Easy Tricks to Increase Your Credit Score

October 12, 2020 | June Mckaig

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Lenders like banks and credit card companies look at credit scores to find out if you are a “good borrower” – or, the chance that you can successfully repay any money they lend to you.

Building a good credit score can take time. If you’ve rarely borrowed money, or had moments when you fell behind on credit card payments, your credit rating can take a hit. It may be difficult to take out a housing loan or a car loan. In some cases, a bad credit history can affect your ability to be employed or get a travel visa.

Increase Your Credit Score With These Tips

But don’t worry; these tricks can help you increase your credit score again.

Review Your Credit Report Every Year

This can help you monitor your score and give you a chance to dispute any errors that could be pulling down your score. For example, you may have been a victim of identity theft, or some debts could have been incorrectly reported.

Automate Payments And Payment Reminders

Late payments can affect your credit score. But sometimes, we just forget to pay the bill or are too busy to make the transaction. You can use a money management app to encode all your bills and set up notifications, and even arrange for easy online payment.

Pay Your Bills Twice A Month

This is a really effective trick for raising your credit score. Paying bills every two weeks lowers your credit utilization, and also reduces “bill shock” when several notices arrive at the same time.

Work Out A New Payment Plan

If you are having problems with monthly bills, call up your creditors and proactively work out a more realistic repayment scheme. This is much better than just letting payments pile up, and help you feel more in control of your finances.

Try To Build Account History

Older bank accounts or credit card accounts help establish your credit history with the institution and strengthen your overall credit score. So even if you rarely use that card or account, keep it active.

For the same reason, avoid opening several new accounts or credit cards at the same time. This can pull down your credit rating, especially if you close them after a short time.

Plan How To Pay Off Multiple Cards

If you have balances on several cards, focus on paying off “maxed out cards” or any card that is very close to the credit limit. This has a better impact on your credit score than paying small amounts on several cards.

Take A Short-Term Loan

One way of pulling up your score is to take a title loan or a payday loan. These are short-term loans that don’t require a high credit score. You can borrow a small amount of money and pay it off on time.

Your positive payment history will be reported to credit card agencies, and lead to an increase in your credit score. That’s why title loans and payday loans can help students who have no credit history, or others who need to reverse a bad credit history.

Take On Different Kinds Of Loans

Your credit mix (or how many different kinds of loans you have) accounts for 10% of your credit history. For example, a good credit mix may include a credit card, student loan, car loan, payday loan, and title loan. That is better than having just several credit cards, which are considered one kind of loan.

 

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Deal With Unexpected Emergencies That Threaten Your Credit Score

Title Loans and payday loans are some of the best ways to handle unexpected emergencies to build up your credit history. A title loan Utah is a short-term loan where your vehicle’s title is used as collateral. While most people use their cars to get a title loan, you can also use a motorcycle, truck, and RVs. The amount you borrow is determined by the value of your vehicle. When you come visit us, we will inspect your vehicle to determine the value.

A payday loan is like a cash advance. Basically you borrow money from the lender – that being us, Utah Title Loans, in this case – and pay it back with your next pay check. You don’t need to present any collateral.

Advantages To Title Loans And Payday Loans

Fast, Simple Processing

You only need to submit a few documents, and can begin the application online. It’s very simple, fast, and convenient. For title loans online, you just need a government issued ID, car title, and your vehicle. On the other hand, payday loans Utah will need a government issued ID, proof of employment or pay stub, and a bank account that is in your name and active.

Does Not Require High Credit Scores

This is one of the few types of loans that does not need a high credit rating. Anyone can get a car title loan and payday loan, regardless of your credit score.

Pay Back In Reasonable Installments

While these are short-term loans, we have flexible payment schedules – just sit down and talk to us so we can come up with something workable.

Continue To Use Your Car

Don’t worry, you don’t need to surrender your car when you get a title loan! You’ll be able to use it just like before, as long as you don’t miss any of the payments.

Steps On Getting A Title Loan And Payday Loan

Find A Utah Title Loan Near You

When you look up title loans near me, you will find that we have a ton of locations all around Utah for you to visit. And any location you choose will have reliable, smart loan representatives available to help.

Fill Out The Form

To begin the process, just fill out our online form. These short forms will just give the loan representative a clearer idea of what you need. Once you submit, someone will soon reach out to contact you to talk you through the rest of the process.

Come Up With Payment Terms And Fill Out Forms

This is the part where you sit down with us and go over the rest of the forms. We will make sure you understand everything and agree with the terms. We will also come up with a repayment schedule for either loan that works for you.

Submit Documents

We will also be checking your required documents. For title loans you are required to bring your ID, vehicle title, and your vehicle. For a payday loan you will bring in your ID, your most recent pay stub, and a blank check from an active checking account.

Get Your Cash

If everything checks out and we are able to approve you, then you will walk away with the cash you need. In 30 minutes or less you could have the cash you need to solve your emergencies.