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How To Fix Your Own Credit By Yourself

February 15, 2021 | Louis Tully

how to fix your own credit

While the credit reporting system isn't perfect, it's what the U.S. market uses to determine a consumer's trustworthiness for financing. It's like the credibility scale of money, whereon you must act responsibly, expect the unexpected, and fight diligently for the best possible scores. Those things aren't always easy, but they're achievable with the right steps. And while you're waiting for your score to improve, we show you how a title loan could help.

Do you ever wonder how to fix your own credit? Read below to find the easiest approach!

Understanding Your Credit Report

A consumer credit report uses several different information categories about your financial behavior to generate an average rating. Based on your payment history and credit age, that rating can fluctuate up or down by several points. The highest possible score is 850, and the lowest is 300. Meanwhile, the average FICO score in America is 704.

That number is used to help creditors determine how much risk is associated with loaning your money. Property owners and businesses might also use it before housing and/or employment is offered. Because it's the most efficient way to size up a consumer financial profile, it's important to keep reports clean of negative items when considering how to fix your own credit.

How To Improve Your Credit Score

Many credit repair agencies prey on people who have less than perfect scores. Promising tremendous results, they end up taking their client's money with little provided in return. So, instead of wasting your resources on bad business, learn how to fix your own credit like a pro. Here are the 5 steps you need to follow:

Get A Copy Of Your Credit Report

You can't change anything if you don't know what's going on. So, create an account with these three major credit reporting bureaus to have a look at where you stand:

  • TransUnion
  • Experian
  • Equifax

If possible, try to print or download a copy of your credit report when you get done looking at it. That way, you have access for later and can also take relevant notes without changing anything.

Look For Incorrect Information

It's your responsibility to monitor and correct your own credit report when worrying about how to fix your own credit. Lenders will go off of what they see when considering your application. So, check all the names, addresses, account numbers, and balances to ensure they're all correct. If you see something that looks suspicious, write it down for the next step.

File Disputes With The Credit Bureaus

Correcting the information on your credit report isn't as hard as it sounds. However, it is time-consuming so try to hurry if you discover an issue. Usually, disputes take about 30 days to complete when you are working on how to fix your credit. You can file online through all three bureaus or send in hard copies of documents to support your claims. If successful, the negative items will come off of your report instantly.

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Pay Off Your Major Debts

To really boost your credit scores, start paying down the most significant accounts on your report. That will change your debt-to-income ratio over time, which will then increase your rating significantly. Also, try to pay off obligations in a lump sum if you can. Doing so will prevent unnecessary finance charges, potential late fees, and long wait times for score increases.

Use Title Loans For Extra Money

When wondering how to fix your own credit, title loans may be the best option if you're short on money but eager to boost your credit scores. Not only is the application process quick and easy, but it also doesn't require a peek at your report for verification. You only need a driver's license, the vehicle you want to use, and its clean title to get approved. Then, you can use the extra money to pay off debts.

For example, an Arizona title loan could get you up to $15,000 with Southwest Title Loans. The best part is that you get money within 24 to 48 hours of your application being approved. Also, you can keep possession of your vehicle while the underwriter holds the title.

Factors That Negatively Impact Your Credit Score

While wondering how to fix your own credit, remember that fixing your credit is one thing; maintaining that fix is another. That's because life can unpredictable, so even the most frugal people find themselves in financial hot water from time to time. In turn, those unexpected events can damage our once perfected credit rating. In fact, many consumers choose car title loans and/or payday loans for that exact reason.

When you approach a bank for a traditional secured loan, you have to jump through hoops. They pull your credit report first, which puts a hard inquiry on your report whether you get approved or not. Too many hard inquiries can result in a significant drop in your credit score, even if all of your debts have been paid in full.

Fixing Credit By Yourself

You can fix your credit by yourself if you know the steps. The system is designed to be more user-friendly than most people realize. So, hop online and look at your report. Then, create a plan that involves having some money left when you're done.

Wondering how to fix your own credit can make anyone anxious or overwhelmed, so it is important to remember these steps for the best results. What are you waiting for? Start raising your credit score now with the help of a same day title loan online at Southwest Title Loans.

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