BMW Credit Tips

Credit Score Improvement Tips

If you'd like to raise your credit score, start today! With credit, there's no instant solution. The best advice to rebuild credit is to work on it responsibly over a period of time and here are some tips to help you do just that:

  • Request A Copy Of Your Credit Report- Credit score repair begins when you understand your credit report. Your credit report includes all the necessary information used to calculate your score, so make sure it doesn't contain any discrepancies or errors like incorrect late payment dates or balances. If you do find any errors, make sure to dispute them right away with the credit bureau and reporting agency.
  • Consider Payment Reminders- Making your payments on time is one of the biggest factors impacting your credit score. Set up reminders with your bank and/or credit card companies to receive reminders letting you know when your payment is due so you don't miss it or even set up automatic payments.
  • Decrease Your Debt- This may sound impossible, but that is not the case! To get rid of debt, STOP using your credit cards, make a list of all your credit accounts to see how much you owe and what the interest rates are for each, then work out a payment plan to pay off the accounts highest interest rates first. Your payment history is a necessary component to your credit score being the record you've established by either paying or not paying your bills on time. Your credit reports will show your payment history on any credit account you've had in the last 7-10 years, so make sure to make your payments on time.
  • On-Time Payments Are Important- Delinquent payments, even a few days late, and collections will have a negative effect on your credit score.
  • Behind On Payments? Get Current- The longer and more often you pay your bills on time after missing a payment, the more your score will improve. The impact of past credit issues declines over time and recent good payment patterns appear on your credit report.
  • Paying off a collection account won't erase it from your credit report right away. It can affect your credit score for up to 7-10 years.
  • Struggling To Make On-Time Payments or Payments in General? Contact your creditors or a credit counselor- This won't rebuild your credit immediately, but if you can begin and continue to pay your bills on time, your score will improve over time. Also, seeking assistance won't negatively impact your score.

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