Your credit score is extremely important as it can help you get a loan for a new car, secure a mortgage, or land a new job. If you’ve struggled with debt and you’re trying to get your finances right, there are a few ways you can quickly improve your credit score.
For more information on how to improve your credit score or your debt options, contact an Ohio debt relief attorney at Luftman, Heck & Associates right away at (216) 586-6600. We can evaluate your case during our free case assessment.
Study Your Credit Report for Errors
You are legally allowed to ask for a copy of your credit report every year without your request affecting your credit score. When you receive your report, be sure to look it over for errors. Mistakes on credit reports are common, and they can seriously lower your credit score. If you find incorrect information, contact the credit bureau whom provided the report right away. They will work with you on your dispute and help correct any errors.
Be Mindful of The 30 Percent Rule
Credit companies state you should stay below 30 percent of your credit limit. If you spend 30 percent or more of your limit, your credit score can decrease. This happens even if you pay off your balance every month. If you find you cannot stay below 30 percent, try to make a series of payments throughout the month in order to lower the amount you’ve spent. As long as you’re below 30 percent percent before your monthly statement is released, your credit score shouldn’t be affected.
Don’t Close Old Credit Accounts
You never want to close your old credit card accounts, even if you don’t use them anymore. Part of your FICO score pertains to the length of your credit history, while another percentage looks at your credit mix. If you already have a couple of credit cards, leave them open. They can help improve your credit score without costing you a thing.
Opt For a Credit Line Increase Instead of a New Card
Requesting an increase in your credit limit can help you better adhere to the 30 percent rule and can give you a bit more wiggle room if you need it. This option is much better than applying for a bunch of new cards because each time you fill out an application for a credit card, the company will check your credit. Anytime your credit is checked, you could lower your score.
Contact an Ohio Debt Relief Lawyer
If you’re doing everything you can but you still find yourself buried under a mountain of debt, you may want to consider talking to one of our Ohio debt relief lawyers about your options. At Luftman, Heck & Associates, our attorneys have extensive experience handling debt relief and bankruptcy cases.
If you need help with your debt, call us right away for a free consultation at (216) 586-6600. We’ll explain your options and help you decide what can help improve your credit score during our free, no obligation consultation.