Learning How to Repair Credit Scores Is Easier Than You Think
A poor credit score is a recipe for disappointment.
You may be denied credit to buy a vehicle, a house, or vacation money.
You may also be refused insurance, employment, or apartment rentals.
The good news is that there is a way to learn how to repair credit scores more quickly than you might have thought possible.
With over 30 million other adults in America with poor scores below 620, you have a lot of company.
However you earned your low numbers, it is never too soon to start rebuilding your credit.
The first thing you will want to do as you learn how to repair credit scores is to find out exactly how bad the damage is.
There are 3 companies that handle your credit history: Experian, TransUnion, and Equify.
You have a right to one free report from each of these companies each year.
You also have a right to a report if a credit application that you made is turned down.
The company that refused you must give you the name, address, and phone number of the credit company that they referenced on your behalf, and you have 60 days to request a report to see why you were refused.
Don't assume that it is enough to check just one of these companies.
Get reports from all three because there may be variations among them.
The next step in learning how to repair credit scores involves closely examining each report for misinformation.
Anything that's wrong should be responded to by filing out a dispute form or writing a detailed letter.
Back up your complaint with support documentation if you can.
The company then assumes the responsibility to investigate and make changes if necessary.
If, in fact, you deserve your bad credit because of habitual late payments, foreclosure, or bankruptcy, it can take 7-10 years to clear your record.
However, everything you can do to show your more responsible financial accountability will work towards lessening that time.
While you are working on repairing your credit history, you can also be improving your current situation.
Pay down debt and gradually, over several months, eliminate extra credit cards, starting with the most recently acquired ones.
Keep 2-4 for your own use, but keep the balance below 30% of your limit.
This looks very good for a FICO score.
While it is normally best to pay off the cards with the highest interest first, if you are trying to rebuild your credit, pay off the ones that are closest to their allowable limits before you tackle the others.
This is the right time to devise a spending plan that you can live with as part of your "how to repair credit scores" plan.
Don't get discouraged.
There is life after a poor credit rating.
It may just take a little while to get there.
You may be denied credit to buy a vehicle, a house, or vacation money.
You may also be refused insurance, employment, or apartment rentals.
The good news is that there is a way to learn how to repair credit scores more quickly than you might have thought possible.
With over 30 million other adults in America with poor scores below 620, you have a lot of company.
However you earned your low numbers, it is never too soon to start rebuilding your credit.
The first thing you will want to do as you learn how to repair credit scores is to find out exactly how bad the damage is.
There are 3 companies that handle your credit history: Experian, TransUnion, and Equify.
You have a right to one free report from each of these companies each year.
You also have a right to a report if a credit application that you made is turned down.
The company that refused you must give you the name, address, and phone number of the credit company that they referenced on your behalf, and you have 60 days to request a report to see why you were refused.
Don't assume that it is enough to check just one of these companies.
Get reports from all three because there may be variations among them.
The next step in learning how to repair credit scores involves closely examining each report for misinformation.
Anything that's wrong should be responded to by filing out a dispute form or writing a detailed letter.
Back up your complaint with support documentation if you can.
The company then assumes the responsibility to investigate and make changes if necessary.
If, in fact, you deserve your bad credit because of habitual late payments, foreclosure, or bankruptcy, it can take 7-10 years to clear your record.
However, everything you can do to show your more responsible financial accountability will work towards lessening that time.
While you are working on repairing your credit history, you can also be improving your current situation.
Pay down debt and gradually, over several months, eliminate extra credit cards, starting with the most recently acquired ones.
Keep 2-4 for your own use, but keep the balance below 30% of your limit.
This looks very good for a FICO score.
While it is normally best to pay off the cards with the highest interest first, if you are trying to rebuild your credit, pay off the ones that are closest to their allowable limits before you tackle the others.
This is the right time to devise a spending plan that you can live with as part of your "how to repair credit scores" plan.
Don't get discouraged.
There is life after a poor credit rating.
It may just take a little while to get there.