7 Simple Credit Repair Tips

7 Simple Credit Repair Tips
  • Opening Intro -

    Whether we like it our not, our credit scores affect our lives on nearly a daily basis.

    Even seemingly not credit-related entities seem to take our credit file into account- employment applications, insurance companies and some utility companies just to name a few.

    So try as we might, getting by with less than mediocre credit isn’t ideal for most of us.

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By Nicole Goodson

If you’re credit isn’t the best it could be, don’t panic. There are simple things you can do to repair your credit over time and some help repair it faster than you might think! The following are 7 simple things you can do yourself to repair your credit. You’ll be on your way to a happier credit life in no time!

7. Stop Applying for Credit

It’s great if your credit is good enough that you can get credit anywhere you apply. Congratulations! But applying for too much credit is actually detrimental to your credit score. Each time your credit is run to open new credit, your credit score goes down a few points. Keep those inquiries to a minimum. It’s better to try to stay out of debt anyway.

6. Pay Down Your Credit Card Balances

Maxing out your credit cards can directly impact your credit score because the score itself actually takes the amount of available credit you have into account. If you’ve maxed out all of your credit cards and then are only making the minimum payments on them, this will lower your credit score. Make larger payments in an effort to reduce your debt to income ratio.

5. Pay Your Bills On Time

Many utility companies and other agencies report to credit bureaus on your payment status. It’s usually only going to show up on your credit report if it’s a negative thing, such as missing a payment or being late a few times, so be sure to pay your bills on time to prevent further damage to your credit.

4. Monitor Your Credit Report

While attempting to repair your credit, it may be s it’s beneficial to pay for a monthly copy of your credit report.. If there is something present that doesn’t look right to you, there’s always a phone number listed so you can call to dispute anything and have it removed. Once you make enough changes to impact your score, you can go back to running your report once or twice per year.

3. Correct Past Mistakes

Even if you have something as “negative” as a bankruptcy on your credit report, it doesn’t mean that you will have poor credit forever. You can prove that you have reformed yourself by making up for those past mistakes with your credit by making all of your payments on debts from here on out on time.

2. Open a Savings Account

Not only will you be grateful down the road that you’ve saved your pennies, but it will show lenders and other agencies that run your credit that you have the means to repay loans. Having a savings account also demonstrates your self discipline to save your money, always a desirable quality.

1. Don’t Stop Using Credit

As previously mentioned, you shouldn’t be applying for a lot of credit all the time, but it is important to at least keep credit open and continue to show a positive repayment history so that you can keep your credit established and continue watching your score improve.

These simple tips can help you repair your less than perfect credit in no time. Before you know it, your wallet will thank you as you are better able to qualify for lower interest rates and a more positive financial future.

Author Information

Nicole Goodson is a loan specialist and personal finance blogger with a focus on credit repair. She is also a regular contributor at CreditLoan.com.

See AlsoConsumer Credit Repair Done Right

Credit Management reference:

maintaining good credit

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Categories: Credit Management