Instead of applying for more credit to get additional money, take a hard look at your budget. Figure out ways to cut out unnecessary spending and try to make bigger payments to current credit card bills and loans. Larger payments will reduce the amount of interest you pay, reduce your debt quicker, and ultimately improve your credit score.
Making on-time payments to your credit cards and other accounts (such as utilities, mobile phones and vehicles) is one of the easiest steps to fixing your credit. Consecutive late payments will negatively impact your credit score; however, by paying on time, your score will eventually improve.
A “hard” credit inquiry occurs when you apply for a credit card or loan. This is different from a “soft” inquiry which is part of a background check or pre-approval and does not affect your score. If you apply for several loans or credit cards in a short amount of time, lenders will suspect that you can’t qualify, you may not get the credit you need, and your credit will take a hit.
We’re here for you! If you’re struggling to rebuild your credit, we want to help you.
Contact us or stop by the branch to get set up with a credit review.