Tips to Fix Bad Credit Score
Improving the credit score means qualifying for a better rate of interest and getting better loan terms. It holds irrespective of why you need a loan – to buy a home, buy a car, start your business, expand your business, etc. Now, the real problem with fixing a bad credit score is that you would only consider doing it when it starts affecting you. But how do you fix it? Here, we have come up with a few tips to fix a bad credit score. Please know that it isn’t impossible, but it isn’t something that you can achieve overnight. Find your current credit standing Before you start with credit repair, you need to file for a credit report from all the three credit reporting agencies (CRA) – Equifax, TransUnion, and Experian. The score that you find on your credit report will be between 300-850. Now, if the score is between 700 to 740, it is a good credit score. So if you have a score in this range, or higher than that, you will qualify for a loan with good terms and a low-interest cost. Are there any errors in the credit report? If your credit score is not in the ‘good’ range, you need to analyze it deeply.