Credit Repair
Credit repair has to do with common sense and MORE to do with methodology. If you don’t make the correct choices your credit repair effort will produce less than stellar results. But make the correct choices, and you’ll be amazed at the quick progress you’ll see.
Build New Credit
if you don’t have any open mastercards this tip is for you. Too many folks start their credit repair project thinking that they will get a couple of new cards after they have cleaned up their reports. This is a serious tactical error. You want to start reconstructing your credit now. 2 new credit cards can be worth up to 150 points on your scores within six months. Do not be concerned that you can’t get approved for regular credit cards, just get 2 secured cards. They are the ideal credit correction tool. You won’t get denied and before you know it your scores will be on their way up.
Reduce your Balances
Don’t allow them to go to 0, as the FICO scoring model reduces the score value of inactive cards, but still keep the balances low. Ideally you need to only use 20% of the total amount available. As your balances boost your credit scores will fall.
Avoid Store Cards (yes, even if they’re offering an additional 10% off!)
On the topic of credit cards, they do not all have the same value for your credit repair project. Stick with the majors like credit card and Visa, and avoid store cards altogether, at least while you are trying to reconstruct your credit.
Put On The Brakes A Little!
While you are working on credit repair it helps to minimize the amount of credit activity that you engage in. New inquiries have a small result on your credit score, but they add up. In the case of new secured cards this is a mandatory sacrifice that will pay off in a big way over a period. But, at present, cool your jets and let the good stuff happen.
Validate Debts Quickly
If you receive a collection letter, open it! Don’t stick it in the drawer till you’ve got the nerve to address it. Just be sure to send them a letter or call them to verify the debt. They need to do this if you ask for it within 30 days of getting the collection letter. This process is named debt validation and is a valuable help to your credit fixing effort. If the collector cannot certify the debt they must stop collection efforts and must not report the account to the credit firms.
Get Some Credit Repair Help
You don’t have to do this on your own. There are many reputable credit repair companies that will help you reshape your credit reports and enhance your scores. As well as the strategies observed above there are dozens of powerful credit repair methodologies that might fit your wishes. Many busy folk opt to hire a pro credit repair service rather than trying to learn the whole process from the bottom up. If you are busy and don’t have time to do the job properly, just hire a pro. You’ll be glad you did!
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