How to Quickly Improve your Credit Score


If you want to buy a car, get an apartment or just take out a personal loan then your credit score needs to be in good order. It generally takes 7 years before any negative information is removed from your credit score, but there are a few ways that you are quickly able to raise your credit score.

Pay off Your Credit Card Balance

One of the factors that influence your credit score is how you use your credit. A major factor is your credit utilization ratio, which compares your overall credit limit with the amount of credit that you are using. Credit card experts say that this should be below 30% or if you can 0 as this will help to raise your credit score.

credit score

Even if you are able to pay off a little of your credit card balance will help if you are not able to pay it all off.

A New Credit Card

Taking more credit may seem like the opposite of what you want to do, but adding to your overall credit limit will raise your credit utilization ratio.

A new credit card will then increase your total credit limit and will then lower your credit utilization ratio. The more credit that you are approved for then the more trustworthy you seem to lenders.

If you have a balance on your credit cards then you are able to transfer your balance to a new balance transfer credit card, which will then increase your credit limit and you can pay down your balance.

Fix Credit Report Errors

If you find that there are errors on your credit report then you should fix them so your credit score is raised. These errors can include credit lenders reporting false late payments, accounts that were reported as going to collections even though you have paid and even accounts that have been opened in your name but you didn’t know.

You will then need to get a copy of your credit report and go through it.

Simple Ways to Recover from Debt


When you are in debt it can feel overwhelming and can be hard to know where to start in order to get yourself back on financial track. Getting out of debt will not happen overnight, but it is possible to recover from debt with just a little planning.

Recovering from Debt


The first step in recovering from debt is to first assess how much debt you are in. Gather all your bills and write these down in a notebook. This will give you a better view of how much debt you are carrying and you can also start to plan how to get out of it.

You are able to approach your credit card company for some help by calling them. They  may lower your interest rate, which means that there will be less debt and you will have more money available to help pay off your debt.

When you are in debt you will need to start watching what you spend and tighten your wallet. Have a look at what you spend your money on and see where you can cut back. You can do without your morning Starbucks coffee for instance and save money there. If you aim to get out of debt then you need to stop creating it.

A credit counselor is also a good option. A debt review company will be able to help you consolidate your loans and show you which debt you should pay off first. Many people in debt find credit counselors to be of great help as they are able to set out a specific plan that contains variables that the individual may not have thought of.

It is a good idea to make the switch from plastic to cash. When you have cash you are more likely to spend less as you are only able to spend what you can afford. If you have the will power you should cut up your credit cards or put them away. If these are not on you then you can’t make more purchases with them.