Home & Mortgage
Can I do this - Credit Repair- Is it really that important to raise your credit score? Almost every Lender has "break points" between scores that get you one interest rate or another. Let assume you have a score of 687, and the BANK reduce the mortgage rate by .5% at 690. Those 3 points may cost you an additional $20,000 in interest on a $150,000 loan (over 30 years at 6.5% instead of 6%). What do you think? Is that really important enough for you? What should you do?
Here are some advice to star you own Credit Repair.
There are ways to do your credit repair on your own. Some of them take a little bit more time than others to have results, but if you dont start working on it now, you can have even worst credit score in the near future. Boost that score before long.
1).You may have errors in you credit report, right? Look for those errors, check your credit report. If there are any errors that hurt your score, call directly the credit reporting agency that issued the report and dispute them. That agency is obligated to examine, investigate and correct any errors within thirty days.
If that creditor doesnt respond, or denied to your inquiries, they have to automatically remove the item in question (you may have to remind them about this part of the law). The law protects you to dispute any errors on this report. You dont have to hire some one to do that, because they will do the same, call the agency and dispute. Remember that you are working on your own credit repair.
2).You have to make an effort to pay off balances every month. It is recommended, and, just good for your future, as a method to keep you out of extreme debt. It may save you a lot in interest also. It demonstrates your capacity to manage your debt, and as a result increases your credit score.
3). Do not collect credit card - have the right number of credit cards. At least two is best, if one better, but having more than 4 or 5 can actually lower your score, and its a bad signal for creditors.
4).Your bills you must pay on time. Borrow some money, or ask cash advance form your employer, to get those bills paid on time, if you have to. Paying on time has the biggest positive result on your credit score. On the opposite side, unfortunately, paying off old delinquencies will not immediately raise your credit score. And its simple why, because these will still show as being paid late, but if you start paying on time now, and with time, these old late payments are deemed less important.
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