Bad credit will make so many projects out of your reach. A low score will close the doors on many financial options and stop you from being able to make your own choices in life. Here are a few easy tips on how you can fix your credit and make sure it stays positive in the future.
When your credit is so bad that you can’t get a ‘regular’ credit card, a secured one will help you to repair your credit. Anyone can get one, but you must load money onto the card as a type of “collateral”. If you open a credit card account, keep charges fairly low, and pay it on time, this will go towards improving your credit score.
Do not fall for the false claims many have about their ability to fix your credit. The claim that they can remove accurate debts from your credit report is false. You have to wait for seven years before negative data can come off your record. You can, however, succeed at having incorrect information erased from your credit reports.
Work with the companies to whom you owe money to get your debt back under control. If you do this you’ll find that your debt doesn’t increase and your credit is improved. Do not be afraid to call your credit card company and ask if you can make changes to your due date or your minimum payment amounts.
Do not do anything that will make you end up in jail. You should steer clear of internet programs that show you how to clear your credit. This is illegal and you will eventually be caught. The legal costs can cripple you, and there is a very good chance you will be sent to jail.
If you find any errors on your credit report, you should dispute them. Create a dispute letter for agencies that have the error, and submit additional supporting documents along with it. Sending your letter by certified mail provides you with proof that the letter was received.
Stop spending more money than you have available. This takes a real mindset change. If you’re buying flashy items to boost your reputation, consider that a smart person who isn’t being chased by collectors will have an even better reputation! Spend some significant time studying your finances, and set a realistic budget to which you can stick.
It is important to get any payment plan that you agreed to with a creditor in writing. This is the only way that you have of protecting yourself. Once the debt is fully paid, you need to get a statement verifying this from the creditor and send it to each of the major credit bureaus.
Pay off your entire balance on your credit card in order to repair your credit. It is a toss up as far as which cards are best to pay off first – some choose ones with the highest interest rate, others choose the card with the lowest balance. This helps creditors realize that you are using credit cards wisely.
When you receive your credit card statement, go over it carefully. Look for any changes that have happened, and make sure they are correct. You do not want to end up paying for a purchase that you did not make. You bear the responsibility for looking after your own best interests, and you are the only person who will know if your statement is accurate.
Credit Score Improvement
Look for a credit score improvement company that has good reviews online and is legitimate. Just like any other field, credit score improvement has plenty of companies that do not provide what they promise. Far too many people have been bilked by dishonest agencies. By reading user reviews online, you will be able to separate the good from the bad.
Unfortunately, no financier is going to be interested in the statement you provide when they are examining your credit history. If anything, it will just hurt you as it will draw attention to the negative event.
These tips can help you repair your credit and keep it high. The time you invest educating yourself regarding credit repair is worth every minute.
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