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Saturday, February 14, 2009

4 Tips You Can Use to Repair Your Credit Score

By iRepairCreditReport

One of the major things consumers have to know is that you should establish good credit or repair your credit score because lenders, as well as other companies, will give you better interest rates when you buy a home or car. And, you will get better deals on insurance and other products you purchase. A good credit score can even have an impact on finding a job.

Making late payments, going bankrupt or having your bills into a collection agency are the things that really affects your credit report. The way you fix your credit score , is to not keep doing what you have done in the past. If you can change your habits your credit score will start to improve. As you fix your credit report, you will start seeing better interest rates from lenders and even lower interest offers from credit card companies.

Check out the 4 tips below to help you repair your credit score:

1. Bills Must Be Paid On Time

Your credit history is what companies base their lending on. Once they know your history they can then figure out how much of a risk you are to them. If you always pay off your debts then in their mind it's pretty likely that you will pay off future debts. So, you will be less of a risk.

2. Don't Carry Too Few or Too Many Credit Cards

Most people these days carry around far too many credit cards. What is the right number? 2-4 credit cards is how many credit experts believe you should have. Having more than that doesn't mean you cut them up as you pay them off. This may affect you credit as well because not only do these companies take into account the number of cards you have but also the balance you have on them. What you should do is pay them all down then decide which ones you are going to get rid of.

3. Make At Least the Minimum Payment

When your credit card statement arrives make sure you pay at least the minimum payment and if you can try to pay more. When you pay less than the minimum you will assume late payments which will negatively affect your credit score.

4. Check Your Credit Report Regularly

You have to watch your credit report closely. Equifax, Experian and TransUnion are the 3 bureaus that keep track of your credit score. You must watch all 3. Once you get your report, take note of any negative information, mistakes or accounts you did not open. This way you can get to work on fixing these problems plus, you can see if you identity has been stolen.

Make sure that you change your habits. If you do, you will start to see the benefits in the very near future. If you find that you have to repair your credit score, then take the necessary steps. It will take a while but if you start now, you will have taken the first step.

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