Knowing how to raise your credit score is essential if you ever make mistakes that affect your credit health. And we all make mistakes. Whether your mistakes are minor or major, there is always something you can do. It may take some serious effort, but you can come back from the damage and regain a clean credit report.
Here’s how to raise your credit score after four common mistakes.
Late Payments
Late payments can greatly affect your credit score. Even if you simply forget to submit a payment on a loan or credit card, it can seriously harm your credit. The important thing to remember with late payments is that the longer you wait to pay, the more damage will accumulate.
How to Raise Your Credit Score after a Late Payment
To fix this problem, you should plan to make any past due payments as soon as possible. Even though late payments stay on your credit report for seven years, the damage that they cause decreases over time—as long as you can catch up on payments.
Foreclosure or Repossession
Like late payments, foreclosures and repossessions stay on your credit report for seven years. Unfortunately, after one of these events, many lenders require you to wait several years before they will lend to you again.
How to Raise Your Credit Score after Foreclosure or Repossession
You can offset some of the damage to your credit score by continuing to add positive items to your credit report every month. Keep making on-time payments. Pay down your debt. After a serious event like foreclosure or repossession, you need to create better spending habits.
Bankruptcy
If you file for bankruptcy to discharge some or all of your debt, you already know that it is one of the most damaging events for your credit score. Rebuilding after bankruptcy will be difficult, but it is not impossible.
How to Raise Your Credit Score after Bankruptcy
Raising your credit score after bankruptcy will depend largely on your specific needs. Speak to a financial professional before beginning the process.
Errors on Your Credit Report
If you have ever reviewed your credit report and noticed that something was incorrect, you probably know that you don’t just have to live with it. Here’s what you can do.
How to Raise Your Credit Score after Finding Errors on Your Credit Report
As soon as you know that there is an error on your credit report, you should dispute it. At U.S. Credit Defense, we can help guide you through the process.
Talk to the Financial Experts at U.S. Credit Defense
Are you ready to take back your financial future? At U.S. Credit Defense, we are dedicated to finding the credit repair solution that works for you so you can get back to living without all the stress. Talk to us today so we can help you figure out how to raise your credit score.