Having a higher credit score is beneficial as financial organizations, and banks want to avoid onboarding high-risk clients. Unfortunately, it is quite easy to accumulate debt, and trying to raise your credit score may seem very intimidating.
As the well-known idiom states, “Rome wasn’t built in a day”. It can take months to build up a healthy score, and we know you want that number to increase as rapidly, as possible. Luckily, companies like Credit Sage are here to guide, and inform you!
According to FICO, in 2020, a “good” credit score was considered as anything above 711. This average has been steadily rising since the inception of the FICO scoring method. You will be considered by lenders as “high-risk” if your credit score is lower than this general approximation.
Working with a credit repair expert will make the process much easier for you by identifying and removing errors from your credit score, as well as advising you how to boost it.
If you have old credit accounts that you’re not using, don’t close them. Resolve any delinquent accounts, charge-offs, or collection accounts. Either by creating a payment plan, or where possible, negotiating a settlement with a creditor.
Request a debt consolidation loan from a bank or credit union if you have several outstanding debts. This will leave you with one payment to complete. If the interest rate is low, you can pay it back faster.
Consider consolidating multiple credit card balances by paying them off with a balance transfer credit card. You might be lucky enough to get one during a promotional period when the interest charge is 0%. Just watch out for the balance transfer fees!
There are a number of ways to raise your credit score. Plan accordingly to avoid debt accumulation, but also take active measures to increase your credit score. If you don't have the time, Credit Sage is ready to take the helm of your credit repair journey.
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