Use These 4 Tips to Repair Your Credit Score
One of the major things consumers have to know is that you should establish good credit or repair your credit score because lenders, as well as other companies, will give you better interest rates when you buy a home or car. And, you will get better deals on insurance and other products you purchase. A good credit score can even have an impact on finding a job.
The things that affect your credit report are: bankruptcies, any collections and, of course, making late payments. To fix your credit score, you cannot keep doing what you have done in the past and expect things to change. Changing your habits is vital if you want to improve your credit score. Once you fix your credit score, you will be offered lower interest credit cards and you will get lower rates from lenders.
Here are 4 tips that are essential to helping you repair your credit score:
1. Bills Must Be Paid On Time
Your credit history is what companies base their lending on. Once they know your history they can then figure out how much of a risk you are to them. If you always pay off your debts then in their mind it's pretty likely that you will pay off future debts. So, you will be less of a risk.
2. Don't Go Crazy with Credit Cards
People nowadays have way too many credit cards. How many should you have? Credit experts recommend having 2- 4 credit cards. Don't go rushing to your wallet and start cutting up your cards though. These companies not only consider how many cards you have but they look at what balance you maintain on them. What you should do before cutting them up is pay them all down. Then, you can figure out which ones to keep.
3. Make At Least the Minimum Payment
You must always to remember to pay at least the minimum payment and if possible a little more. Never pay less than the amount you are to pay. By paying less than the minimum amount you will chalk up late payments which will affect your credit score.
4. Watch Your Credit Report Closely
You must keep a constant eye on your credit report. When you do, make sure that you check Experian, TransUnion and Equifax which are the 3 different bureaus who keep you credit score on file. Once you receive it make sure you check it carefully for any mistakes, negative information or any accounts that you do not recognize. Not only will this tell you what you need to fix on your credit report but it will also tell you if you have had your identity stolen.
Make sure that you change your habits. If you do, you will start to see the benefits in the very near future. If you find that you have to repair your credit score, then take the necessary steps. It will take a while but if you start now, you will have taken the first step.
The things that affect your credit report are: bankruptcies, any collections and, of course, making late payments. To fix your credit score, you cannot keep doing what you have done in the past and expect things to change. Changing your habits is vital if you want to improve your credit score. Once you fix your credit score, you will be offered lower interest credit cards and you will get lower rates from lenders.
Here are 4 tips that are essential to helping you repair your credit score:
1. Bills Must Be Paid On Time
Your credit history is what companies base their lending on. Once they know your history they can then figure out how much of a risk you are to them. If you always pay off your debts then in their mind it's pretty likely that you will pay off future debts. So, you will be less of a risk.
2. Don't Go Crazy with Credit Cards
People nowadays have way too many credit cards. How many should you have? Credit experts recommend having 2- 4 credit cards. Don't go rushing to your wallet and start cutting up your cards though. These companies not only consider how many cards you have but they look at what balance you maintain on them. What you should do before cutting them up is pay them all down. Then, you can figure out which ones to keep.
3. Make At Least the Minimum Payment
You must always to remember to pay at least the minimum payment and if possible a little more. Never pay less than the amount you are to pay. By paying less than the minimum amount you will chalk up late payments which will affect your credit score.
4. Watch Your Credit Report Closely
You must keep a constant eye on your credit report. When you do, make sure that you check Experian, TransUnion and Equifax which are the 3 different bureaus who keep you credit score on file. Once you receive it make sure you check it carefully for any mistakes, negative information or any accounts that you do not recognize. Not only will this tell you what you need to fix on your credit report but it will also tell you if you have had your identity stolen.
Make sure that you change your habits. If you do, you will start to see the benefits in the very near future. If you find that you have to repair your credit score, then take the necessary steps. It will take a while but if you start now, you will have taken the first step.
About the Author:
About the Author: iRepairCreditReport is your source that helps repair credit reports. If you are looking to repair your credit score, check out all sorts of tips and articles that are posted on this site.
posted by Credit Counseling at
5:02 PM
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