In trying times when income is less than it used to be, it’s natural to use more credit. Your credit score can change monthly as payments are made or not, new amounts are added to account balances, accounts are opened or closed, etcetera. The key is to use available credit wisely and not to overuse it. To improve your score, you should try to:
- pay all bills on time. If you miss a payment, try to get current and stay current a.s.a.p.
- pay down your balances, reduce our total debt load and use less of the total amount available
- It’s wise not to apply for and use new credit if you’re already experiencing a financial hardship.
- monitor your credit report to be sure the data reflected there is correct
While a few payments will likely not improve our score immediately, it starts to create a pattern which could improve your score over time, as credit is managed responsibly. New payments, with a good track record, will eventually replace the older items on your report. Continue reading