Today you will see best ways to fix your credit card in 2020 Without good credit, you will not be able to apply for the loans or you cannot even ask others for any financial help.
Just imagine receiving a letter on how you were not been approved for the requested loan you filed the other day. Even I was not sure about the credit score and what importance it holds. Until I was denied for a loan for my start-up.
Do not waver on the fact that you have a low credit score. As the credit score can be improved. You just need to follow the methods that can help you to boost your credit score.
In this article, I have shared my experience and the methods that I have used for myself to improve my credit score.
Ways to Fix Your Credit Card
When it comes down to credit score most the people lack enthusiasm to maintain it. People think very low about credit score and its credibility.
Only when they are stuck in their slumber of not getting a loan in financial crisis, they consider the importance of the credit score.
Here in this article, I have enumerated my experience and methods that how I was able to Fix My Credit Card and the loan process.
Evaluate your financial standings
The very first step towards improving your credit score is to know where are you standing in the financial status. The best way to increase the credit score is to know what is to know about all your payments.
If you are thinking that how can finance can help in improving the score. Then think like this, you live a normal life, you have daily necessities. To pay for all the daily necessities, you need to have money. If you do not have enough money to pay them on the day they are needed to be paid, your credit score starts losing its hold.
Tracking all expenses can be very useful to stop the downfall of your credit score. As it will highlight where you are wasting your money.
Clear out your debts
Having debt can affect your living. And if you are under a huge amount of the debt, try clearing it first. Debt can be heinous at times and can trap you in a “debt death trap”. A debt death trap occurs when you take a debt just to clear out the first debt and this process goes on until your last breath.
So, clearing out your debt and the money you owe to others can spontaneously increase the credit score. A good credit practice is all about taming your expenses and monitoring the flow of your finance.
Know your credit card balance
It is very important to have a clear understanding of your credit score. It is advised that you stay 30% below the limit you are provided on your credit cards.
Many experts believe that keeping your expenditure 30%-40% below the credit limit can help you to maintain a healthy credit score. The consumer who has the highest credit score limit themselves to only 5%-10% usage of the credit card limits.
Keep a track of your account age
Are you having accounts that you are no longer using it? Are you thinking you closing those accounts? I dare you to think twice before doing so. As old accounts with a positive transaction can build up your reputation for a good credit score. If you are having old accounts that have been used rigorously during the past and now it has been dormant for few years can still fetch you a good credit score.
No matter what try to keep your older account active. You do not have to do a huge purchase from that. You can just buy groceries from time to time. This will not only keep alive from shutting it down due to non-use, but it will also provide steady support to build your credit score.
Keep a track of your credit score
Keeping a tab on the credit score is very important as well. You can go around trying all kinds of methods without checking the fact that are those methods working or not. Your time and energy will be wasted if the methods are not helping you to improve your credit score.
Hence, keeping track of every method and the credit score at a regular interval of time will help you pinpoint the methods that are really helping you to improve your credit score. You can segregate those methods and can work on them.
other valuable tips:
Wrapping It Up
The importance of the credit card score can only be known to those who have faced bad situations just because their credit score was too low. Having a low credit score is not a bad thing but not trying to improve may be fatal in the near future.
Maintaining a good credit score is not at all hard, you just have to be proactive with all the methods that can help you to boost your credit score.
You just viewed some of the methods that I have tried for myself for improving my credit score. If it had worked for me then I am sure it will work for you as well.
Image Credit: fix your credit card by envato.com
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