If you are ready to put your credit in order, here are nine tips on improving your score:
(1) Stop using your credit cards. Get a copy of your credit report: You can’t begin repairing your credit until you know exactly what you need to work on.
(2) Clean up your credit report. If your credit report contains incorrect information, you have the right to have it removed.
(3) Get current on past due accounts. Your payment history makes up 35% of your credit score.
(4) Don’t apply for more credit. As long as your credit is in repair mode, you should avoid making any more applications for credit.
(5) Keep accounts with balances open. Closing accounts may adversely affect your credit.
(6) Call your creditors. Right now they’re certainly the last people you want to talk to, but you’d be surprised at the help you might receive.
(7) Pay off debts. You will have to start paying off your debts to improve your credit situation.
(8) Get help. If you are overwhelmed by your credit situation, seek professional assistance. Read more about Financial Counseling options at TFCU.
(9) Be patient. Your credit wasn’t damaged overnight, but each new month with on-time payments will begins improving your score.