No matter what your age or your income, you need good credit! Be it hard economic times or foolish indiscretions, what ever happened to bring your credit score down it must now be brought up. Much easier said than done, so please read on for some very helpful tips and advice you can put into practice immediately to get that credit rating back up where it belongs!
If you are worried that you may not have the dream of home ownership again after a foreclosure, there may be good news in that area. Depending on the reasons for the foreclosure, you may be able to have another home within three years, but this may require a larger down payment and higher interest rates.
It may be a good idea to include an old-fashioned bank loan in your credit repair activities. Banks may be willing to give even those with bad credit a loan. Paying back a small loan on time will really help your credit history. Be aware, however, that you won’t get the best terms with poor credit. You may have to suffer a bad interest rate or put up collateral to secure the loan.
Secured credit cards are an effective way for you to start rebuilding your credit. Most likely, you will not have a problem obtaining this type of card, but you must add funds to the account before you make any purchases to assure the bank that you will pay. A responsibly used new credit card will begin healing your credit score.
Do not make credit card payments late. By remaining on time with your monthly payments, you will avoid issues with late payment submissions on your credit report. It is not necessary to pay the entire balance, however making the minimum payments will ensure that your credit is not damaged further and restoration of your history can continue.
If disputing an account with the credit agency does not produce results, dispute it with the actual creditor. Send them a letter through the mail advising them that you do not believe that the debt is yours and request that they provide you written proof of the debt. If the account is older, chances are they will not have the records. If they cannot prove the debt they must remove it from your credit report.
If you notice a mistake in your credit report, you can make the corrections yourself. You will need to contact the major credit-reporting agencies and ask for assistance. This is pretty straight forward and there is no fee to do this. There are also publications that offer credit history self-help, as well.
An important tip to consider when working to repair your credit is to ideally keep your credit card utilization no more than 25 percent of the total credit limit. This is important because your credit card utilization is directly responsible for your credit rating. If your balance is high, aim to bring it down to no more than 70 percent.
Before signing up with a credit repair counselor, be sure they are a legitimate company. There are many scams that exist in order to take advantage of desperate people in serious debt. Read the reviews from other customers and the company’s listing with the Better Business Bureau before signing anything with a credit repair counselor.
Nobody is perfect and most of us have made the same spending mistakes that you have and negatively effected our credit ratings. Facing up to the problem is the first step and it is a big step in the right direction. Take what you have learned today from this article, apply it to your every day actions and incorporate it into your strategy for repairing your credit now!
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