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How To Improve Credit Score


Well, first you can't improve your credit score if you don't know what it is. So, the first thing to do would be to get a copy of your Credit Report and Credit Scores so you can view exactly what is in your credit file and how it is impacting your credit score.

Once you have a copy of your credit report and have also retrieved your current credit scores then you have a basis from which to begin.

The first thing you will want to do is scan the credit report and make sure that all the credit items are yours. It is not uncommon for errors to be made in posting data to the credit files. It is especially true for those who have Jr. or Sr. in their name.

Not that this will impact your credit rating, but you will also want to check basic things like your name and address, date of birth and any employment information that might be showing. If this information is correct it will reduce questions by a lender when you apply for credit the next time.

The next most important items to clear up are things like judgement, tax leins and student loans. Clearing these items up will most likely make a bigger impact on your credit score than paying off old collections. In addition, no matter what your credit scores are you won't be able to get approval for items like a mortgage on a new home as long as these items are unresolved.

You don't have to payoff these credit items all at once. You can request a payment plan and make monthly payments. If you are in a position to pay anything in full, be sure to ask for a settlement amount. Most creditors will take less than is owed if you will pay the debt in full.

Next on your list will be to take a look at any collection items that you may have. Start with the smallest, non-medical collection items and make arrangements to pay that item in full, either with a payment plan or by paying a settlement amount in full.

If a collector refuses to settle for a lesser amount and you have multiple collections that need to be paid, then just move on to the next one and ask for a settlement.

If you have active credit accounts for which you are making you payments late, then stop doing so immediately. Always, be deligent and make your payments on time.

It is best to have around five active credit accounts. These might be things like a car payment, student loan payment, credit cards, gasoline credit cards and retail store credit payments.

If you do not have this many open, active credit accounts then apply for some credit cards and start using them. Do not over extend yourself. Simply charge as little as $20 to $25 dollars a month and then be sure and pay it off ontime each month. It will take about six months of this type activity for these accounts to start having a positive impact on your credit scores.

By having these new, good credit tradelines in your credit history, you are showing other creditors that you are able to manage your credit well and are therefore a good credit risk for any future credit requests; even if you have had some bad credit habits in the past.

For additional information on how to read your credit report, how to write dispute letters to get items corrected in your credit file and how to improve credit score visit: How To Increase Your Credit Score.

 

 

 

 

 

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