What is the best way to repair a low credit score?
March 10, 2010 · Posted in Credit Score Repair
Consolidate your debt and then cut your spending on non essentials ,and use the money save bye non wasteful spending practices on repaying your debt, please note that if there is no action on a delinquent account for 7 years the debt is considered a loss and will not effect your score,
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Start paying bills and debts on time.References :
Consolidate your debt and then cut your spending on non essentials ,and use the money save bye non wasteful spending practices on repaying your debt, please note that if there is no action on a delinquent account for 7 years the debt is considered a loss and will not effect your score,References :
You must focus on your revolving accounts and late payments, then credit inquires and active accounts.
Revolving accounts. You must make sure that your account balance is below 50% compared to your total credit.
Late payments. You must pay accounts within 30 days. Late payments will stay on your credit score with a large impact for at least 2 years.
Credit inquires and active lines of credit. If you have a large number of active lines of credit and credit inquires, it will show that you are in need of credit. This will show others that you have a lesser ability to pay.
It will take 1 to 3 months for changes in your accounts to be reflected on your credit score.References :
Don’t lend money out or share your credit with anyone. pay all bills on time and avoid using credit cards,Pay more than what is due on credit cards. limit your credit cards to less than 5. Your credit is also based on what your income is…so make sure you keep steady employmentReferences :
Derek is right.
Start paying bills and debts on time.References :
Credit scores could be low for a couple of reason. The first is not have a lot of credit history. If that is the case, I recommend taking out a small loan and investing it into a certificate of deposit. BankRate listed some 6 month CDs currently yeilding a 4.15% APR. That would reduce the amount of interest being paid to the lendor.
It could also be low due to making payments late or too much unsecured debt. Making payments on revolving credit accounts will boost your score as it will lower the percentage of utilized credit.References :
There are several aspects to improving your credit score:
a) Get a copy of your credit report
b) Challenge erroneous aspects of the report
c) Use a reputable credit repair company
d) Keep paying bills on time
Check out my eHow article:
http://www.ehow.com/how_4544583_repair-bad-credit.html
I was successful in getting my score increased by over 100 points in less than six months.
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