Why is Managing your Credit Score a laborious task?
You might think that mindfully tending your credit file is no big deal. But then one day, you’ll want to buy a new car, rent a killer apartment, or get a good deal on a mortgage. And that’s when the realization hits that you should have paid more attention to your credit score. Yikes!
However, this isn’t really stuff that most of us learn in school. Which is why our team has put together this quick guide on how to manage your credit score and what you should do if you need to give yours a little tender loving care.
Credit Score Definition and Basics You Need to Know
When it comes to understanding your credit report and score, there are a few key concepts you need to know.
1. You Have Multiple Scores
Your credit score is a mix of information from the three bureaus–Equifax, Experian, and Transunion. There are different models for scoring what they find on your reports, usually referred to as FICO Score or VantageScore. The model being used counts, which can make a difference in your overall score. Most of the best free credit score programs out there can give you a great general idea of what banks and lenders see, too.
2. Checking Your Own Score is Good
You won’t ever get penalized for checking your own score. By knowing what you have or where you approximately stand, you can always be ready for the experience when you decide to make a big move, such as purchasing a home or getting an auto loan.
3. Avoid Hard Pulls When You Can
A hard credit pull is when a lender uses your social security number to check your credit record. Too many of these can signal a sudden desperate need for credit, so it isn’t a good idea to keep having companies check your score in a short period of time. Instead, be choosy about how often this is done.
What to Do When Your Credit Score is Low
If you notice your credit score looks a little low, there are a few things you can do to try to get it raised. First, start by looking for any inaccurate data or information you can dispute with the credit bureaus. If they can’t prove that it is correct, the law states that it has to be removed.
Next, look at what you actually owe and determine where you need help and what you can pay down. For example, if you have a credit card with a substantial balance but have a little extra income coming in, consider paying it down as soon as possible. If you have numerous bad debts or collections, you might also want to try working with a credit repair and counseling team for additional help.
Why It Isn’t Always Best to Try to Repair Your Credit Alone
You would go to a doctor or hospital for a broken arm, right? When it comes to your credit, this is a similar case. While it is possible to jump on the journey alone, it isn’t always the best idea. Instead, you can hire a firm that offers credit repair services to help you along the way.
Why does this work? Well, for starters, these guys and gals do credit repair every day. Leveraging their expertise to help improve your own file is a wise way to get more done in a shorter period of time. Attempting to fix your score alone can take months or years, while a professional could get the same result in a fraction of the time.
That’s where Key Credit Repair can help. We’ll walk through the entire credit repair process with you, working step by step to improve your score and put you on the path to better financial wellness. Please get in touch with us today for a free consultation.