Fix Your Credit Score
Have you been assigned a poor credit score by the financial institutions? You must take steps to repair your credit score immediately as a poor credit score can have a lot of undesirable consequences.
Here are some tips for fast credit repair:
1) Use your old credit cards – Here’s a trick that most people don’t know about. Experts suggest using your old but valid and usable credit cards. Since the card is old, its date of issuance would be earlier than the present credit lines and credit agencies are bound to give it more weight. The only prerequisite is that the card must be valid for some time to come, the more the better. Use your old credit cards to buy small items every month or so. Then pay their bills on time as soon as they arrive. The idea is to project yourself as someone who is responsible with his credit lines. This is bound to have a positive impact on your credit standing.
2) Manage your finances – Since you are already in bad shape, don’t make it worse. Try to save money wherever you can and minimize your expenses. Stop relying on credit line and save cash to pay for dues. Remember you will have to pay your debt sooner or later. So you need to find ways to get out of debt by saving or arranging for funds. So instill some discipline when it comes to managing your finances.
3) Settle your dues – Always remember that credit repair begins with honoring existing debts. As mentioned above your dues are not going to vanish overnight. You need to find ways to get out of debt and your credit score will improve automatically. If you can get some money from family or friends, use it to settle your dues and improve your credit standing.
4) Dispute doubtful statements – If you have some claims on your credit record that appear doubtful dispute them as soon as possible. Such errors can happen and sometimes things you didn’t purchase may appear in your credit card bills. This can have a negative impact on your credit score. When you file a dispute those claims are not considered for computing your FICO score till the time they are resolved.
5) Question the inaccuracies – Small inaccuracies can do a lot of damage to your credit standing. For example, your statement may show lower credit limit compared to what you can pay for, due dates may be incorrect putting you way behind schedule. Study your statements and have these accuracies corrected immediately.