These 3 Simple Tips Can Help You Improve Your Credit

credit tips, millennial, credit score,

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I’ve spent most of my adult life justifying my need to over plan. I am surrounded by spontaneous people in my daily life and I just simply have a harder time sipping the “YOLO” kool’aid. When I hear people discussing “living for today” or reminding someone that “tomorrow isn’t promised”, I cringe a little bit. Of course, both of those saying are very true. Afterall…

LIFE COMES AT YOU FAST – Ferris Bueller 

But the reality for most of us is that tomorrow will come and most likely the day after will follow it. The good news is it is never too late to start working your plan. In one year’s time, no matter what you do, you will inevitably be 365 days older so excuses like, “I’m too old” won’t fly here!

Check out these alarming statistics

  • Only 30% of Americans have a long-term financial plan that includes savings and investment goals.
  • You’re most likely to budget if you make at least $75,000 per year.

Surprisingly, Only 1 in 5 people that reported being extremely strapped for cash made less than $40,000 per year. Which means the vast majority of us are mismanaging our funds!

One thing you can do right away to alleviate your money problems is to attempt to repair your credit. Better credit will help you save money.

Did You Know: 79% of consumers who disputed credit report errors were successful in removing them?

On average, as we age our FICO score goes up. By our late 40s, most of us will hopefully have descended into the PRIME credit bracket (680+). But the black sheep of this scenario appears in the 30 to 39 age group, yup millennials. These individuals have the largest population of consumers with a sub-620 credit score, according to Value Penguin. Millennials are also at the age where they are the proud owners of nothing other than a huge credit card bill.

3 Credit Tips To Try This Week
  • Check your score. I know, it can be scary. But it’s better to know what you are up against so you can devise a solid plan. Pour yourself a glass of wine and take the plunge!
  • Dispute what you can and pay off what you can’t. Along the way, you may find that your score is being lowered by some items that are incorrectly reported. Some amounts owed may be inaccurate or you may find accounts that totally don’t belong to you. I’ve gone into more depth on this topic in a previous blog that I will link here.
  • Curb spending. I’m sure you didn’t want to hear this, but it is often the elephant in the room when speaking about debt. You can’t pay down your debt if you are actively incurring more. Commit to stop the bleeding in your finances by only buying necessities…with cash!

Improving your credit is no doubt the only way to save yourself significant money over the course of your lifetime. Not getting stuck in the rut of only qualifying for sub-prime loans is imperative to your financial wellbeing as we settle into adulthood. Take control of your life now, it’s never too late to put your best self forward!

Do you have A1 credit? If so, share a tip in the comments that could help someone else raise their score!

 

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