Missed the due date of your credit card payment? Don’t worry, you’re not alone. We’ve all had this happen to us. The first thought that comes to our mind then is, what happens to our credit score? Guess what? Repairing a bad credit isn’t that difficult.
We’ve found ways to fix that important credit report of yours. And, all you have to do is bookmark this article and forget all your credit related woes.
Take a look at your credit report
Top credit bureaus like Equifax, TransUnion and Experian provide you with a yearly credit report for free. You can ask your bureau for one and they’ll provide you with it.
You can also use some third party apps to check out our credit report online. This will help you keep at track of where you stand in terms of a healthy credit.
Report wrong late payment entries
Very rarely, it’s possible that your credit bureau may upload wrong entries about your payment schedule. Even if you paid the amount on time, it may show a late payment. In that case you should raise a query and get it fixed.
Your payment history is an integral part of your credit report. So make sure it’s immaculate.
Get your credit limit increased
How you spend your credit limit is an important part of maintaining a healthy credit report. You have to make sure the ratio of used credit to available credit should be ideal. If you have spent a good limit on your credit card then you can consider increasing your credit limit.
Send an application to your bank and if your payment history is spotless they’ll be more than happy to increase your credit limit. And make sure you don’t exhaust that extra limit or else you’ll be back to where you started.
Pay off your balance
Paying off your outstanding balance can be really helpful in maintaining a proper credit score. It’s beneficial in the long run as lessening your use of the available limit will positively impact your credit and you’ll eventually pay lesser interest too. Even if you have to sell off something to do this, then do it. It will help you secure better deals in the future.
Don’t let go of your old credit card
An old credit card means more history and more records with the bureau. If you have been consistently paying off your dues the old credit card will be a proof of that for future borrowers. So never close an old credit card account as it can negatively impact your score, instead if you wanna use less, get rid of your new credit card as there’s less history.
Find a credit card partner
Sounds weird? Well it isn’t. In case you have a husband or a wife with an outstanding payment history and little balance and they decide to include you as an authorised user, it will show on your records too. You can benefit from their great credit history. However, their irresponsible actions like late payments will reflect on your records too, so be careful with your credit card partner.
Pay your bills on time
Even if you miss one payment due date, it can have an adverse impact on your credit score. It is very important that you always pay your dues on time. Your lender or bank will report your inefficiency to the credit bureau and this will put a stain on your credit report. If you’re unable to pay the full amount on time then make sure you at least pay the minimum amount before the due date. This way you’ll make sure you’re stress free and your credit score thrives too.
See! It really isn’t rocket science to repair bad credit. All you gotta do is be more disciplined and alert and you’ll never have to care about having a bad credit score. We want you to have a great credit report so that all your financial goals are achieved without any roadblocks. No go, do the needful, we wish you luck!