You did it and signed up for either credit report monitoring (congratulations – good decision) or you received your credit score when applying for a loan somewhere and they told you the magic number. But now what. If you credit score is perfect or close to perfect there is not much you can really do. Sometimes time is the only thing really that boosts your score higher up. But if you are less fortunate with what your credit score value is, now is the time to do some homework.
Grab your credit report and review the accounts listed on there. If you find accounts that should be closed, follow up with the lender and make sure the accounts get closed and that the change is reported back to all 3 credit bureaus. Close accounts that you no longer need. Those store cards that you had since forever – get rid of them and make sure the lender closes the account and reports it back to the credit bureaus.
Pay down credit card balances. Consolidate accounts and then close those accounts with the highest interest rates. DO NOT apply for a new credit card just to transfer the balance to it due to lower interest rates. You want to boost your score quickly and the official inquiry will shave off some points + you face the risk of being declined and then the damage is even worse.
These are just a few steps to clean up your credit report and to give it a quick boost. There are more things to do, but I will write about those in future articles. If you do not have your credit score, make sure you get your free credit report and free credit score.
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