Perhaps you have tried to buy a home recently, only to be turned down for financing on the grounds that your credit score is not high enough. If this has happened to you, then some credit repair is in order. While it is sometimes possible to secure financing even if your credit record has some flaws, the better your credit rating, the lower the interest you'll have to pay - which means more money in your pocket! So how can you get started towards credit restoration?
Getting your payments back on schedule is the first thing you should do. Even if your past credit record is spotty, it's your recent credit history which will make the biggest difference to creditors. Making your payments late can have a serious negative impact on your credit score.
You'll have to be willing to do whatever it takes to get back on track with your payments. Think of selling unused items or even taking on a second job if this will help you to catch up with late payments. This is an important part of credit repair and will make a big difference in how you look to prospective creditors.
Getting current with payments is a good way to start credit restoration; you'll also want to be sure to request copies of your credit report from all three of the major credit reporting bureaus. Take a close look over your credit report to make sure that everything listed there is accurate. If you see any discrepancies on your credit report, be sure to write to the credit bureau immediately to inform them of this. The credit reporting bureau must look into the discrepancies you have reported within 30 days of receiving your letter.
If you see any old debts on your credit report that you had forgotten, be sure to pay them off now.
Look at your credit report the same way that someone you are applying for credit with would. Take a look at your credit limits - if they are maxed out, you'll need to pay these down. Creditors prefer people who not only have sizable lines of credit, but those who have low balances on these lines. Make the largest payments you can in order to lower your balances as you work towards credit restoration.
Once you have paid off credit cards and other accounts, be sure to keep them open. A lot of people choose to close these accounts after paying them off - but an open account with a zero balance is much better for your credit score.
Credit repair can take some time but is well worth the effort. Although it can take more than a year, you can improve your credit score and start to feel a weight lifted from your shoulders. Stay dedicated to reaching your goal and you'll eventually achieve financial freedom. - 20896
Getting your payments back on schedule is the first thing you should do. Even if your past credit record is spotty, it's your recent credit history which will make the biggest difference to creditors. Making your payments late can have a serious negative impact on your credit score.
You'll have to be willing to do whatever it takes to get back on track with your payments. Think of selling unused items or even taking on a second job if this will help you to catch up with late payments. This is an important part of credit repair and will make a big difference in how you look to prospective creditors.
Getting current with payments is a good way to start credit restoration; you'll also want to be sure to request copies of your credit report from all three of the major credit reporting bureaus. Take a close look over your credit report to make sure that everything listed there is accurate. If you see any discrepancies on your credit report, be sure to write to the credit bureau immediately to inform them of this. The credit reporting bureau must look into the discrepancies you have reported within 30 days of receiving your letter.
If you see any old debts on your credit report that you had forgotten, be sure to pay them off now.
Look at your credit report the same way that someone you are applying for credit with would. Take a look at your credit limits - if they are maxed out, you'll need to pay these down. Creditors prefer people who not only have sizable lines of credit, but those who have low balances on these lines. Make the largest payments you can in order to lower your balances as you work towards credit restoration.
Once you have paid off credit cards and other accounts, be sure to keep them open. A lot of people choose to close these accounts after paying them off - but an open account with a zero balance is much better for your credit score.
Credit repair can take some time but is well worth the effort. Although it can take more than a year, you can improve your credit score and start to feel a weight lifted from your shoulders. Stay dedicated to reaching your goal and you'll eventually achieve financial freedom. - 20896
About the Author:
Carlton Markkrite is an expert in credit restoration. For more tips on placing a solid credit dispute go to credit restoration brokers.
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