Four Tips For Fixing Your Poor Credit

Four Tips For Fixing Your Poor Credit

Hello, everyone!

“What can be added to the happiness of a man who is in health, out of debt, and has a clear

conscience?” – Adam Smith

Adam Smith’s quote has a definite ring of truth to it; after all, without debt, you will feel so much better both physically and mentally, and you will be happier than if you are struggling. Debt can also lead to giving you a poor credit score, and this can also make things difficult in life, particularly if you are planning to apply for a mortgage, rent a property, or be offered good deals when it comes to consolidation loans, for example. This is why repairing your credit as quickly as possible is all-important. With that in mind, below are some of the easiest ways to do it.

Know Your Position

“There are four things every person has more of than they know; sins, debt, years, and

foes.” – Persian Proverb

It is entirely possible that you have more debt than you realize. Equally, you might have less debt overall, but the interest rates might be much higher than you thought. Or perhaps you have been paying one debt in place of another without knowing about it, causing you more problems than you had before.

The only way you can know for sure exactly what position you are in when it comes to your debts is to check your credit score and order a review for 2018. Once you have all the facts at your fingertips, you will be better able to determine exactly which debts are the most pressing ones and put a plan in place to pay them off more quickly. Once your debts are paid, your credit score will quickly improve.

Pay As Much As You Can

If you find you have some ‘spare’ money, then make sure you use it to pay off a little more of your debt. The faster the debt is paid, the better, and if you can pay more than the minimum each month, then you will find that, even if you still owe a large amount of money, your credit score will start to rise. You will also be saving yourself a considerable amount of money in the long term, as you will be paying a lot less interest.

Even if you can’t pay more than the minimum due every single month, if you can, do it whenever you can that will make a difference and will help you regain a better, more useful, credit score.


Search For Credit Cards

Obtaining a new credit card to help you get out of debt and build your credit score may sound like a strange thing to do, but it actually works if you apply for the right kind of card and you are then very careful about repayments. There are credit cards that are designed specifically for people with low credit scores. Open one of these and put a small balance on it and over time your credit will improve.

When you have a number of different credit cards that are all maxed out, you damage your score. Having cards that have a little balance on them but are nowhere near (ideally less than 50 percent) their limit will improve your score. It’s a fine line, but if you can keep them carefully balanced, then your score will definitely rise. Transfer some of the balance of your current cards onto a card designed for poor credit users, and you will find you have a better score.

Take Note Of The Interest

Every loan or credit card you take out will have an interest rate attached to it. The interest is how the lenders make money back when lending to others, and in some cases, it can be very high indeed. In fact, the worse your credit is, the higher the interest charges will be as lenders see you are more of a risk and charge accordingly. If you’ve never taken a look at the interest rates on your debts and have only been concentrating on the money owed, now is the time to take note.

Once you know how much interest you are paying each month, you will see which debts are going to cost the most and take the longest time to pay back. Knowing this means you can prioritize the worst debts and concentrate on paying them off more quickly. This saves you money and repairs your score at the same time.

What are your tips on fixing the poor credit score? Let us know in the comment section below.

As always, thank you for visiting and have a great day!

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  1. March 7, 2019 / 10:26 pm

    I’ve been working hard to get rid of my last little bit of debt, and I’ve never felt so free! Using a budgeting app has helped immensley to both get rid of the debt and improve our credit score. Great tips here.

  2. March 8, 2019 / 3:54 am

    I’ve never had poor credit, but these are some great tips! They are some I can put into practice with even the small amount of debt I have right now. I keep a low balance on my credit card and my only debt at the moment is my vehicle.

  3. March 8, 2019 / 1:34 pm

    I’ve never had poor credit but my husband has and we do all these things to try to bump it up. He’s finally getting back to a good place, thank goodness!

  4. March 8, 2019 / 2:31 pm

    These are very helpful tips. During this time I never got poor credit, but next time if my credit becomes poor I will try all the tips from you.

  5. March 9, 2019 / 6:13 pm

    When I was fresh out of college, I didn’t have poor credit, but I did have credit card debt. It was important that I got real with myself, my financial goals, and how much money I owed. Within a year of graduating, I managed to pay off all of my CC debt and it was an unbelievable feeling!

  6. March 11, 2019 / 7:07 am

    I am working vigorously to get our credit back on track. Thank you for wise advice and smart outlooks

  7. Elizabeth O
    March 11, 2019 / 7:08 pm

    Life changes, health issues and a slew of unforeseen circumstances can change one’s credit overnight. The good thing is that it can with effort be rebuilt. There is no shame in it; stuff happens.

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