A friend once told me, “Please help fix my credit fast”, and I gave him some tips that helped him; I will be sharing the same tips with you today. If you have a poor credit report or simply need to know how to fix your credit fast, then there are five small steps you can take in the next 48 hours.
While these steps will not magically “rescue” your credit score, they will begin to give you a sense of control over your credit rating and give you the flexibility to choose the next best set of steps for your particular situation. Having this flexibility and control will let you rest easier at night and hopefully reduce those annoying calls from collection agencies!
Help fix my credit fast – Here are five steps to help:
- Get your credit report from the three major reporting agencies:
Equifax, Experian, and Trans Union. You can get all three reports once each year for free by going to the Federal Trade Commission’s website and searching for free credit reports. You need this information to know exactly where you are today, and how potential creditors view you regarding their risk. I have also provided a free guide below that walks you through how to make sure you don’t get charged for your credit report.
It’s important to keep in mind that the largest of the three credit bureaus is Experian. This contains the most information and is what I would recommend as the first place to start. The other two reporting agencies typically mirror the information found on your Experian report.
- Read the report and note any errors:
If you notice errors then later today or the next business day be sure to contact the firm stating the incorrect error for remedies. Also, make sure that you take note of any inaccuracies regarding your residence, age, etc. Sometimes a simple mistake can hurt your credit score. I created a video going over the sections that are on your credit report, and their importance. These can contain inaccurate information that needs to be updated quickly.
Set up a budget which you really can follow:
It’s important that once you establish a realistic budget, that you stick to it. Don’t try to budget more than you can afford to. Give yourself breathing space here as well. When you begin this process, you will begin to get creative ideas on how to execute your budgeting goals even better.
Be sure to include a calendar of when credit-related payments (g., credit cards, auto loans, etc.) are due. Make sure that you pay these on time. If you are at a loss as to how you can make it through the month on that low of a budget, then start saving on expenditures by smarter shopping. You can also use coupons, finding lower-cost substitutes, and other money-saving techniques.
- Learn your current interest rate charges on the various forms of credit you have:
Just because you were offered an introductory rate, it does not mean that the rate is still in effect. Furthermore, in the fine print, you may be paying an extremely high rate because you had just one late payment. Companies have no regrets about taking advantage of you. Their job is to make sure you pay twice or three times as much as the original cost. Don’t let them get away with it.
Personal Story:
When my wife and I financed our first car, we were rookies in the game in terms of understanding how interest works. We had no idea that after paying faithfully on our car note, that we could refinance that loan to get lower interest rates. When we did, it saved us a ton on our monthly payment. The beauty of this was that we kept our payments the same, even though we had a lower interest rate, and paid off our vehicle that much quicker.
This is a good practice to use on those important life purchases that you have, home, car, student loan etc. Most people get so caught up in making the payments, that they forget about getting that interest rate chomped down. We don’t just want to pay off our debts, we want to do it as quickly as possible and leverage is key.
Contact your credit card company and other creditors to find out the rate you are paying today. If possible, understand the terms of your agreement so that you can end up paying a lower rate.
Ask for help:
There is nothing wrong with admitting that you don’t know anything about credit cards or even just a specific portion of your credit agreement. Professionals exist to help you.
When you ask for professional help, be sure to know what you are seeking so that you choose the professionals who best serve your specific situation. Take into account the cost, and whether they will be saving you significant time by doing this for you as opposed to you doing it yourself. Sometimes you can fix your credit rather quickly without help, other times this is just not possible. Just make sure you do your homework before you go with a particular service.
In addition to repairing my own credit, I’ve been down the road of trying out a few services. I did an article outlining my recommendation based on how they helped me to get back on track.
So if you’ve found yourself asking, help fix my credit fast, these five steps are the best things you can do in the next two business days to begin to help you fix your credit quickly. They also will give you the reassurance that you are following sound financial principles to help you repair your credit fast and then be in a position to become financially successful in the future.
If you need more information on this topic, below is a free guide that will walk you through the process step by step and will also cover:
- Getting and Understanding your credit reports & scores
- Real “how-to” for improving your credit (these are the very tactics the best credit repair firms in the country use)
- Powerful action plans
To Better Credit!