7 Tips to Repair Your Credit Score Fast [By Xylene Belita]
Do you think you need to repair your credit score fast? Does your credit report have some negatives on it? Do you have poor credit record? Have you ever made a lot of loan applications and missed some payments in the past? Then these tips on how to repair your credit score fast will show you how to deal with your problem permanently.
1. Correct Any Mistakes on Your Credit Report
One of the first things you should do if you want to repair your credit score fast is to correct any wrong info from your credit report. Write to the credit bureau and request to correct the mistakes on your credit report. If in cases that they do not agree with you that it was a mistake, you can add a comment onto your credit report to explain. But, be sure to keep your comments neutral, and there is no accusation to anybody.
2. Create A Financial Plan
After taking care of any mistakes on your credit report, then you must start to manage your finances in a much better way. You should set a budget and stick to it. Only buy what is truly necessary for your needs.
3. Keep Your Credit Cards
If you want to to build a good credit score fast, you should maintain a good payment history on your credit cards. Use your credit cards only for necessary purchases.
About two to four credit cards is a good number to have. You will not be able to repair your credit score fast if you only have one credit card. Also, if you have more than four credit cards, you would have a bad credit report. Having too many cards with large balances on them would not help your credit score. 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, you should not really overdo it.
If you need to reduce your number of cards, drop the newest credit cards first. An older credit card will count for more points as you start to improve your credit score.
4. Always Send Payments on Time
Of all the ways to repair credits, it is very important to always pay on time. You should 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 periods as extension to make payments, it is better if you do not accept this offer. Missing the due date may still show as a missed payment on your credit report. So, it is better for you to make your payments on time, if you really want to repair your credits. Also, be sure that your payments are received on or before the due date.
5. Pay More Than The Minimum
When it is possible, send credit card payments that are more than the minimum amount due at any time that you can. It will help your credit rating, save you on interest, and would bring you closer to debt relief.
Take note not to max out your credit cards. Ensure that the balance amount is way below your credit limit. This will help improve your credit report.
6. Don't Make Too Many Loan Applications
Applying for too many loan applications will quickly flag you as a possible bad payer, so do not ever do it. Also, do not switch credit cards several times to take advantage of offers, or get new loans to pay off old loans.
To consolidate all your debts, just do it once. If you are shopping around for the best terms, try not to give out your name and address.
7. Make That Phone Call
If you are in a situation where you will have a difficult time meeting the deadline for a payment, do make that phone call. It is much better for you to call them, than waiting for them to contact you. If you are going to miss payments, they might start with the collection agencies, and that is really the worst thing that can happen for your credit score.
Talk to them briefly and explain your situation truthfully. Be prepared to make them an offer and negotiate. Create a payment plan that is realistic for you. If they will offer you two payment-free months, say something like: "No thank you, I would prefer to keep paying a little each month". This will help you avoid missed payments showing on your credit record and proves that you are really serious to have debt relief.
When you have a new payment plan worked out together with them, do try to ask them if they would agree to stop reporting on you, so that you have a chance to repair your credit score fast. Many companies will agree to this request, as long as you commit to send payments on time and not miss any payments on your new plan.
Once you follow these tips, you will be able to improve your credit score quick. It will also help you to manage your finances and achieve debt relief in the future.
Do you know that you can also easily fix your finances? Find out at http://www.squidoo.com/creditfilereport More info: How To Remove Wrong Info From Your Credit Report.
Article Source: http://EzineArticles.com/?expert=Xylene_Belita
1. Correct Any Mistakes on Your Credit Report
One of the first things you should do if you want to repair your credit score fast is to correct any wrong info from your credit report. Write to the credit bureau and request to correct the mistakes on your credit report. If in cases that they do not agree with you that it was a mistake, you can add a comment onto your credit report to explain. But, be sure to keep your comments neutral, and there is no accusation to anybody.
2. Create A Financial Plan
After taking care of any mistakes on your credit report, then you must start to manage your finances in a much better way. You should set a budget and stick to it. Only buy what is truly necessary for your needs.
3. Keep Your Credit Cards
If you want to to build a good credit score fast, you should maintain a good payment history on your credit cards. Use your credit cards only for necessary purchases.
About two to four credit cards is a good number to have. You will not be able to repair your credit score fast if you only have one credit card. Also, if you have more than four credit cards, you would have a bad credit report. Having too many cards with large balances on them would not help your credit score. 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, you should not really overdo it.
If you need to reduce your number of cards, drop the newest credit cards first. An older credit card will count for more points as you start to improve your credit score.
4. Always Send Payments on Time
Of all the ways to repair credits, it is very important to always pay on time. You should 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 periods as extension to make payments, it is better if you do not accept this offer. Missing the due date may still show as a missed payment on your credit report. So, it is better for you to make your payments on time, if you really want to repair your credits. Also, be sure that your payments are received on or before the due date.
5. Pay More Than The Minimum
When it is possible, send credit card payments that are more than the minimum amount due at any time that you can. It will help your credit rating, save you on interest, and would bring you closer to debt relief.
Take note not to max out your credit cards. Ensure that the balance amount is way below your credit limit. This will help improve your credit report.
6. Don't Make Too Many Loan Applications
Applying for too many loan applications will quickly flag you as a possible bad payer, so do not ever do it. Also, do not switch credit cards several times to take advantage of offers, or get new loans to pay off old loans.
To consolidate all your debts, just do it once. If you are shopping around for the best terms, try not to give out your name and address.
7. Make That Phone Call
If you are in a situation where you will have a difficult time meeting the deadline for a payment, do make that phone call. It is much better for you to call them, than waiting for them to contact you. If you are going to miss payments, they might start with the collection agencies, and that is really the worst thing that can happen for your credit score.
Talk to them briefly and explain your situation truthfully. Be prepared to make them an offer and negotiate. Create a payment plan that is realistic for you. If they will offer you two payment-free months, say something like: "No thank you, I would prefer to keep paying a little each month". This will help you avoid missed payments showing on your credit record and proves that you are really serious to have debt relief.
When you have a new payment plan worked out together with them, do try to ask them if they would agree to stop reporting on you, so that you have a chance to repair your credit score fast. Many companies will agree to this request, as long as you commit to send payments on time and not miss any payments on your new plan.
Once you follow these tips, you will be able to improve your credit score quick. It will also help you to manage your finances and achieve debt relief in the future.
Do you know that you can also easily fix your finances? Find out at http://www.squidoo.com/creditfilereport More info: How To Remove Wrong Info From Your Credit Report.
Article Source: http://EzineArticles.com/?expert=Xylene_Belita
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