Are you stuck with a bad credit score? This may seem like a major problem. But there are many solutions. Simply fixing any errors in your credit report can bump up your score. Also, becoming an authorized user on a friend’s credit card can help.
Want to learn more? We have run through some easy tips in this guide. Keep reading.
Review Your Credit Report
Request for a credit report. Check whether there are any errors in it. Getting them fixed can bump your score up.
Catch Up on Overdue Bills
Paying overdue bills will help. A pro tip would be to make a list of all the bills that are due, and then pay them back according to importance.
Catching up on multiple overdue bills can be hard. Speak to the lenders you owe and try to make a payment plan. Some may be willing to let you pay a lesser amount.
Once your overdue bills are taken care of, be consistent with paying them. Try and budget and earn more. This will ensure you don’t miss future payments.
Get a Secured Credit Card
A secured credit card is similar to a normal credit card, except you will have to make a security deposit. This means that even people with bad credit can apply for them.
As discussed, making payments on time improves your credit score. Making even the minimum payment for the secured card would be counted by the credit bureau.
Apply for a Cash Loan
Getting a cash loan will kill two birds with one stone. You will be able to pay overdue bills. And you will have a debt that you’ll consistently be able to pay back.
I know what you’re wondering, who qualifies for cash loans in Ontario? Traditional lenders require good credit scores. However, many finance houses don’t. Just remember that their interest rates can be high. Shop around to find the best lender. Big names are usually the best.
Become an Authorized User
Someone you know might have amazing finances. Being added as an authorized user to one of their cards will improve your credit.
It’s easy to become an authorized user. All your friend has to do is make the request. Your credit score won’t affect whether you’ll be accepted.
The more cards you are added as an authorized user to, the higher your credit score will rise.
Hopefully, you found everything discussed useful. The problem is a headache, but it is not that hard to fix. Simply finding and fixing any errors in your credit report will improve your credit score. Also, being added as an authorized user to someone else’s credit card will do the trick.
Most people with bad credit have a mountain of debt. Arrange the overdue bills that you have to pay according to their importance, and then start paying them off. Not many people are aware, but this can raise your credit score exponentially.