The following credit report repair tips will give you a proven plan to deal with derogatory or incorrect information on your credit report. So if you have a low credit score or have accounts with late payments and are tired of being turned down for financing then read ahead!
1. Correct The Mistakes On Your Credit Report
If you find obvious mistakes on your credit report you need to write to the credit bureaus and have them remove or correct the wrong info. If they Will not remove or correct it often times you can have a comment added to your report with a very brief explanation, always keep these comments professional and to the point. Never make them personal.
2. Develop A Financial Plan That You Can Stick To
The only way you can maintain good credit is to manage your money differently then you did before. You will need to plan and set a budget and follow it religiously. Until you get yourself back on track only buy what you really need and always try to save some money in the bank every month
3. Don't Close Your Credit Cards Once They Are Paid Off
One of the quickest methods to building a good credit score is to have a good payment history with credit cards. Just be smart and do not charge more then you can pay off in a month. A good number of credit card accounts to have open is four. Anymore then this and it looks risky, any less and its simply not enough to quickly raise your score.
If your cards currently have a credit balance n them pay them off as soon as you can by paying slightly more then the minimum payment and work on paying the cards with the highest interest rate of first. Once you pay your cards balance down below 50% of the limit your score will increase dramatically.
4. Always All Of Your Bills On Time
Never be late with your credit payments because that will report negatively on your credit report. Late payments can drop your score dramatically and take a long time to recover from. So no matter what always pay your bills on time.
5. Do Not Over Apply For New Credit Accounts
One thing that will raise a red flag with the credit reporting agencies is applying for credit all over the place. Whether it is for cars, credit cards or department store cards over requesting credit can label you a problem consumer and drop your credit score.
6. Communicate With Your Creditors
If you ever find yourself in a position where you cannot pay your bills on time pick up the phone and call the creditor. While it may be hard to call them and tell them you cannot pay it will probably save your credit score. If they allow you to get on a payment plan they generally will not report this and your credit will stay clean. However once you blow off a payment your score will drop.
Following the above credit tips will not just improve your credit score but it will also put you on the road to better financial habits that will help you get and stay debt free for the rest of your life.
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