How To Improve Your Credit Score

  • Chances are if you are looking for a logbook loan, that means your credit score is not as high as you would like it to be. Fear not, as we can help you out. While you can certainly get a logbook loan while your credit is still low, your best course of action is to work on your credit score at the same time. Credit scores are used for more than just getting loans, and having a good credit score can make your life a lot easier. Below are some simple tips that we think will help you out.

    1. Reduce Your Debt – The first thing you are going to want to do is try and reduce your debt. Whether it be on your credit cards, or a personal loan, removing debt is a great first step to improving your credit score. While paying your debts back may seem easier said than done, you don't have to pay it all back tomorrow. If you can make just slightly larger payments each month it will go a long way towards reducing your debt. Credit reporting agencies want to see that you are making good progress with your debt, so try and pay it off as quickly as you can.
    2. Manage Credit Cards – Secondly, you want to make sure that you are using your credit cards the right way. Before you even get started though, make sure that you have a credit card, and that you have been using it for a while. Length of credit history is a big factor, so if you are new to managing credit, just give it some time. Also make sure that you are not spending too much on any of your cards, or spending too little. You want the percentage of money spent to credit limits (for all of your cards combined) to be somewhere between 30 and 70. If you can do that each month, and pay off any balances, then your credit score will improve.
    3. Pay Bills On Time – Third on our list is to simply make sure that you pay your bills on time. Your credit score is supposed to reflect how responsible you are with money, and making on-time payments goes a long way. Even one missed payment can be a ref flag on your credit history, so do your best to avoid this.
    4. Give It Time – As we said earlier, the length of your credit history goes a long way. You need to keep up good credit practices for a long time in order to have a good score. If you are just starting to work on your score now, remember that changes are not going to happen over night. Be patient and keep up the smart choices, and before long you should start to see a rise.
    5. Get Help – If you are still struggling with your score, as a professional. They will be able to go over your credit file with you and tell you which areas you need to work on. While this may cost money, it may be worth it in the long run if you can get a handle on your credit score.