Five Life-Hacks to Repair Your Credit in 30 Days
How to do away with debt problem?
We all need a good credit score. Sometimes we may end up getting bad credit. We all need a good credit score when we need loans. At the same time, we can’t deny the fact that repairing bad credit history takes years. So how can we repair credit? Is it possible to repair your credit in less than a month? Here are 5 life hacks to repair your credit in 30 days.
Repair Your Credit in 30 Days
It is not easy to bring your finances in order when your income is spent on paying expensive interest, higher revolving payments, and hefty down payments. So with no further delay let’s get into tips to repair your credit quickly.
· Understand your credit report
The first thing you need to do to repair your credit is to review and understand your credit report. You are allowed to request a free credit report every 1 year. Review your payment history, debts, accounts, and other information that is available in the report. If you find any mistakes on credit reports ensure to correct them. In this technological age, don’t give yourself excuses to not know your credit score.
· Get a credit partner
This is one good way to repair your credit. But getting a credit partner is not an easy task. Ask your friends or family to be your credit partner. It’s a big deal to convince them but once you convince them you can repair your credit score real quick.
In this process, your credit partner should authorize you as a user of their existing credit card. This may include paperwork, document signs, and a lot of other procedures. However, this will repair your credit.
· Do Away With Debt Problems – Ensure accounts are in good standing
In addition to knowing and correcting your credit mistakes, you should ensure all your accounts are in good standing. Good standing accounts are nothing but those accounts that have no late payments or any negative marks. To maintain good standing accounts make sure to make on-time payments or automatic payments. Also, pay attention to balance in your accounts and avoid less than the minimum balance.
· Pay your bills twice a month (before cycle date)
Don’t wait until the due date to pay your loan EMIs or credit card payments. One thing to consider you as a savvy professional is to make micropayments. A simple way to repair your credit score is to simply break monthly payments and pay it twice before the due date. Also, paying more than the due will also help you improve your credit. A credit score is calculated based on credit activity and the micropayments indicate that you are savvy.
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· Improve your Credit Mix
According to FICO, a credit score provider, credit mix makes up to 10% of your score. One good way to repair your credit score is to improve your credit mix by having different types of credit from revolving credit to loan installments. If you rely only on revolving credit like credit cards to build your credit and payment history, this may take a long time to improve your credit.
Hence showing lenders that you are capable to responsibly manage both installments and credit cards, you could quickly repair your credit score.