Can you improve your credit rating in just 30 days? Yes, it is possible, but do not expect to achieve a very high credit score within such a short period of time. In 30 days, you can improve your credit score by a few points if you follow the right strategies with diligence, determination, financial planning and self discipline.
Many people find themselves in a situation where they need to apply for a payday installment loan or a new line of credit but are unable to qualify for a good deal because their credit rating is a few points lower than what is required. For these situations, here are some tips.
First of all, review your credit report and check for possible errors. In a survey, 99% of consumers have improved their credit ratings in 30 days just by checking errors on their credit report. Believe it or not, credit reports usually contain a few entries that are incomplete or may be inaccurate. So, to start improving your credit rating, the first thing you have to do is to obtain copies of your credit report from the three major credit agencies – Equifax, Experian, and TransUnion and check for entries that you think are incorrect. Then gather proof to support your claim. The credit bureaus will start their investigation and will confirm your claim by contacting your creditors and previous lenders of payday installment loans.
Second, make higher payments than required on your existing debts, especially with your previous payday installment loans. This is one of the most effective ways to improve credit ratings in 30 days. But before doing so, talk to your creditors and lenders of your payday installment loans. Inform them that you have the intention to pay off your existing debts and request that they report these payments immediately to the credit bureaus. When it is correctly reported, you will be able to see a significant improvement in your credit rating.
You also need to pay off debts where you owe a higher amount of money. This is because the higher amount of debt you owe, the poorer your credit rating will be. So, find means to make extra money to pay off and eliminate high debts. The sooner you pay off your debts, the faster you will improve your credit rating, even in just 30 days.
You will also need to establish a good employment history. A good employment record will determine how quickly you can start to build your credit score again. Having steady employment will help you earn and get financial resources to pay off outstanding debts from previous payday installment loan lenders and other creditors.
Finally, with a good employment record, you can easily apply for utilities, a telephone line or any other services. But, be careful to be timely with all of your bill payments because this will be a great opportunity to show that you can handle financial responsibilities well.
There are, however, a few precautions when you try to improve your credit ratings in 30 days. For example, do not make inquiries for new payday installment loans during this period because it can have a negative impact on your credit score. Generally, a little bit of patience and hard work is what you will need to see improvements on your credit ratings.