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Monday, February 23, 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.

If you have a bad credit report it's due to thing like: making late payments, having an account into a collection agency, and if you have gone bankrupt. If you want to fix your credit score, you must change your habits. If you do, over time your credit worthiness will improve. Once it does, you will start to see lower interest rate offers from lenders and better lower interest credit card offers.

Here are 4 tips that are essential to helping 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 Go Crazy with Credit Cards

People nowadays have way too many credit cards. How many should you have? Credit experts recommend having 2- 4 credit cards. Don't go rushing to your wallet and start cutting up your cards though. These companies not only consider how many cards you have but they look at what balance you maintain on them. What you should do before cutting them up is pay them all down. Then, you can figure out which ones to keep.

3. Never Pay Less than the Minimum

When you go to pay your credit card bill make sure you pay no less than the minimum payments indicated on the bill. If you have extra money, try to pay a little more. If you pay less, it is considered a late payment. This will have a negative effect on your credit score.

4. Keep an Eye on Your Credit Report

You should check your credit report regularly. Make sure you check the reports from all 3 credit bureaus that keep track of your score. After receiving your reports, check them for mistakes. Also, check that there are no accounts that you did not open or negative information. This way you can start to fix your credit report and find out if you have had your identity stolen.

Developing good habits is vital. Try to start implementing these changes right away because if you do, you will save a lot of money in the future. If you need to repair your credit score, this can take some time so don't delay. Your future depends on it.

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