Although a lot of people are striving in the country, there are many others that have failed to keep their credit up to par. Bad credit can haunt you for the rest of your life, which is why it is imperative to begin correcting your credit, as quickly as possible. When you need credit repair, you will want to utilize the information below to guide you in the right direction.
Get A Credit Report
First and foremost, it is absolutely pertinent to begin by running a credit report on your self. It is possible to do so fairly easily. In fact, you should be able to obtain your report, without spending very much, if anything at all. Once you’ve obtained your report, you will have a much better understanding of your current situation. Make sure that you obtain reports from the three major reporting agencies.
Past Off Balances
It is estimated that 35% of your credit score refers directly to your payment history! If you’ve missed any payments in the past and still have overdue balances, you will want to make sure to pay these off quickly! Be sure to report the rectifications to the credit reporting agencies. Each account that is paid off will improve your credit score immensely.
No More Credit Card Applications
Take note that it is imperative to avoid filing new credit card applications, when attempting to fix your credit score. Unfortunately, these applications will actually result in inquiries of your credit score, which will have a negative impact on your score. If you happen to get approved and open a new account, your average credit age will be lowered and this will also hurt your score.
At the end of the day, bad credit can be very harsh and will follow you for eternity. Therefore, it is essential to make sure that you rectify your score quickly! Make payments and pay off bills, while ignoring credit card offers. With patience and persistence, your score will improve slowly, but surely.