Try this google search–quick fix credit repair (599,000 results) or fast credit repair ( 17,000,000 results)…you get the idea. People want to fix their credit and they want to do it fast, now, today. That’s why you are here…right? You messed it up fast so you can fix it fast….just like my diet. Sadly no you can’t lose 50 pounds today or fix you credit today. But you can fix your credit and you can start today.
Simple measures to improve credit scores exist …And when these simple measures are performed methodically and consistently, (with time) they’ll reap you positive results. And it really is not that hard to do.
The highest credit score that can be obtained is an 850. Consumers with credit scores under 600 are often considered risky borrowers while borrowers with credit scores of 720 or greater are considered very solid borrowers. Lets make you solid!!
Pay your bills! Pay them on time, as they are due, each and every time
Catching up on late payments can increase a credit score relatively quickly once a credit report reflects the payment. Accounts with missing payments can destroy a your credit score so it’s important to stay current on all accounts!
If there are incorrect accounts on your credit report, it’s extremely important they’re removed. Contact the creditor and get it fixed. Do not ignore it!
This changes the income to debt ratios. Your income to debt ratio is a factor that can have a large impact on mortgage pre-approvals.
Paying off or lowering the balances on these high interest accounts can potentially mean extra money each month to use towards a down payment on a home.
Why do I even have to say this….ALL your bills should be paid on time. This will improve your credit report. Pay fines, parking tickets, etc. Even seemingly small unpaid debts can be sent to a collection agency and end up wreaking havoc on your credit/Credit Scores
30% or lower of available credit is recommended – 10% is even better. Generally speaking, consumers with credit utilization percentages of 10% or less are consider to have excellent ratios.
There is a temptation to pay off and close accounts. DON’T! By closing old accounts, you could be potentially hurting your credit history length. You are also reducing the available credit you have. That can hurt your debt percentage (available credit/used credit).
One of the reasons opening new accounts can hurt a credit score is because when a new account is opened, generally, a credit inquiry is pulled. Too many credit inquiries can negatively impact a credit score.
If you are young and have no credit….or believe in cash only…Having no-or-little credit history reporting to the Credit Bureaus reaps low Credit Scores or No scores at all. So you need to build your credit.
A secured credit line is one which a borrower uses an asset as collateral to secure the account.