Get a Credit Report
The first step is to obtain your credit report. You can get one free credit report each year from the credit reporting bureaus. Once you get your credit report, take the time to carefully look over it and make sure that there are not any errors. If there are errors then be sure to call the credit reporting bureau to have the error corrected.
Know Your Limits
If you have a credit card, then check to see if you are eligible for an increased credit limit. If you do get approved, then do not use this additional credit. Having unused credit reflects positively (almost immediately) on your credit score.
On the flip side, if you do have a little extra money then go ahead and take that extra money to pay down the debt some. Start with the highest interest rate loan or credit, and pay that off first. Once that debt is paid off then work your way down to the next highest interest rate loan or credit.
Split your monthly payments in two. Make a payment halfway through your credit card billing cycle and then make the final payment on the due date. You will end up paying off more interest faster without actually spending any more money.
Move Interest Around
Move high interest loans or credit account balances to lower interest loans or credit card balances. Most credit card companies allow for balance transfers from other credit accounts. You might find that one account is a few percent less in interest than another. Just a few percents can mean a lot of savings over the long haul.
For the most part, rebuilding your credit does take time. Your credit score is based over a long credit history. That doesn’t mean that you can’t make improvements immediately though, and Embassy Loans can help. We are one of the few title loan companies that report your prompt payments to the credit bureau for you. Fast cash while you improve your credit is a great deal! Give us a call today.