Wednesday, March 21st, 2012 at 9:38 pm ?
Make sure that the credit repair agency you choose to work with is reputable. Too many of these services will use your desperation to make money. A fair number of people have been scammed by these unethical credit repair companies. You can separate the scam artists from the good agencies by relying on user reviews found online.
Start using credit again in order to repair damage caused by previous negative activity. Prepaid credit cards make for a simple way to build up your credit, because there?s no risk of late payments or over drafting which can cause negative marks on your score. Potential lenders will see this as a positive thing as it will show you are a responsible person.
To accomplish getting a better rating on your credit, pay down the balances of your current accounts. Your credit score can go up if you just bring your balances down. When balances are and increments of twenty percent of your total available balance on that account, the FICO system will take note.
Bankruptcy should be a last resort. Bankruptcies appear on credit reports for ten years. Although it sounds like an easy way to get rid of debt, it will affect your life for a significant amount of time. It could be near impossible to receive a credit card or loan if you have filed for bankruptcy.
Try keeping the balance of your credit cards as low as possible. You can hurt your credit score, even if you make payments when you are supposed to, by carrying a high balance.
You may be able to help your credit standing if you can take out and quickly pay off new credit. It increases the number of ?paid as agreed? tradelines on your credit report and shows companies that you are turning things around.
Hopefully, the information in this article will be of use to you. It can seem like it is a losing battle, but after you have taken these steps, you will be able to enjoy the benefits of having credit again. Remain patient and give the process time to work. If you are consistent, though, you will slowly see your credit score improve.
This article posted by Tom Morgan
Tagged with: credit ? credit score ? repair ? score
Filed under: Credit Repair Tips
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Source: http://finance-411.com/not-sure-how-to-repair-your-credit-try-these-tips/
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