Are you suffering from a case of bad credit? You are not the only one. The recession over the past few years has ruined the credit report for many people in the US. Not all of them have been able to recover from a blow to their credit scores and filed for bankruptcy. This is one reason the rate of foreclosure in the US has gone up over the past few years. Yet, that doesn’t mean you will suffer the same fate. There are some ways for credit repair you can use to boost credit score and get back on your feet.
Let’s go over some of the most effective tips for DIY credit repair:
Your payment history makes up 35% of your credit score. This is by far the most important factor taken into account by agencies when they do the calculation. Therefore, this is something you need to improve. The first thing you should do is take care of all pending payments. If there are any payments you have missed over the past few months, pay them off. Get up to speed with your payments first and then make it a point to pay all your bills on time.
The second thing you need to do is to lower the amount of money you owe on your credit card and any other accrued debts. The only way you can do this is by paying off the debt to a certain extent. For the future, don’t spend too much on your credit card as it would again increase the debt. Also, don’t close any credit cards that you no longer use. Don’t order any additional credit cards either.
Don’t open accounts unnecessarily. Each new account you open will have a negative impact on your credit score, making credit repair difficult for you. To boost credit score, it is important that you use the accounts you already have effectively. Moreover, get the statement for each account regularly and check for any errors. If there are any mistakes, get them rectified. Also, if you suspect credit card fraud or any other scam, do contact the relevant authorities.
Perhaps the most convenient way of repairing your credit is by getting professional assistance. Get in touch with a credit repair company and they will sort out the issues in your credit report. It may take a long time for you to work it out on your own. Therefore, let the experts do the job. Through credit inquiry removal and other means of credit repair, the company will boost credit score and get your credit up to speed.
These are some DIY credit repair tips you can use to boost credit score on your own.
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