It's no surprise that the beginning of a new year sparks hopes for changes in our finances. Let me be the first to say, you don't need a new year to start over. You can start right NOW!
Here are three things you can do to see improvement right away:
1. Pay off any credit card debt. The FICO calculation factors in the amount of debt you owe and the amount of available credit you have. The weird thing about credit is that the less you use the higher your score will be. Reducing your credit card debt shifts those two categories and you see improvement relatively fast.
2. Add a secured card. If you have no positive reporting accounts or if you have no revolving credit, adding a line of credit will definitely help you secure a few extra points. Paying on time and keeping the balance extremely low is the only way to maintain the benefit. Check out my favorite & guaranteed approval rebuilder card HERE.
3. Start making your payments on time. Payment history is 35% of our credit scores. There's no exception to this rule. Every single financial obligation you have must be made on time. If you've been consistently late - start paying on time immediately.
These are your three tips for adjusting your score immediately.
Don't forget to obtain your most accurate credit reports HERE.
- Akira J. Dixon