Missed Payment Can Drag Your Credit Score Down

Oct 24, 2022

For most Americans, hearing the phrase “credit score” is enough to make them feel anxious. According to Experian, about 16% of the population have bad credit, with FICO scores ranging between 300 to 579. But don’t lose hope just yet—you can still improve your credit score with the help of Austin credit repair companies.

Ways to improve your credit

• Stay on top of your bills.

The most effective strategy to improve your credit score is also the simplest one: pay your bills on time. In fact, your payment records are the largest scoring factor in major credit scoring systems, such as FICO and VantageScore. And did you know that late payments can stay on your report for up to 7.5 years?

So, if you ever miss a payment, call your creditor as soon as possible. In addition, set up automatic payments or reminders for your bills.

• Ask for a higher credit limit.

Have you recently been promoted? Celebrate the occasion by asking your credit card issuer for a higher credit limit. A higher income will increase your chances of getting a greater credit limit, lowering your overall credit utilization.

How about if you still have the same income? Then, consider asking a close relative or friend with a high credit limit for a favor. They can add you as an authorized user to their account, allowing you to “piggyback” off the primary user’s positive payment history.

• Dispute credit report errors

Have you been paying your bills and debts on time? If so, seeing a poor credit score on your account could be quite suspicious. Errors like misspelled names, inaccurate birth dates, and wrong Social Security numbers can pull down your score.

Thankfully, these mistakes aren’t on you. You can dispute the errors with the help of an Austin credit repair expert, ensuring that your credit is back to what it’s supposed to be.

Work with a licensed, bonded, and registered Austin credit repair company now and start boosting your scores!