Credit files and reports are important. They are important because of the power of the set of three numbers they contain. This set of numbers is an indication of your financial standing. They tell if you are money-wise or not and can decide whether anyone should invest in your business or not. They prove if you are creditworthy and can convince the bank to either give you a loan or not. They are not be messed with. But when you realize that you have a bad credit, you need to take steps to repair it.
The three easy and fast ways to repair your credit are:
- Get a credit bureau to prove that ALL the bad accounts are yours: I never said you should ask them to prove that SOME of the accounts are yours; I said ALL. This is because there is a high tendency that the bureaus would be able to prove only about 35 to 40% of the bad accounts. As stipulated by the Fair Credit Reporting Act, any account that can not be proved gets removed from your credit file within three to four weeks. Imagine the improvement that would happen to your credit when about 60% of all bad accounts are deleted. You can easily reach the bureau by sending them a letter of dispute.
- The next step would be to open a credit account. When you open an account, keep the credit limit high and use only about 30% of the limit. This would have a very positive impact on your credit.
- The last thing you should do is to clear your debts. This is the last step but it is certainly not the least. As soon as your debts are paid up, you would realize that you don’t have anything bad credit again as your FICO score should have improved by 100 points or more depending on the rate of debt paid.
You can now see that fixing a bad credit is not hard to do. All you have to do from this point is to maintain the good credit by avoiding debts, paying your bills on time and saving money.
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Article Source:http://www.articlesbase.com/finance-articles/three-easy-steps-to-fixing-a-bad-credit-1532457.html
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Now just imagine that I had a really good credit score going. That was because I paid off my bills in time. I also made sure that my mortgage loan, and student loan installments were paid off in time. I did not default on any sort of payments. I also made sure that every bill pending on my credit cards were paid off. This shows that I have a good financial understanding of my own financial status and now I want to raise my credit score on credit score scale.
On the other hand this is definitely not what one can say about a majority of us. We had too tempted to spend on things just because we had the money. We are going to buy them on our credit cards. We do not know how low our bank balances are. That is because we have been spending like drunken sailors. And that is the reason why we reach a stage when our bank balance is heavily in the red and have low credit score.
That is of course the point when we begin to look for tips which can give us a good solution to raise my credit score on credit score scale. Now I want to make sure that I can raise my credit score on credit score scale, in an effective and proper manner.
They are definitely no illegal ways in which you can raise your credit score. On the other hand there are plenty of bad credit fix repair secrets which can be utilized when you are thinking of how do I raise my credit score on credit score scale?
Now here I am looking for the easiest way in which I can raise my credit score on credit score scale. That is so that when I go to the bank next time they do not look at me askance when I ask for a loan. I want to be one of their good potential clients. But what can I do I have been very prodigal with my bank balance and bank savings. I have defaulted on a couple of payments. So naturally my credit score is in the low 400s.
So before I go about implementing ways to raise my credit score, I have to look at all my unpaid bills. I have to make a list of all of them. Then I have to look at my financial position. How long is it going to take for me to pay all these bills? That means a bit of drastic financial planning and budgeting. It also means going on a crash do without the essentials diet for a couple of months to enjoy good credit score rating. This money is going to go in the paying off of all the pending bills.
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Article Source:http://www.articlesbase.com/finance-articles/how-to-raise-my-credit-score-with-bad-credit-fix-repair-secrets-1486264.html
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