8 Credit Repair Tips
Home & Mortgage
Millions of Americans will suffer from financial difficulty at some point in their lives, often through no fault of their own. Difficulties in repaying student loans, auto loans, or making late payments on credit cards often result in stressful calls from collections agencies or creditors. Unexpected medical bills or divorce may mean extra bills and payments that you just didn?t plan for. For many Americans, the debt becomes unmanageable, ending in bankruptcy, repossession or foreclosure.
The bad news is that all of these financial difficulties will affect your credit score. A low credit score may prevent you from buying that new house, securing a loan for that new car, or even getting that new job. The good news is that a bad credit score doesn?t have to be permanent. There are many simple steps you can take now to start to fix your credit score and improve your life. www.CreditScoreRaised.com
#1 Way to Fix Your Credit Score-Don?t Open New Accounts. Many Americans just can?t resist signing up for that new card, but this is not a good strategy if you are trying to fix your credit score. Credit card companies are well aware of this, and many offer incentives in the form of low introductory interest rates or free ?bonuses? to convince you to add just one more piece of plastic to your wallet. But this will make it difficult to fix your credit score. If you want to fix your credit score, do not sign up for more than 3 credit cards. When your credit score is calculated, the amount of credit you have available is one factor used to determine your credit score. A large amount of available credit is good, having more than 3-4 credit cards can be bad. To fix your credit score, tear up those credit card offers that arrive in your mailbox.
#2 Way to Fix Your Credit Score-Consider Secured Credit. If your credit has been severely affected, it may be difficult to fix your credit score by repaying traditional types of credit such as credit cards. Lenders may simply view you as too much of a credit risk. To fix your credit score, you might wish to consider secured credit. This involves putting assets, such as your house, up for collateral to secure a loan. Of course, if you are using this strategy to fix your credit score, make sure you have the means to pay the loan back quickly. Otherwise, this will not fix your credit score at all, and the consequences of defaulting on this type of loan could have severe consequences, such as repossession. Paying off the loan fast, will help fix your credit score, and also increase your chances of getting other types of credit in the future.
#3 Way to Fix Your Credit Score-Pay off Large Debts First. One of the best ways to fix your credit score is to pay off your debts. Experts agree that to fix your credit score, you should pay off your large debts first, because they are the ones that will have the highest interest. Paying down those big debts, and reducing the amount of interest you pay each month, will help you focus on other debts and fix your credit score.
#4 Way to Fix Your Credit Score-Avoid Minimum Payments. Because you want to pay down your debts to fix your credit score, you should always try to make more than the minimum payments on your outstanding debts. Credit card companies, for example, often require a very small portion of your balance to be paid monthly, meaning even a small debt will take a long time to pay off. To fix your credit score, try to pay more than the minimum every month. This will fix your credit score by reducing your debts faster. Of course, if you can?t afford more than the minimum payment, paying a small amount will do more to fix your credit score than making no payment at all.
#5 Way to Fix Your Credit Score-Get Organized. The best way to fix your credit score is to pay your bills on time. Pay your bills and fix your credit score, be organized when it comes to paying bills. Keep track of payments, outstanding debts, and dates. Take advantage of tools like online banking and automatic bill payments to pay your bills regularly and on time. This is the easiest and surest way to fix your credit score.
#6 Way to Fix Your Credit Score-Keep Balances Low. To fix your credit score, try to avoid carrying a balance on your credit card. If you are trying to fix your credit score, the best strategy is to completely pay off your balance every month. Of course, this is not possible for many people. To fix your credit score, keep those credit card balances low, preferably under half of your credit limit.
#7 Way to Fix Your Credit Score-Be Careful When Closing Accounts. When trying to fix your credit score, don?t be tempted to close old credit accounts, thinking that it will fix your credit score. If you want to fix your credit score, keep in mind that a longer credit history looks better than a shorter one. If you do want to close some of your accounts, close the most recent ones. Keeping older accounts open, even if you don?t use them frequently, will help fix your credit score.
#8 Way to Fix Your Credit Score-Know the Facts. If you are trying to fix your credit score, it?s important to take control of your credit situation. Know how much you owe, establish a payment schedule, and monitor account transactions and activity. Lastly, check your credit score regularly, so you can see how your efforts to fix your credit score are paying off.
To find out how to remove, collections, medical bills, judgments, late payments repossession, credit cards, bankruptcy, student Loans Divorce, Tax liens, Auto Loans, Student Loans, Foreclosure
For more advanced tips on Repairing Bad Credit go to: http://www.creditscoreraised.com
Credit Repair Expert Franklin Jones has helped hundreds of customers use advanced credit repair techniques to restore there credit to a high rating fast. Here is one of my websites http://www.creditscoreraised.com
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