woman improving her credit score

How to Improve Your Credit Score to Make Borrowing Easier

Did you know that the average American consumer has a credit score of only 710? That means some people are above it, while many people are still below it. But no matter where you fall on the spectrum, banks still won't give you a loan if your scores aren't perfect. So, what are you supposed to do in the meantime?

HINT: It has to do with knowing how to improve credit score reports as quickly as possible.

Why It's Important to Know How to Improve Credit Score Reports Quickly

Improving your credit scores might not seem like a big deal but it's a lot harder than you think. In fact, it takes some people several years to get back to where they were before a financial mistake. Here's why:

1. There Are Three Different Credit Reporting Bureaus.

Three distinct entities play a role in your average credit rating. They are Experian, TransUnion, and Equifax - a trio of bureaus that collect personal financial data on each consumer to determine their creditworthiness. It's a nice way to eliminate a monopoly, but boosting three different scores can be very time-consuming.

2. Just Looking for a Loan Can Affect Your Scores.

Consumers can rack up both hard and soft inquiries just by participating in the economy. However, hard inquiries happen when you apply for a loan or line of credit. They stick to your report and several months and can lower your average score if there are too many. So, the more you look for help, the worse off you get in the eyes of lenders.

3. Some Things Won't Go away without a Dispute.

Certain items on your credit profile such as expired accounts, hard and soft inquiries, and reporting mistakes don't usually go away unless you make them. That, in turn, requires you to submit disputes for each detail that's incorrect or irrelevant. And while doing so can boost your scores significantly, the process usually takes quite a while.

TIP: Try to put back some cash from each paycheck to address older or larger debts. The older the account on your credit report, the more impact it has on your overall rating.

How to Improve Credit Score Reports in 3 Easy Steps

Improving your credit score may be time-consuming but it's necessary and may not be a difficult as you think. With these three simple steps, most people can make borrowing easier within six months to a year (if not sooner):

1. Create a Budget to Include Paying off Debts.

Don't just calculate your living expenses and recurring bills. Be sure to consider all of your debts, and then add some on-time payments into the pot. Even if you can only afford a few dollars, it will eventually take care of your obligation and boost your score.

2. Get Rid of the Things That Are Costing You Money.

Too many expenses can make it virtually impossible to pay other debts on time. Revolving lines of credit and major loans impact your credit scores tremendously. But being too broke to pay them isn't a good thing at all.

3. Use Credit-Friendly Loans to Make Ends Meet.

You don't have to desperately cling to banks right now or even damage your credit report because you asked for money. Instead, use a title loan or payday loan to make ends meet despite having less than perfect scores.

Couple happy about payday loan option

FUN FACT: You can get as much as $300 with a paycheck advance in Louisiana. However, you must be at least 18 years old to qualify.

What If You Need Emergency Funds While Trying to Improve Your Credit Score?

Emergencies do happen, and they often take you by surprise. If one happens to you in Louisiana while you’re still trying to improve your credit score and have no sufficient funds to cover the expenses, consider getting a payday loan in Louisiana.

Applying for a payday loan is easier than you think if you choose Cash Cow to be your primary lender. Here’s what you need to do:

1. Start the Process Online or over the Phone.

Find a short inquiry form on our website with a few simple questions to answer. An agent will then review your information and get back to you within 30 minutes or less. You can do it all in the office or over the phone as well. Plus, there's no store visit required.

2. Provide the Required Items

Your agent will ask to see the following items for fast payday loan approval:

  • Your driver's license or state-issued photo ID
  • Your most recent pay stub from work
  • A blank check from an active checking account in your name

3. Wait for the Agent to Review Your Papers

Let the agent review your documents and determine the amount you qualify for. At this stage, you’ll also discuss the repayment plan.

4. Get Your Cash

If approved, you’ll be asked to sign a few documents – and you can get your cash the very same day. The entire process takes around 30 minutes on average.

Submit Your Form Today!

Knowing how to improve credit score reports is important because it makes borrowing easier in the future. It also helps make ends meet right now - all without blowing your scores out of proportion. And if you run into an emergency while trying to improve your credit score, remember: you can get fast payday loans with Cash Cow. All it takes to get started is 5 minutes to fill out a short intake form on our website!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.