Knowing what you owed and to whom it was owed may have prevented you from incurring the debt in the first place. At this point, you need to practice some crisis prevention and start fixing your score. Follow this advice to improve your credit score quickly.
Any of your credit cards with balances that are above 50% of your overall limit need to be paid off as soon as possible, until the balance is less than 50%. Any balances that are over half your limit drag your credit rating down. So be sure to pay your credit card down or, if you can not, try to use another credit card.
An installment account is a great way to increase your credit score. With this sort of an account, you need to keep a minimum. You might see a big improvement in your credit score, if you can handle an installment account responsibly.
If your debt includes large amounts for interest charges contact the debt collector and see whether you can pay the original debt and avoid some of the additional interest charges. Creditors trying to charge more from you than what they originally loaned you plus a reasonable amount of interest are usually willing to negotiate. However, when you signed up for the line of credit you also agreed to pay the interest. Should you sue any creditors, it is important to push the fact that the interest rates are outrageously high.
If credit improvement is something you are investigating and a company has told you they can strike true, but negative, information off of your credit report, they are lying. Negative entries on your record stick around for a term of seven years at a minimum, even if you take care of the debts involved. You can, however, succeed at having incorrect information erased from your credit reports.
You won’t be able to repair your credit until you are able to pay those bills. To help your credit, you should be paying the full amount owed within the time allowed. Your FICO score will begin to increase immediately after you pay the bills that are past due.
Work closely with all of your creditors if you are aiming towards repairing your credit. By keeping the lines of communication open, you will avoid getting into more debt, making your credit score even worse. Credit card agents may have the authority to eliminate monthly charges, extend your due date or change your billing cycle.
Do not involve yourself in illegal activities. There are many different places that claim they can help you get a new credit profile. This is illegal and you will eventually be caught. Taking these short cuts will end up costing you money and could lead to a stay in jail.
Call and request lower limits on your cards from the credit card companies. This helps you from overspending and shows that you want to borrow responsibly and it will help you get credit easier in the future.
If you are living beyond your financial ability, stop now. This will require a change in your thinking. In the not too distant past, credit was easy and people could stretch themselves too far, but now the economy is paying the price of those days. Examine your finances and make wise decisions about how much you should be spending.
Repairing your credit rating and cutting down your debt involves a lot more common sense than anything else. Following these simple steps and credit restoration will no longer be a distant dream.
Need clean credit?
Congratulations, you are where you need to be. Just log onto BEST CREDIT REPAIR ADVICE