Find out more on Debt Consolidation Credit Counseling In Phoenix Now!
Tuesday, February 10, 2009
Perhaps you have tried to buy a home recently, only to be turned down for financing on the grounds that your credit score is not high enough. If this has happened to you, then some credit repair is in order. While it is sometimes possible to secure financing even if your credit record has some flaws, the better your credit rating, the lower the interest you'll have to pay - which means more money in your pocket! So how can you get started towards credit restoration?
The first step to credit restoration is to catch up with any late payments you may have.; Regardless of how your credit record has been in the past, your most recent credit history is what creditors will look at the most closely. Getting behind on payments can really hurt your credit score.
A big part of credit restoration is getting back on track with your payments. Do whatever it takes to do so; take on a second job, whatever you can do to raise the money needed. After you have caught up again, stay on time with your payments.
Making sure that you are making your payments on time is how you should begin your process of credit restoration, but you'll also want to get copies of your credit report from the three credit reporting bureaus (TransUnion, Experian and Equifax). Make sure that everything you see on your credit report is accurate. If not, you should write to the bureaus right away to dispute these inaccuracies. The bureaus will have 30 days after receiving your letter to investigate the items in question - this can clear up some inaccurate items on your credit report which could be hurting your credit score.
If you see any old debts on your credit report that you had forgotten, be sure to pay them off now.
Look at your credit report the same way that someone you are applying for credit with would. Take a look at your credit limits - if they are maxed out, you'll need to pay these down. Creditors prefer people who not only have sizable lines of credit, but those who have low balances on these lines. Make the largest payments you can in order to lower your balances as you work towards credit restoration.
After paying off your credit cards, you should keep the accounts open. An open account with no balance can help your credit score and looks good as far as having unused credit goes. Having several open accounts with zero balances can be a valuable part of any credit repair plan.
Credit repair can take some time but is well worth the effort. Although it can take more than a year, you can improve your credit score and start to feel a weight lifted from your shoulders. Stay dedicated to reaching your goal and you'll eventually achieve financial freedom.
The first step to credit restoration is to catch up with any late payments you may have.; Regardless of how your credit record has been in the past, your most recent credit history is what creditors will look at the most closely. Getting behind on payments can really hurt your credit score.
A big part of credit restoration is getting back on track with your payments. Do whatever it takes to do so; take on a second job, whatever you can do to raise the money needed. After you have caught up again, stay on time with your payments.
Making sure that you are making your payments on time is how you should begin your process of credit restoration, but you'll also want to get copies of your credit report from the three credit reporting bureaus (TransUnion, Experian and Equifax). Make sure that everything you see on your credit report is accurate. If not, you should write to the bureaus right away to dispute these inaccuracies. The bureaus will have 30 days after receiving your letter to investigate the items in question - this can clear up some inaccurate items on your credit report which could be hurting your credit score.
If you see any old debts on your credit report that you had forgotten, be sure to pay them off now.
Look at your credit report the same way that someone you are applying for credit with would. Take a look at your credit limits - if they are maxed out, you'll need to pay these down. Creditors prefer people who not only have sizable lines of credit, but those who have low balances on these lines. Make the largest payments you can in order to lower your balances as you work towards credit restoration.
After paying off your credit cards, you should keep the accounts open. An open account with no balance can help your credit score and looks good as far as having unused credit goes. Having several open accounts with zero balances can be a valuable part of any credit repair plan.
Credit repair can take some time but is well worth the effort. Although it can take more than a year, you can improve your credit score and start to feel a weight lifted from your shoulders. Stay dedicated to reaching your goal and you'll eventually achieve financial freedom.
About the Author:
If your looking for a professional company to handle a credit dispute or are in need of expert credit restoration Carlton Markkrite recommends credit restoration brokers LLC.
posted by Credit Counseling at
9:25 AM
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