7 Quick Ways to Increase Your Credit

If you have poor credit, it can make things extremely difficult. Getting an apartment, buying a car, getting a credit card with a fair interest rate…these are all that much harder with poor credit.
If you have poor credit, you may be wondering what steps you can take to improve your credit score quickly…
7 Quick Ways to Increase Your Credit
Below are 7 quick ways that you can increase your credit score and your credit limit. If you follow the tips below, you’ll greatly increase your chances of improving your credit in the shortest amount of time possible…

1. Get Your Bills in Order (Use a Calendar or Tracker)

The reason many people fall behind on their bills and lower their credit scores is a lack of structure. Many people simply try to pay their bills as they come up. Then they lose their mail, forget to pay the amount they owe, and allow late payments and fees to rack up. These late payments end up causing credit to lower over time.
In order to avoid late payments, get your bills in order! While this may sound like a simple solution, it’s one that most people aren’t considering. You need a bill calendar or tracker. While you can add your bills to your physical calendar or the calendar on your phone, you should consider a separate calendar or tracker for your bills. There are some excellent apps out there that are specifically built to track your bills, expenses, and income. They provide reminders and show you which bills are coming up and when.
Take an hour and punch all of your monthly bills into an app or add them to a calendar. You’ll be grateful for the reminders, and you’ll be able to pay your bills on time.

2. Keep an Eye on Your Credit

How often do you check your credit score? Did you know once a year you are able to view your credit score from the three major credit bureaus for free? You should definitely take advantage of this. You’ll be able to see how your credit is doing and take steps to improve it from there.
Another option is free credit score (estimate) trackers. Some banks actually offer free credit score trackers you can opt into. There are also websites like Credit Karma that offer you free credit score estimates. Keep in mind with these sites, though, you aren’t getting an accurate score. It is only an estimate. Still, it can help you to see if your credit score is potentially going up or down, and to what degree.

3. Set Up Autopay

Portrait of a happy young businessman throwing out money banknotes isolated over gray background

Autopay is such a simple solution that people often forget or ignore it. Others are simply nervous to set up autopay in case anything comes up. With that said, if you have financial stability, there is no reason to avoid autopay.
Autopay ensures all of your payments are made on time without question. On top of this, some companies will actually offer discounts for setting up autopay. Even $5 a month will add up over time. This means you are saving money while improving your credit. Don’t be afraid of autopay! Just make sure you set up your bill tracker, so you know when the payment is going to hit.

4. Address Delinquencies

Delinquencies, collections, and charge-offs are poison to your credit score. If you are delinquent, in collections, or are otherwise so far behind that companies are taking action against you, prioritize these bills and get them caught up. Delinquencies, collections, and charge-offs are some of the worst things that affect your credit score.
Contact your creditor if you have these delinquencies, collections, or charge-offs and see if there is room to negotiate. Oftentimes, companies would prefer some money over no money. If you offer an amount for a settlement, they may go for it.

5. Have Negative Entries Removed

Negative entries can only sit on your credit for a certain amount of time. Your outdated debt is supposed to fall off on its own. If it hasn’t, address these negative entries and have them removed. You can write the company a letter addressing the dispute. From there, the company should address the issue.

6. Avoid New Lines of Credit

The last thing you want to do when you already have a lot of outstanding debt is to add more debt! Avoid new lines of credit. If you are trying to get a new line of credit, the company will pull your credit to see if you can open a new line. This affects your credit score.
The older the credit you have, the better. You don’t want to decrease the average age of your credit.

7. Ask for a Payment Plan

If you are having trouble paying a debt, you aren’t alone. Many people have trouble paying off their debt. Companies understand this. That’s why many companies offer payment plans. With a payment plan, you can pay off your debt over time and show the company you owe the debt to that you are serious about paying off your debt. This can help to reduce your interest payments, which means you’ll end up owing less in the long run.

How Pyramid Credit Repair Can Help

Pyramid Credit Repair focuses on targeting inefficiencies. We check your debt management, spending habits, credit management, and other factors. We also provide thorough credit audits to get a better idea of why your credit score is what it is. From there, we figure out the best ways to improve your credit score. We’ll help you to put together a schedule so you can make on-time payments. We will also help you with disputes and credit restoration.
If you have any questions about what can be done to improve your credit, reach out today. We’ll discuss the different plans we have available with you and help you to find the right plan to meet your needs.
You don’t have to settle for poor credit! We’ll help you to boost your credit in no time!

Suspended Payments on Student Loans Allowed Many to Pay Down Other Debts and Boost Credit

During the pandemic, student loans were suspended. This allowed many to pay off other debts they owed and even increase their credit scores. This provided many Americans with an opportunity to improve their financial stability in a way they have never previously experienced.

The forbearance period for student loan payments has been extended to August 31, 2022. This looming deadline has led many with student loan debts to worry about backsliding.  

Since March 2020 when the government suspended payments on federal student loans, the credit score of the average American rose from 640 to 668 (according to an analysis by the Student Loan Initiative and California Policy Lab). Borrowers were also able to reduce their use of credit cards by around 23%–a massive decrease.

Student loans aren’t the only debts many Americans face. Around 85% of those with federal student loan debt also owe money for mortgages, auto loans, credit cards, and more. The median overall balance for these debts is around $19,121. This brief reprieve from student loan debt has allowed many Americans to start paying these other debts down.

By the end of 2021, an estimated $1.6 trillion in student debt was owed by around 43 million Americans. During the forbearance, they were able to save around $37.8 billion in interest (as per the Bureau of Economic Analysis).  

During the pandemic, expenses have gone up significantly. This is especially so for real estate prices, with the value of the average home increasing by over 20% in the past year alone. The relief students have experienced has helped with their ability to save money, improved their ability to keep up with surging expenses, and improved their ability to reduce the amount owed on other debt.  

This relief will go away in late August, as student loan payments will resume. This leaves millions of Americans to contend with rising prices and major inflation. Because of this, there is an expected surge in delinquency rates once payments resume.

The California Policy Lab and Student Loan Law Initiative have found that one in three borrowers (around 7.8 million people) are at a high risk of missing payments when they resume at the end of August.

While there have been a variety of different proposals to cancel student loan debt over the years, none have moved forward. Joe Biden promised $10,000 of student debt forgiveness per borrower during his presidential campaign, but this has yet to come to fruition.

What is Credit Repair?

With student loan payments resuming, credit repair may need to be considered.

The goal of credit repair is to correct less than perfect credit situations and restore credit. The process requires precision, industry knowledge, dedication, and effective time management. Pyramid Credit Repair is able to provide you with long-lasting results. We don’t offer a “quick fix” solution, but one that can lead to a lifetime of better credit.

How Pyramid Credit Repair Can Help

At Pyramid Credit Repair, we focus on targeting inefficiencies. We take a look at your spending habits, debt management, credit management, and more. We provide thorough credit audits to better learn why your credit score is what it is and then create solutions to resolve these credit issues. One of the best ways you can improve your credit is by paying your bills on time. We take a look at your expenses and bills, then put together a schedule to help with on-time payments. We also look at your spending to see where changes can be made to improve your ability to make on-time payments.

We provide our customers with real-time results, so they are able to track their progress. We also provide our customers with live assistance to answer questions that may come up.

Pyramid Credit Repair understands the challenges that those with student loan debt face and will continue to face once student loan payments resume. It is our mission to work with those that have fair to poor credit to increase their credit and maintain this increase. For those that have increased their credit during the student loan payment suspension, we will work with you to ensure your credit doesn’t drop once payments resume. We do this by helping our clients to better understand their credit scores, answer questions they may have, put together a game plan, and dispute any credit misrepresentations. Plans are available both for individuals and couples.

Pyramid Credit Repair has been in the business of credit repair since 2011 and has grown to be a full-service credit repair company over the years. We pride ourselves on our expertise and stellar reputation. We have helped thousands of individuals and families to reach their financial goals throughout the years.

Some of the things you can expect from Pyramid Credit Repair include hard work, transparency, innovation, and customer service. Our team prioritizes your needs, and we do everything we can to help you to reach your credit goals.

Call or reach out online to learn more about how we can help you to improve your credit once student loan payments return and beyond. We will provide you with a risk-free assessment and we can even help with the dispute process. We work on improving credit scores for all three major bureaus, and we offer a money-back guarantee. There are no hidden fees or surprises with pricing. We are completely open, and we allow you to pay as you go. Our support is available 24/7, and we work one-on-one with our clients to create a personalized plan. There is no “one size fits all approach” to improving credit. That’s why we work with you to put together a game plan that meets your needs.

Reach out today to learn more about how you can improve your credit and/or maintain your improved credit once student loans continue. We look forward to working with you and helping you to achieve your credit goals.