If your in need of repairing your credit, then don't worry because your not alone. Many people face a financial crisis some time in life that causes their credit rating to
Beware of companies that promise to help you repair your credit for a fee. Their ability to change your credit history file is no different than anyone else. No credit repair company can do anything you can't do yourself. Therefore, do it yourself credit repair may be best and can save you from getting charged a fee.
There are four simple steps to getting your credit history back on track. You can start by pulling your credit report from all three credit agencies and make sure all the information on your credit report is accurate. Second, try to pay off all or any accounts that are currently in collections or make payment arrangements with the creditor to pay off the balance on a month to month basis. Third, any credit card that is over fifty percent of the available credit line should be paid down to under half of your total credit line. Your credit score is lowered when your available balance is over 50% of your total credit line. This is step is important when credit scores are calculated, because the amount of money you owe and the amount of available credit accounts for 30 percent of your credit score. Finally, if you no open credit cards, obtain two credit cards and make sure that all of your monthly payments are made on time. This will help increase your credit score. If you cannot be approved for a unsecured credit card, obtain a secured credit card.
There is no quick fix to repairing your credit. The only way to rectify a poor credit rating is to adopt sound credit practices for a period of time.
Did You Know? Among the most common reasons people are turned down when they apply for credit are because of too little time in current job or at current residence, too much outstanding debt, unreasonable purpose for requesting credit, limited credit experience, foreclosure or repossession, and delinquent past or present credit obligations.