It’s a common situation—you’re planning to apply for financing on a major purchase in a few months, perhaps a house or a car, but you’ve struggled with credit problems in the past. You’re afraid that your not-so-great credit score is going to get you a high interest rate or, worse, affect your chances of being approved. However, there are many quick ways to improve your credit score, even if you’re struggling with finances. Here are three ways to improve your credit score in 90 days:
Pay Your Bills on Time
If you are struggling to pay your creditors, call them and arrange monthly payments that you can afford. Paying your bills on time for even a few months will improve your credit score.
Dispute Mistakes on Your Credit Report
Federal law entitles you to one free credit report per year from each of the three major credit reporting agencies. Access each report and look for inaccuracies: credit accounts that you did not authorize, accounts that are duplicated, accounts that have been closed that are listed as open, timely payments that have been reported as being late, paid collections that are listed as unpaid, etc. These mistakes can be disputed through each agency’s website. Depending on the level of the mistake, correcting it can greatly improve your credit score.
Avoid Applying For New Lines Of Credit
Each time you initiate an inquiry on your credit report, it causes your score to lower temporarily, especially if you are denied. If you are trying to improve your credit score before applying for a major purchase, don’t apply for other lines of credit. When searching for loan quotes, use an online service that both provides quotes from multiple lenders and doesn’t require a credit check.
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