How to Fix My Credit Score in 6 Months • Benzinga

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When you want to repair your credit, you may have a timeline in mind. Some people want to settle their credit in 6 months, but how can they do that? It’s often difficult to make an impact on your financial future in such a short time, but starting now is the best way to enjoy greater financial freedom in the future.

Remember, however, that there is no proven way to automatically repair your credit in 6 months, but there are a number of steps you can take that will have positive effects. Plus, you can continue to use these tips long into the future so you always have a strong credit score and a healthy credit profile.

Get your credit score

Get your credit score. Under federal law, you are entitled to one free credit report per year. Additionally, you can use free or paid credit check services to monitor your score and profile. If you don’t know your credit score, you can’t fix it.

Your first step is to be honest with yourself about the state of your finances and what you should be doing in the next 6 months.

Fix credit problems

Correcting credit issues requires a dispute with the appropriate credit bureau. You can dispute via credit check platforms, or you can contact Equifax, Experian or TransUnion individually. Although the dispute process may take some time, it is worth it,

Additionally, you may have credit issues that you cannot resolve as quickly. Remember that negative items disappear from your credit report after seven years. Debt collectors will offer offers so they can get paid, but if an item is about to fall off the report, there may be no need to refund it.

Also, you must keep the accounts open when paying them back. Closing all those accounts you worked so hard for lowers your credit score instead of raising it.

You can also:

Set up automatic payments

Set up automatic payments for all your credit cards, utilities or loans. If your payments are made on time, the credit bureau gets good information about you. Life is busy and complicated, and it can be easy to forget a payment here and there.

Use small loans and cash advances

Use small credit-building loans and cash advances to bolster your finances, especially when you may have struggled to pay off some debts. Platforms like MoneyLion make it easy to inject money into your accounts when you need it most. Remember that staying on track is your first priority.

Pay your debts with the snowball method

Pay off your debts as much as you can. Yes, it can be difficult to pay off debt with the little money you have left each month, but you can use the snowball method to pay off debt faster.

Choose your smallest debt, pay it faithfully, but when it’s paid off, transfer the money you would have used for those payments to the next largest debt. This obligation will be paid off faster and you can repeat the process until you make massive payments on your largest debts.

Smart additions to your credit profile

Making conscious additions to your credit profile is more important than taking out random loans and opening credit cards. You can use a credit builder loan from a financial platform like MoneyLion to add a positive to your credit profile. But, you could buy a car, add a credit card with a low spending limit, or even start paying off student loans.

Each item adds diversity to your credit profile.

With every conscious addition, remember to keep your credit utilization below 40% as much as possible. Your credit score will fluctuate from day to day, but low credit utilization and proper repayment is a powerful combination.

Maintain a quality credit score

Maintaining a quality credit score is just as important as fixing your score. When you organize your financial life in the way shown above, you should maintain your automatic payments, never overspend, and calculate your credit usage to keep it below 40%.

Additionally, you should contact your creditors whenever you have a repayment problem. Most creditors are happy to move payment dates, waive late fees, and even set up a softer “promise to pay” for your credit. After doing so much work to improve your credit score, assess your current situation at least once a month to make sure nothing has slipped through the cracks.

About MoneyLion

MoneyLion is a digital financial platform that helps “the 99% feel 100%” about their finances. With simple tools, you can manage your money and make informed decisions with options like:

  • Mobile banking
  • Financial Trackers and Calculators
  • Investment accounts
  • Crypto Accounts
  • Cash advances
  • Credit builder loans
  • Get paid sooner
  • Buy now pay later
  • No hidden fees
  • Cash back

To start

securely through the MoneyLion website

Best for

Pricing and Features

Exam in 1 minute

A technology-driven financial powerhouse, MoneyLion brings personal financial products to people like you. Whether you’re a seasoned digital financial guru or looking to simplify your financial accounts, MoneyLion can make it as easy as possible to set and achieve your financial goals.

Best for

  • People looking to increase their credit
  • Cryptocurrency trading
  • Anyone who wants to integrate their bank, investment and installment loan accounts
Benefits
  • Cryptocurrency Features and Prices
  • Integrated digital personal financial services
  • Usually free to use with no account minimum; the few fees charged are inexpensive
  • Customizable investment portfolios
  • Useful services such as credit builder loans and cash advances at 0% APR
The inconvenients
  • No financial planning or dedicated financial advisor
  • No IRA or 401(k) management options

Frequently Asked Questions

Can I raise my credit score from 580 to 700?

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Can I raise my credit score from 580 to 700?

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Patton Hunnicutt

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Yes! When you work on your credit by challenging incorrect items on your credit report, paying off debts, paying on time, reducing credit use, and creating a more diverse debt profile, you can boost your score. credit from 580 to 700.

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How can I repair my credit quickly?

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How can I repair my credit quickly?

demand

Patton Hunnicutt

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It’s easier to clear your credit quickly if you set up automatic payments to avoid late fees and negative items on your credit report. Moreover, you can use credit builder loans or new credit cards to improve your profile. Finally, you can contact the credit bureaus to remove any incorrect items that are hindering your credit score progress.

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