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Give Your Credit File A Boost

By Simon K Dunn

Many people don’t know what their credit score is, or care whether it is good or bad. It is only when they apply for a home loan or a loan for their children’s education that they realize there could be a problem. Even people with a good score can have a turn of fate that sees it drop drastically. However, there are things that can be done to repair a bad score and have lenders welcoming you at their door.

A bad score doesn’t necessarily happen because a person is careless with money. Being laid off can mean you don’t have the money to pay off debts that were reasonable, based on your previous income. Sickness and accidents can also make it impossible for some people to work, with the same result. Then, there are some people who simply fail to pay attention to how much they owe. And, their debt ends up escalating past what they can manage.

You need to make the minimum payment each month on all your debts to begin improving your credit score. To do this requires an understanding of how your total debt is made up. Break it down by lender and type of debt. Then find out what the terms and conditions are, how much you owe and the interest rate applicable. Put aside the money to meet the minimum repayments before you pay for anything else.

Often a lender will be willing to negotiate an interest rate and put in place a repayment plan. They will only do this though if you take the initiative to call them and discuss your situation. Don’t be intimidated, the worst that can happen is they deny your request. But if you do get a better rate it will mean you have less debt to pay overall. And, you will be able to pay off your loans more quickly.

Paying the minimum payment helps your score a little but it will not reduce the total debt or get your score back to a respectable level. You will need to find ways to cut your daily spending to pay more off your loan balance. For compulsive shoppers this will require dedication and determination. Pay the loans with the highest interest rates first. And, don’t wait for the repayment date. Pay it down as soon as you have it.

Applying for a new credit card when all your cards are at their maximum limit is not a good idea. Closing cards you have paid off is also not a good idea. Closing accounts may remove the temptation to spend however, having a number of accounts that are managed well works better to fix your credit score. The trick is to spend small amounts on your clear cards each month and pay them off in full.

You can get free access to your credit report once every six months from one of the online credit reporting sites. Use this to see what your current score is and then set targets to improve it within a reasonable time span. Checking how you are going every six months will help you to stay focused and determined to succeed.

Most people realize they need to improve their credit score when they want to get a loan for something that is important to them. Although it is disappointing to be denied an application this can help to keep the focus on fixing that score. It is not hard to do when you put your mind to it.

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Article Citation
MLA Style Citation:
Dunn, Simon K. "Give Your Credit File A Boost." Give Your Credit File A Boost. 3 Jul. 2010. 18 Oct 2014 <>.

APA Style Citation:
Dunn, S (2010, July 3). Give Your Credit File A Boost. Retrieved October 18, 2014, from

Chicago Style Citation:
Dunn, Simon K. "Give Your Credit File A Boost"

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