact, taking out credit to pay outstanding debt can improve your credit score

You have plenty of credit cards to choose from that will help you get rid of old balances and keep your interest low Did you have a bad experience that impacted your credit score? What helped you get through it? Share your experience in the comments below and for more tips on how to be more financially responsible, make sure you click SUBSCRIBE and I see you next time with more money-saving Bye! you