Repairing your damaged or broken credit is something that only you can do. Don’t let another company convince you that they can clean or wipe your credit report. This article will give you tips and suggestions on how you can work with the credit bureaus and your creditors to improve your score.
Open a secured credit card to start rebuilding your credit. It may seem scary to have a credit card in hand if you have bad credit, but it is necessary for increasing your FICO score. Use the card wisely and build it into your plans, on how to use it as part of your credit rebuilding plan.
Remember that even asking for credit has a negative impact on your FICO score. One or two inquiries are not that big of a deal, but keep in mind that these inquiries stay on your credit for 2 years and they will add up. Don’t apply for cards or loans just to see if you’d get approved.
Your household bills are just as important to pay on time as any other credit source. When repairing your credit history be sure to maintain on-time payments to utilities, mortgages, or rent. If these are reported as late, it can have as much negative impact on your history as the positive things you are doing in your repairs.
Avoid paying repair specialists to help with your improvement efforts. You as a consumer have rights and all the means at your disposal that are necessary for clearing up issues on your history. Relying on a third party to assist in this effort costs you valuable money that could otherwise be applied to your credit rehabilitation.
Having good credit is important for securing new loans, lines of credit, and determining the interest rate that you pay on the loans that you do get. Follow the tips given here for cleaning up your credit and you can have a better score and a better life.