Wednesday, October 9, 2013

Good Credit Is Important- Try These Credit Repair Tips

By Bruce Hammack


If you knew how much you owed and who you owed it to, you may have been able to avoided bad debt entirely. The time has come to fix your credit score with a little positive crisis management. Follow this advice to improve your credit score quickly.

When your credit is so bad that you can't get a 'regular' credit card, a secured one will help you to repair your credit. These are extremely easy to qualify for. A secured credit card looks just like a regular card, and works like a regular card, but you have to have the necessary money in an account to guarantee payment. Using this card responsibly will improve your credit rating over time, and eventually you'll be able to get a normal credit card again.

If your credit card is carrying more than half of its credit limit, your first priority should be paying it down until it is below 50%. Any time you exceed 50% of your credit limit, your credit rating is affected. Pay off credit cards as fast as you can, or spread the debt out further.

To earn a sufficient wage and boost your credit, try opening an installment account along with the use of a small business accounting software. You should make sure it is an installment account that you will be able to pay into every month. If you can manage one of these accounts, your credit score should improve quickly.

Never trust a business or person who offers to clear up your credit for a price. Especially if it is correct information they say they can remove. Sadly, harmful entries remain on your report for roughly seven years. You can erase information that is incorrect from your credit record.

Don't risk prison. Don't buy into scams that suggest you create new credit files. Do things like this can get you into big trouble with the law. Think of the legal costs and the possibility of doing hard time.

If you are living beyond your financial ability, stop now. This might be a tough thing to get your head around. Many people have acquired debts they can't pay off, which has affected the amount others will pay to have credit. Keep track of your spending habits and income, then realistically create a budget that will get you out of your debt dilemma.

If you and your creditor decided to set up a payment plan, you should first get the details of the plan in written form. This is the only way that you have of protecting yourself. Once the debt is fully paid, you need to get a statement verifying this from the creditor and send it to each of the major credit bureaus.

Credit unions are an option for those who have run out of options. Credit unions have opportunities that are better than other places and are usually local.

If you want to get your credit score looking good, it takes quite a bit of common sense. Following these simple steps and credit repair will no longer be a distant dream.




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