Free Guide To Repairing Your Damaged Credit
Posted at by CreditWiz on category CreditThere are a lot of ways to damage your credit score, from falling for a credit card scam to just being unlucky with the recent economy. Luckily, there here are some steps that you can take to turn things around.
If you need a credit card to aid in fixing your credit but you cannot obtain one due to the state of your credit, applying for a secured credit card is an option. With a secured card, you have to fund your account before you use the card so that the bank will be assured that you will pay off your debts. By using a new card responsibly, your credit rating will start to increase.
Keep your credit card balances below 50 percent of your credit limit. Creditors like to see you using your accounts, but still keeping your balances under 50% of your allotted credit.
If you find that you have a credit card and the interest rate has gotten to high, you do have the option to not pay the debt, though there will be consequences. You may be able to challenge an interest rate that is extremely high. Keep in mind that you did sign a contract agreeing that interest rates were acceptable. If you go ahead and sue your creditors, ask that they consider the high rate of interest.
If you are looking to repair your credit, then you should not believe a company if they promise they can remove negative information from the report. Specifically if this information is correct. Negative info stays on your history for seven years! It is true, however, that you can remove inaccurate information from your report, but you do not need the assistance of a consultant to do so.
Some sound advice to follow, is to be sure to take the time to contact your credit card company and work with them. If you do this you’ll find that your debt doesn’t increase and your credit is improved. Contact your credit card company and request to change your scheduled due date or interest rate.
When attempting to improve your credit, you should go over any negative marks with a fine tooth comb. You could find mistakes in dates and other factors which can cause the whole item to be removed from the report.
As part of your credit repair process, it is a good idea to terminate all of your credit cards except one. Transfer credit card balances to one card for loan consolidation. Doing so will allow you to pay off one individual debt rather than a multitude of lesser balances.
Make sure to review your credit card statement monthly to make sure there are no errors. Contact the credit card company right away if there are incorrect fees, so that they won’t be on your credit report.
Nursing your credit back to good health is not as hard as it looks at first, especially when you are willing to make a persistent effort and listen to good advice. Use the information in this article to boost your credit score.