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How to Rebuild Your Credit Fast | Jora Credit

If you are looking to make a major purchase, one factor you need to prioritize is your credit. Here is a guide on how to rebuild your credit fast.

Your credit has a major impact on your life. If you want a car loan, mortgage, or sometimes a job, then you may need a high credit score. Unfortunately, many people make mistakes early in adulthood that lower their credit scores and make it nearly impossible to get a loan. 

If you need to rebuild your credit, then you need to begin using credit wisely and take care of the debt you’ve already incurred. We’ve put together this guide to help you understand your credit and how you can quickly improve your score. 

We want you to have a home and car without outrageous interest rates. 

Rebuild Your Credit by Finding Errors on Your Credit Report 

Anytime you apply for a loan or a credit card, the lender checks your credit score and report. Your credit report is how the credit bureaus, such as TransUnion, Experian, and Equifax determine your score. 

You are entitled to a free annual credit report from the credit bureaus that details your credit and debt. It also shows delinquencies, court proceedings, and bankruptcies. 

Many times, these reports have errors on them. It could be debt that has exceeded the limit for being reported, incorrect debt, and other problems. Each credit report may be different so look at all three. 

If you find errors, then there is a procedure to ask the credit bureaus to correct the errors. Sometimes these errors can lead to a dramatic increase in your credit score. A high credit score leads to lower interest rates and better chances of qualifying for various loans. 

Get Caught Up on Existing Debt 

It’s easy to get a little behind on your car, credit card, or mortgage payment. Once you are, it can be difficult to catch up. Part of your credit score is about the timeliness of your payments. If you get 30, 60, or 90 days behind, it negatively impacts your credit score. 

If you get so behind that you default on the loan or go into foreclosure, then it has a significant impact on your credit score. If you get behind, try to catch up on the payments. If payments are made on time, then they can help your credit score. 

If you have too much debt and can’t catch up, you can look into a debt consolidation loan that lets you consolidate all your debt into a single loan and single payment. 

Using Credit Cards to Rebuild Credit Scores 

If you don’t have any credit or it’s been a long time since you obtained new credit, then consider getting a credit card, credit-builder loan or line of credit to help build your score. You can get a loan and pay it off monthly to help improve your score as well. 

Improve Your Credit Score Today 

If you want to rebuild your credit, then follow these tips and you’ll be on your way to a great credit score in no time. It’s never too late to improve your credit. 

If you are looking for a loan option urgently, then please contact us today. 

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