6 Credit Repair Tips You Can Try Now
by: Rick Goldfeller
What does everyone that constantly takes out loans want? That would the
best rates and terms of course. The effective way to ensure that you do
receive the best rates and terms would be to have an impressive credit
score. This is the number that says a lot about you when it comes to your
worthiness as to being accepted for the loan. It’s also the number that
determines how much interest they’ll be charging you and the terms you’ll
be agreeing with – the higher the FICO score, the better. So if you’ve
any intentions of getting nothing less than the best end of the deal with
your creditors, you better follow the 6 credit repair tips, which will be
stated here: the first tip is to dispute any errors stated on your credit
report (if any).
Taking it up with the bureau that issued the report is but of the utmost
importance; writing them a letter is the best way to go about making a
complaint. You also wanna inform your creditors about it, so that they
can look upon you as someone a little more trustworthy, and make the
necessary adjustments regarding the “details” of the loan you wish to
avail. Let’s go to the 2nd credit repair tip, which is: don’t get too
many credit cards, get the ones that you really need. Opening up too many
accounts lowers your average account age, which in turn directly affects
your FICO score, by lowering it as much as 10 points.
This brings up the 3rd tip, which is to manage your cards responsibly.
Having them can in general improve your score, just as long as you don’t
use it constantly for shopping sprees and other costly activities. The
3rd tip brings up the 4th credit repair tip, which is to keep your card
balances low. Never max these suckers out, or you’ll be looking at a
minus of somewhere near 65 points (ouch). Moving forward, the 5th pointer
would be: do not close your old accounts. The act of doing so also lowers
the average account age, which in turn, lowers your FICO score.
6th and last credit repair tip would be to pay your bills on time. Having
any delays with your payments can affect your score negatively. Incurring
default payments has even worse effects, so try to pay on time. Paying on
time does come with its benefits, how? Doing so for a month can actually
up your score as much as 20 points, which is a good thing (obviously). By
following the tips exactly as they’re stated above, it won’t be long
before you start seeing drastic or somewhere near drastic improvements,
as early as 2 months – having serious doubts because of your bad credit
history? Again that won’t be a problem if you play things smart, and
follow the said pieces of advice.
Once you’ve finally gotten back on your feet, you’ll be (finally) able to
pull out that loan and finance whatever it is you had in mind. Also,
you’ll be getting better deals with the lending institutions – so start
repairing your score now.
About The Author
The author of this article Rick Goldfeller is an underground Financial
Analyst who has been successfully running campaigns for several wealthy
clients.
http://twitter.com/RickGoldfeller
Rick finally decided to go public and share his knowledge and experience
through his website http://www.finanzine.com You can sign up for his free newsletter and join his coaching program.
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2 comments:
There are literally hundreds of credit repair websites and a lot of them try to guarantee success but the reality is most of them are just a waste of money. They use methods of repairing your credit you can do yourself if you simply google credit repair templates. Their process is very lengthy and requires months and even years to get a lot of things removed and sometimes the bad marks can come back as some companies are very persistent, especially if you still owe them money.
The only guaranteed method to repair your credit is to pay off the old bills and get your derogatory balances to $0. "Well that isn't very helpful" is probably what you are saying. Since none of us just have cash laying around to do that there are other things you can do that are guaranteed to increase your FICO score practically overnight and start rebuilding your credit.
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