What seems simple to one person might be completely baffling to another. Sometimes, when it comes to credit, a little knowledge is all it takes to send a person’s credit score in the right direction.
Austin M. gained some through CredEvolv. Now he’s moving toward achieving his financial goals.
Austin had a 489 credit score and no idea how to use a credit card. The counselor he connected with on our platform helped him open a new credit card account, showed him how to budget for the card, and stressed the importance of making on-time payments. As several collections came off his credit report, Austin’s score rose to 577 in 7 months, closing in on his mortgage lender’s target score of 620 and his personal goal of 680!
Why are on-time payments so important?
Your payment history is the single biggest factor in determining your credit score, accounting for about 35% of it. That’s why making on-time payments is non-negotiable if you want to improve your credit.
- Set reminders for yourself. Use calendar alerts, apps, or automatic payments to ensure you never miss a due date.
- Adopt the mindset that a little is better than nothing. If you’re unable to pay your full balance, at least make the minimum payment. This protects your credit score and helps you avoid late fees. Missing a payment should not be an option.
- Know your due dates. If multiple payments feel overwhelming, contact your lenders to align due dates closer together.
Consistency is key. Every on-time payment builds a positive credit history. Over time, your effort can significantly boost your score.
What can and can’t be removed from my credit report?
As we discussed in one of our Credit Education blogs, it’s important to know what can legally come off your credit report and what must remain. Here’s the truth: Better credit is not about erasing your financial past. It’s about correcting inaccuracies and improving your credit going forward.
There’s a lot of misinformation out there. Some so-called credit repair companies claim they can remove all derogatory information from your credit report. But this simply isn’t true. In fact, it’s illegal to remove accurate information, even if it’s negative.
Under the Fair Credit Reporting Act (FCRA), credit reporting agencies are required to report accurate, verifiable information. If you missed a payment or defaulted on a loan, for instance, that information can legally stay on your report for up to seven years. Bankruptcies can remain for up to 10 years.
At CredEvolv, we want to set the record straight: no one can legally remove accurate, negative information from your credit report. What the certified, nonprofit counselors on our platform can do, however, is help you dispute any inaccuracies or outdated information that may be hurting your score unfairly. They are trained to spot errors and unfair practices on your report.
This gives you the best chance of improving your credit by removing anything that doesn’t belong – and making progress toward a credit score goal like Austin did!
Read more credit success stories here!