November 6, 2017

How to Fix your Credit

Comment November 6, 2017 by Evan, eCommerce Specialist

If you currently have bad credit, or have ever had bad credit in the past, then you know that it is a tough hole to climb out of. Many people think that because they have bad credit, they’ll never be able to overcome it and get on the right side of financial security. This is simply not the case. There are many steps you can take to repair your credit score; here are 3 easy and helpful tips to get you on your way to better credit.

  1. Review your Credit Report

    Getting a Credit Report is beneficial in seeing why you ended up with bad credit in the first place, so you can learn from your mistakes. Items on your report such as late payments or collection activity can be indicators of why you have bad credit. You can acquire a free quarterly credit report as a benefit of our Better Checking account, or once per year from the three credit bureaus.
  2. Clean your Report

    If you notice any mistakes on your Credit Report, you want to get started right away on addressing those mistakes. This is something you can do on your own, or you can turn to a professional credit repair company for guidance. Either way, this will take some time as the reporting credit agency has 30 days to respond, so be patient and diligent.
  3. Begin Anew

    Now is the time to begin repairing your credit. Pay down credit card balances and try to make as few purchases as possible. You can acquire a secure credit card or personal loan, which entails making an initial deposit that serves as the card limit. If you don’t pay your bills, the card company can withdraw the deposit to cover the balance. Make sure to also pay off high-interest accounts first, followed by the “newest” credit accounts you have so you can increase the length of credit. Also, try not to close old credit card accounts, as this can make it harder to build a positive credit history.

Last, but not least, make sure to pay every bill on time from this point forward. Your credit score will slowly start to build back up and your “bad” credit score will be a thing of the past.

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