5 Ways to Repair Your Credit

February 20, 2018

Damaging your credit score can happen all too easily. The good news is, with consistency anyone can repair the damage and slowly rebuild to a healthy score. Here are our top five tips for getting your credit back in shape:

Understand the Timeline

The most important thing to remember when repairing your credit is that the journey will be a marathon, not a sprint. Each time you make a payment or a purchase, it can be one baby step towards better credit. It will take time, but if you create a payment schedule and stick to it you’ll see the results you’re after.

Take a Full Inventory

The first thing to do is to take stock of all your outstanding debts. Every credit account, store card, personal loan, and mortgage will have an effect on your score. Take a look at each debt and note the interest rate and dates associated with the account, and use this information to prioritize what will be paid off first.

Utilize Reminders

It is imperative that you never miss a payment when improving your score. Use reminders on your phone or online banking to remind yourself to make payments before they’re due. Many online banking products will also give you the option of automatic payments, which do the remembering for you! The consistency of payments is the best step you can take towards better credit each month.

Consider a New Card

In difficult circumstances, it is possible to leverage opportunities other cards offer to get out of extremely high-interest rates on other debts. Cards with an extended introductory interest rate like the Visa Platinum Card can give you a window of opportunity to pay down other debts and get back on track.

Consult An Expert

When in doubt, it never hurts to call in a pro. The personal finance experts at Guaranty Bank & Trust are here to help you manage your assets and debts no matter what stage of life you’re in.  If you truly feel overwhelmed, a visit with a member of our team is the perfect way to get an informed view of all your options.

If you’re interested in improving your credit score and reducing your overall debt, the experts at Guaranty Bank & Trust are here to help. To get in touch, visit us online or give us a call at (888) 572-9881.

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