Best Ways to Repair Credit
If you are looking for the Best Ways to Repair Credit, we have put together a list of what we think are the top 10 ways to do this. The good news is that all of the Best Ways to Repair Credit are in your own hands, and can be achieved with diligence, and at no cost to you.
- 1) Check Your Credit Report Regularly. You should review your credit reports with the three top credit bureaus regularly. The bureaus are Equifax, Experian and Transunion. If you do this you can check for errors, fraudulent accounts or any incorrect information. With this information you can dispute any errors you find.
- 2) Pay Your Bills On Time. Any late payments will negatively impact your Credit Score. If you pay your bills on time and in full, it will have a positive double edged impact for you. Firstly you will not incur late payment fees, secondly there will be no negative marks on your credit report.
- 3) Gradually Reduce Your Credit Utilization. Having high card balances will negatively impact your credit score. If you aim to use only around 30% of your available credit, this will help your score.
- 4) Do Not Close Old Accounts. Closing old accounts will shorten your credit history, and may impact your credit score. Keep old accounts open, even though you may never want to use them again. Kept open these accounts will make your ratio of borrowing to availability lower overall, and therefore improve your credit score.
- 5) Increase Your Credit Limit. Depending on your individual circumstances this may not be as wild an idea as it sounds. Upping some limits will lessen your utilization ratio and potentially boost your credit score
- 6) Negotiate With Your Creditors. If you are struggling with payments, rather than just wanting to increase your score, then talk to your creditors. An extended payment plan or lesser settlement may initially hit your credit score, but will certainly improve it over time.
- 7) Avoid Applying For New Credit. Enquiries for new credit will usually impact your credit score. It will always have a negative impact. Only apply for more credit if you really need it.
- 8) Talk To a Credit Counseling Agency. Firstly, only talk to one which is fully approved by known local or national associations or authorities. These agencies will be able to provide great information on budgeting and debt management strategies, which in turn will help with your goal of a better credit score.
- 9) Consider a Secured Credit Card. You may want to improve your score and may have a piece of property against which you can secure a card/loan. Paying the card/loan balance monthly will ensure a better credit score.
- 10) Have Patience. Most of us aren’t good at this, but it may be our only way forward. Some actions will improve scores quickly and some will take a long time.
Credit Repair Round Up
Mostly, there are no real quick fixes to improving your credit score. Using the Best Ways to Repair Credit you are going to have to take your time and let the system “do its thing”. During the waiting time you need to make a commitment to engage in responsible financial behavior. This may be difficult to start with but click this link to checkout ways in which you can start to help yourself achieve this goal.