According to Experian, a 570 credit score falls into the high-risk range. Having a score this low means that lenders will be highly unlikely to extend credit to you. Getting your credit score to go up will take some time and patience on your part, and it may not be very easy. You may never have the highest credit score, but you can certainly bump it up into the excellent range with a little work. Here are some things you can do to start raising your score today:
Work Toward Paying Off Debt, Not Building It Up
Your credit score is partially determined by how much debt you are in. If you have multiple accounts open through different lenders or lots of credit card accounts, this can negatively impact your score. Make an effort not to open any new credit accounts and start paying down on what you already owe.
Catch Up Late Payments
Credit card companies, mortgage lenders, and most lenders offering car loans or any type of unsecured credit report regularly to the credit bureaus. Try hard to get your past due payments caught up – particularly those that are running more than 30 days behind. Avoid fast debt solutions offered by untrustworthy lending companies like the plague – they may promise to improve your credit, but in reality they will damage it more severely than it already has been.
Use Your Credit Cards Responsibly
If you have a credit card, paying off everything you charge in a given month when you get your statement should help to improve your credit score. Your minimum payment may only be $15, and it might be tempting just to send this much in, but you’ll never get card paid down this way. You should also avoid charging more on your card than you know you can pay back the next month.
It could take a year or more to see a 570 credit score bounce back up from the high-risk range to the average credit score range, but at least you’ll know you’re making progress. A score that falls within the excellent range is entirely possible, but only if you continue to keep up your good credit and debt-management habits.
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