Credit Score – One Network

Late Payments

One of the most common causes of low credit scores is late payments. This can be caused by many different things, such as losing your job, getting sick, or simply forgetting to make a payment. Whatever the cause, late payments will negatively impact your credit score. If you have late payments on your credit report, you should try to get them removed by contacting the creditor and explaining your situation. You can also try to negotiate a payment plan that will help you get caught up on your payments.

High Balances on Your Credit Cards

Another common cause of low credit scores is high balances on your credit cards. This can be caused by many different things, such as overspending, unexpected medical bills, or simply living beyond your means.

Whatever the cause, high balances on your credit cards will negatively impact your credit score. If you have high balances on your credit cards, you should try to pay them down as quickly as possible. You can also try to negotiate a lower interest rate with your creditors, which will help you save money in the long run.

Bankruptcy Filing

One of the most common causes of a low credit score is bankruptcy. If you have filed for bankruptcy, it will stay on your credit report for up to ten years. This can make it challenging to get approved for new lines of credit and can make it more expensive to borrow money. If you face bankruptcy, it is important to understand that you are not alone. Many people have been through this process and have come out with their credit intact. There are steps you can take to improve your credit score after bankruptcy.

Using Too Much Available Credit

One common cause of having a low credit score is using too much of the available credit. This can be in the form of maxing out your credit cards or having a high balance relative to your credit limit. This behavior is often viewed as risky by lenders and can lead to a lower credit score.

These are just a few of the most common causes of low credit scores. If you have a low credit score, you can take steps to improve it. By following the tips in this blog post, you can start to improve your credit score and get back on track financially.…

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Get a Copy of Your Report

To know if you need a credit repair, you need to find out first where you stand on the list. You can get a copy of your credit report by using one of these three options:

Equifax
Experian
TransUnion

These services are free to use, and you should definitely take advantage of this to obtain accurate information about your credit score and check your own score. You can calculate your score with the help of Credit Karma which is a free credit scoring website that many people frequented. Lastly, check your score regularly, at least once each month.

Check and Fix Any Errors

Sometimes credit bureaus make errors as they are fallible humans just like us. It is expected a rough percentage of 5 percent that these errors happen yearly, so you need to keep your eyes peeled and check your report thoroughly for any mistakes to fix. This is the second step after getting a copy of your credit report and checking your score, just bring the report and file the complaint to the bureau to justify them and have them removed to increase your score effectively.

Start Paying Bills on Time

The golden rule to a positive score is paying your bills on time. By being punctual with your payment, you won’t be under their thumb for a long time; still, it is easier said than done. People often forget to pay their bills like phone plans and internet subscriptions, this is why the autopay feature exists, and you should utilize them in your favor. If you don’t have the necessary funds to make the payment, you can ask for an advanced payday or borrow from your friend or family members to avoid making a late payment.

Pay Off All Debts

Once you skimped enough money to bury old debts, you should make amends quickly to increase your credit score and reduce your credit utilization ratio. It would be best if you considered which debt you should close first:

Large Debts
Small Debts

Closing both of these is essential to improve your credit score, and you should never underestimate the power of paying off old debts. If you want to improve your credit score, you need to be patient and formulate the right strategy. Stay level-headed and always consult with a credit repair service near you.…

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Common Causes of Low Credit Score