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4. Loan Pioneer new loan! Payday & Installment loans, up to $5,000
5. Life Loans new loan! Personal loans up to $40,000
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How to rebuild your credit score

Discussion in 'Credit repair & credit score' started by Mike, Dec 11, 2015.

  1. Mike

    Mike Administrator Staff Member

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    Nov 5, 2015
    Having a low credit score affects many financial outcomes in your life, most notably whether or not you’ll be approved for a loan and how much interest you must pay. While it takes time and diligence to improve your score, it’s easy to do with a bit of patience and self control. And you will soon realize that the benefits you’ll reap with a higher credit score will be well worth the effort.

    First Steps
    The most important step to take in improving your credit score is to make sure you pay all your bills on time. Your payment history accounts for 35% of your credit score, the most heavily weighted category used by the credit bureaus. Consider automatically debiting your bills on payday so that you resist the urge to overspend on discretionary expenses.

    Next, hold off on making loan or credit card inquiries unless absolutely necessary. Excessive inquiries will continue to damage your credit score so it is best to hold off unless you are serious about taking out a loan or credit card. Also look for lenders who start off with a soft pull for pre-approval so you can compare rates without losing points.

    Finally, don’t automatically close out accounts like credit cards. Part of your credit score incorporates your credit utilization rate. Having access to credit but low balances can actually improve your score. So instead of closing out extra accounts, focus on paying down outstanding balances. You can find out exactly what accounts show up on your credit report by requesting free copies from each of the three credit bureaus every 12 months. Visit for more information.

    Understand Timing
    While it is certainly beneficial to take proactive steps in rebuilding your credit score, much of the process also requires waiting. Certain negative aspects on your credit report remain there for a predetermined amount of time.

    For example:
    • Inquiries: 2 years
    • Delinquencies: 7 years
    • Bankruptcies: 7-10 years
    • Tax liens: 10 years
    Even if you don’t have any of these factor on your credit report, it is important to know the affect they have on your score so you can avoid them in the future. Between positive financial decisions and a bit of time, you will continue to rebuild your credit and increase your score.
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    • Payday loans and small installment loans, $2,500: Honestloans
  2. AlyssaGarcia

    AlyssaGarcia Member

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    Sep 28, 2017
    Informative post, thanks for sharing.

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