>> Looking For A Home Improvement Loan? Visit vcloan.com <<

How Can You Improve Your Credit Score?

Build your credit file:

Open new accounts which will report to the major credit bureaus. Most lenders and credit card issuers report to all three so this is easy to achieve. In order to establish any credit, there must be accounts open in your name. From there, you can begin to establish a good record as a borrower. If you know someone with great credit, you can also be added as an authorized user on one or more of their accounts to gain good credit that way (as long as they are making their payments on time).

Limit applying for new accounts:

This may seem counter-intuitive after reading the first tip, but it really isn’t. You need to open accounts to establish credit, but once you have done that, you want to make sure that you don’t go overboard and open too many accounts.

Having open accounts is important for building credit but you’ll want to make sure you do not open too many. When applying for a new account, you may be subject to hard credit pulls which hurt your score and can add up. Additionally, opening new accounts will decrease your average of accounts and decrease your scores. These are minor factors in the way your score is calculated but important to keep in mind, nonetheless.

Do not miss payments:

Speaking of making payments on time, this is a MUST for you to build good credit. Payment history is one of the main factors in building credit and you want to have a good track record. Payments that are at least 30 days late can be reported to a credit bureau and hurt your score. Stay on top of your accounts and watch your purchases. When an account gets reported to a credit bureau as “late,” it immediately hits your score hard. With every month that passes after the late payment, it’s impact will become smaller. Drops in your score are almost instant but bringing it back up is a slow process.

Catch up:

If you are behind on bills, paying them off can greatly improve your score. Additionally, this will stop
further late payments and fees. If credit card debt is something you struggle with, speaking with a credit counselor may be a good option. They may be able to negotiate lower payments and interest rates. Keep in mind that using a credit counselor should be a last resort as that is also considered derogatory. Settling bills for less than you owe never looks good.

Revolving credit accounts:

Having a high balance on revolving credit accounts can hurt your scores. Bring down the balance to
improve them. A good rule is to keep your credit utilization ratio in the low single digits.

How long does it take to rebuild my credit score?

This varies, based on how many discrepancies you may have, and can be anywhere from a quick fix to a long process. You can always dispute the late payments with the credit reporting agency and hope they drop off but that can be hit or miss. In many cases, the best option is to contact a credit repair company.

They will go to bat for you and work directly with the different agencies to clean up any errors.
Most negative marks will go away on their own after 7 years, sometimes fewer, and not affect your
score any longer. Bankruptcies can take 10 years. You can let time take care of negative marks but there are steps that can be made to expedite the process of getting your credit back into good standing.

Share this post

Disclaimer:

At Viking Capital, we try to provide accurate information on loans, credit scores and pool care, but it may not apply directly to your individual situation. We are not financial advisors and we recommend you consult with a financial professional before making any serious financial decisions. The content on poolloan.net is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, consult a licensed financial or tax advisor.

Why Choose Viking:

Download our "Top Pool Trends" eBook

Other Useful Info:

9 Questions To Ask a Pool Builder

How To Choose the Best Swimming Pool Contractor Are you financing a swimming pool? Make sure you choose the right pool builders for your project! From residential backyards to Olympic-sized recreational centers, pools are a major investment that require significant skill to build and complete properly. When you have a pool installed, you want to

Read More »

Do Pool Fountains Cool Water?

Take a moment to think about how much relief a pool can bring during both unpleasantly hot and cold weather. There are few things as enjoyable as lowering yourself into a heated pool on crisp autumn nights. Likewise, the feeling of jumping into refreshingly cool water during the summer heat is almost indescribably wonderful. But

Read More »

7 Types of Modern Pool Fountains

When thinking about what features your dream pool would have, a common one is a pool fountain. There is something naturally relaxing about water in motion, the sound it creates, how it is calming to look at and is soothing to touch. These attractive features are not just beneficial for you and your guests but

Read More »

Automatic Pool Cover Costs & Must Knows

Pool covers are often an essential addition to any backyard pool because of the many benefits they have, they are a no-brainer for any pool owner. There is a wide variety of options available and choosing which is right for you will depend on what you want to get out of a cover, your pool

Read More »

Pool Fire Pits – What You Need To Know

Pool Fire Pits – What You Need To Know Poolside fire pits at night, friends and family gathered together, and great food. You can probably feel the warmth of the fire when you conjure those images. It’s an experience that can color entire periods of people’s lives. But it’s not something that has to remain

Read More »

Payment Calculator

FREE Loan Consultations and payment details for all applicants!

Example 1

Loan amount $40,000
Rate 5.49%
Term 15 Years
Monthly payment $327/mo.

Example 2

Loan amount $50,000
Rate 7.99%
Term 20 Years
Monthly payment $418/mo.

Loan Terms

* Loan terms and availability vary based on borrower qualifications and are subject to change without notice. Monthly payment amounts are for demonstrative purposes only and are not guaranteed to match final payment amounts for all borrowers. Your Viking Capital Loan Representative will go over all your loan options and their respective terms and payment amounts.

We are proud to offer these great loan options to our Military Families

*Eligibility requirements:

The applicant or co-applicant (or Family Member*) is active duty, military retiree, reservist, or veteran.  Branch of service: Air Force, Coast Guard, Army, Navy, Marine Corps or reserves for these branches. 

Family members must be “lineal” (spouse or direct-line ancestors and descendants. Includes family by adoption and marriage).