Repair Your Credit Score

If you have gained a bad credit score due to no employment,illness or simply lack of due care then i hope this article is of some help to you.after all many good people have bad credit too.

Correct any errors 1.

If there are mistakes on your credit report, contact the credit bureau and have them corrected. Sometimes even if they do not agree that it was a mistake, you can add a comment onto your report to explain. Be sure to keep your comments very impersonal - do not accuse anybody of lying, for example.

2. Get your finances organized

The only way to improve your credit score after taking care of any errors, is to start to manage your finances in a different way. Set a budget and stick to it. Allow yourself a small amount of money each week that you can spend on whatever you want. Beyond that, only spend what is necessary.

3. Do not destroy all of your credit cards

The quickest way to build a good credit score is to have a good payment history on your credit cards, so don't cut them up. Just be sure only to use them when absolutely necessary.

A good number of cards to have is two to four. With only one you will not be able to repair your score quickly, but if you have more than four it looks bad. If you have too many cards with large balances on them all, you would probably be better off financially and for your credit score if you consolidate some of your debts into a lower interest loan. However, be careful not to keep doing this - see #7.

If you need to reduce your number of cards, drop the newest ones first. A card that you have had for a longer time will count for more points as you start to build up a good credit history again.

4. Make Payments on time

Never miss a payment on any loan or bill that will show on your credit report. Even if a loan company or credit card company offers you a month or two 'grace' where you would not have to make payments, do not accept this offer. It may still show as a missed payment on your credit report. So keep on making those payments, and be sure they will arrive by the due date.

5. Pay as much as you can afford comfortably

Send more than the minimum payment for credit cards any time that you can. This will help your credit rating, save you interest, and bring you closer to the goal of having the debt paid off.

Also . Keep the balance well below your credit limit. This will improve your credit report.

6. Don't Apply for new loans

Something that will quickly flag you as a possible 'problem payer' is if you make a lot of loan applications, often switch credit cards to take advantage of offers, or take out new loans to pay off old ones. If you need to consolidate your debts, only do it once. While you are shopping around for the best terms, try to avoid giving your name and address.

7. Talk To Them

No one likes to pick up the phone and call somebody that they owe money to, but it is much better than waiting for them to contact you. There is no point hoping they will not notice that you are missing payments. If you don't contact them they may start with the collection agencies, and that 's about the worst thing that can happen for your credit score.

When you call them, explain your situation as honestly as possible but be briefly. However difficult your situation, they have heard it before. Decide what you could afford before you call, make them an offer and be prepared to negotiate. Help them to create a payment plan that is realistic for you, even if it is a little more than you hoped. If they offer you a couple of payment-free months, refuse it politely, I would prefer to keep paying a little every month'. This prevents missed payments showing on your record (see #4) and proves that you really do want to get this debt paid.

Many companies will agree, provided that you do not miss any payments on your new plan. When you have a payment plan worked out with them, try asking them if they would agree to stop reporting on you, so that you have a payment plan worked out with them, try asking them if they would agree to stop reporting on you, so that you have a payment plan worked out with them, try asking them if they would agree to stop reporting on you, so that you have a chance to repair your credit score.

Be sure to maintain your credit report repair score at a high level to achieve long term financial stability. You will find it very empowering as well as bringing peace of mind. if you follow these tips will not only improve your credit score, it will also teach you a way to manage your finances that will help you become and stay debt-free in the future.

Ways To Cheat Credit Agencies

You are no different from a lot of other people. No. Is all this a crime?

You are no different from a lot of loan applications. No. Is all this a crime? You have also filled in a lot of loan applications.

You have missed payments. Your credit record is poor. You are a spendthrift. Just face it.

In most cases, one 's nature can't be changed. But, this article is not intended to change your nature. Sure, change yourself, if only you can. Some would suggest that you need to transform your thinking so that you change your spending habit.

But because of your spending habits, your poor rating is hurting you badly. You are really desperate to improve your rating, and fast. I am going to show you how you can fool the credit rating agencies into thinking you're becoming credit-worthy. Just follow these 7 tips religiously, only for the next 90 days. (Sure, you can continue to follow these even after 90 days, if only you can.)

1. Stay Within A Budget

For just the next 90 days, religiously stick to a budget. Regulate your expenditure, week by week. Don't buy anything you don't really need. Do this only for the next 90 days till your rating improves.

2. Keep Your Payment History In Check

Your credit card payment history has impacted your credit rating adversely, right? For the next 90 days, only buy things you need with your cards and repay card debts on time.

You draw the attention of the credit bureau when you own more than two to four cards. Rather than have many cards with large unpaid balances on each, take a low interest loan to pay off some of them. Hold on to older cards which count for more points when your rating improves.

3. Make Payments On Time

Only for the next 90 days, don't wait till the last moment to pay off loans or bills shown on your credit report. Even if there 's a grace period offered the loan will still appear on the report, thereby damaging your score. Fool the rating agencies by paying ahead of time.

4. Don't Restrict Payments To The Minimum Allowable

Another way of fooling the raters is to pay more than the minimum allowed. That way, you save interest and owe less. Make sure your card balance is well within the limit during the next 90 days.

5. Be Wary Of Consolidating Debts

The surest way to alert the credit bureau that you have a problem paying your debts is to keep applying for loans, to use to wipe out older ones. They get another warning sign when you get new cards frequently, tempted by offers. Do debt consolidation selectively, and only as a repair measure, for the next 90 days. Even if you are simply checking out on the best offers, never give out your name and address, if you can avoid it.

6. Beat Them To The Draw

If you have missed a payment, talk to them and explain before they set collection agencies after you, which would damage your rating like nothing else.

When you talk, you can negotiate better if you have something to offer. Assist them in devising a new payment plan. Given a choice, opt for a longer payment period if the lower instalment will make it more affordable for you, while telling them you intend to repay.

7. Get Errors Rectified

Sometimes there are errors on your credit report. If these are not corrected in time, they hurt your credit score. Follow up with the credit bureau to insure that such errors no longer appear on your credit report. You might have to convince them about the error, as people at the bureau may not always agree with you about the error.

Append your explanation to your report. Take care, however, to steer clear in your comments of finding fault with anyone. Always appear to assume that any errors could have been inadvertent.

Once the plan is agreed on, request that your debt not be reported to the credit bureau. If your payment record on the amended plan is good, they are likely to concede to your request.

Do all this only for the next 90 days, and savor the feeling of power and confidence it will give you.

If you require a still higher rating, perhaps you may have to extend this 90 day period to 180 days or more

Clear Up That Credit Report Now The Right Way

In less than 5 minutes you will have that report right in front of you to review. You can also request free copies of your credit report once a year, and the easiest way to do that is with that great little invention called the internet. It 's time to clean up your credit report, but first you have to get a copy if you were denied credit by a company that you applied to.
Print it out and let 's begin.

Go to: www.equifax.com

www.experian.com

www.transunion.com

Start by circling whatever you feel is in error or inaccurate. Info that is inaccurate can be disputed with the creditor or the credit reporting agency. Dispute with the agency based on whatever report contained the error. Once the dispute is filed, the agency will begin the investigation by contacting your creditor. The whole process takes about 30 days, and if the error you disputed is in fact an error, your credit report will be updated. If you have the same errors on all three reports, you will have to contact each agency separately. There is no charge for disputing errors. Also if there is really old info on the report, try to get that removed.

Some people may have gone thru some hard times and were late on payments to a certain creditor. They might have lost their job or had medical problems. In this case they could add a personal statement to each of their reports. The personal statement should be 100 words or less telling why they were late and for what reason. Anyone who pulls the report will also see this statement of explanation.

If some payments to creditors have been consistently late, call those creditors, maybe another payment plan can be implemented that will allow you to be on time with your payments. Also most people don't know that if they fail to pay a doctor or medical bill, or some utility, cable or phone service bill and it ends up in a collection agencie 's lap, they can also report to the credit bureau. So keep an eye out for these on your report and negotiate with them as well.

Many creditors are understanding of financial difficulties and are willing to help. In negotiations you could ask for a payment plan with no extra interest or a lower rate of interest. You could ask for late fees to be waived, you could ask for a loan extension, or maybe even a lower balance due on the loan. If something is agreed upon, get it in writing and ask them how this will effect your credit report in the future.

If you're looking to buy a house in the future, get copies of your report now, and start clearing them up, This could essentially help later on with the mortgage process and getting a good interest rate on other credit as well. These steps will slowly but surely remedy the situation and build you a better credit report.

Get those free reports annually and keep tabs on them. While clearing up these reports and negotiating with creditors you will learn from any past credit mistakes and avoid problems in the future.

Time For a Credit Repair Tune Up!

Every Point Counts!

A nationally recognized credit repair expert explains how to give your credit score the tune up it needs. Every point makes a difference! Your credit score will determine the interest rate you pay on every dollar you borrow, from your car loan to your mortgage.

Starting your Credit Repair Tune Up: Get Your Reports

A credit repair tune up does not have to be hard. If you break up the project into smaller tasks the whole job will be a breeze. Don?t be intimidated. Take it slow and you will get the job done. Each little step along the way can add points to your credit score and move you closer to your credit repair goals.

Credit Repair Made Simple - One Bureau at a Time

There are three credit bureaus, so you need to tune up three credit reports. Many people starting a credit repair effort are intimidated when they see their reports. The formats are unique and the information reported by each bureau is different. Don?t worry; you don?t have to work on all three reports at the same time. There is no economy of scale. Start with one report, do what needs to be done, and then move on to the next one. Slow and steady wins the race.

High Credit Limits

Begin your credit repair tune up with something easy. I suggest you get a highlighter and mark the high credit limits on your accounts, both installment and revolving. If you find an account with an underreported limit it is costing you points on your scores, possibly significant points. It is easy to correct a limit error, just dispute it with the offending credit bureau and attach a copy of a recent statement showing the correct limit. Your credit repair tune up is off to a good start.

Account Opening Dates

The age of each account has an impact on your credit scores. Credit repair rule number one: an old account is a good account. Highlight your account opening dates. If you find one that underreports an opening date you should contact the creditor and inform them of the error and ask them to report it correctly. You should also ask them for a letter indicating the account opening date and then submit it to the bureaus yourself. You will be surprised with the results?

Credit Repair and Collection Accounts

The sale of debt is so common in the collection industry that you may find a single collectable account reported many times on your credit report. Collectors that no longer own a debt are not allowed to report it to the credit bureaus. And yet there is no incentive for collectors to cease reporting when they sell the debt to another collector. If you see the same account being collected by more than one collector, dispute all but the most recent. They will be removed. Your credit repair tune up is really getting into gear.

Negotiating Uncollectable Collections

Collections may be collected through the courts for a limited amount of time determined by state law. These time limits are called statutes of limitation (SOL) and are usually surprisingly short. If a debt cannot be collected through the courts it cannot be enforced. Please note that the SOL is not the same as the reporting period limit for your credit report. So, you may want to negotiate these ?uncollectable? collections as part of your credit repair effort. The collector will love to hear from you, and you might even get them to remove the account from your credit in exchange for payment instead of just reporting it as paid. Give it a try!

Paying Down Your Balances

If you have the ability to pay down revolving balances, go ahead and do it. The FICO scoring model puts a lot of emphasis on the ratio between your balance and your high credit limit - and the lower the better. Are you looking for quick credit repair results? Pay your balances down below 20% of the high credit limit. If your balances have been lingering near the limit wait until you see what lower balances can do for your scores!

Trimming Down Accounts

You need to have open accounts in good standing to have a good credit score. But you can also have too many accounts. Successful credit repair involves achieving the right balance of accounts, so go ahead and close a few. But it is important to pick the right ones to close. MasterCard and Visa cards are the most valuable for your credit scores. Store cards have little value and should be the first to go. When you pick the accounts to close, please remember that old accounts are good accounts.

Credit Repair and New Accounts

You scores will thank you! Get some credit cards and prove that you are a good risk. Your scores are a measure of your ability to pay and manage your debt.

Remember, no credit, no credit scores. It?s easy and you won?t get denied. Secured credit cards are the perfect credit repair tool. If your credit scores are too low to get approved for regular unsecured credit cards, get two secured cards.

Two is a good number! If you do not have any open MasterCard of Visa accounts it?s time to open a couple.

All Rights Reserved. All Content. Kemish. 2007 James W.

Copyright ?