Jul
21
The burden of financial debt and bad credit can make life really stressful at times. Creditors are getting more and more strict about credit score requirements. More than 30 % of employers are running pre-employment credit checks as a part of the hiring process. Certain landlords also want a copy of your credit report before signing a lease with you. Now more than ever bad credit can act as an obstacle to getting a house, a loan, even a job. If you are in that type of dire situation, don’t despair. More than 30 million Americans have credit that is far from perfect. However only a few of them know that fixing your credit is not that hard. If you need help fix credit, you should keep three things in mind:
1 Steer clear of late payments and always pay on time. That golden rule does not refer only to credit cards and mortgages. Even utility bills, parking tickets and stuff that seems unrelated to credit. Your three digit FICO score is a function of different factors including payment history, credit car balances and the types of loans you obtained. Among these factors paying on time ranks first. A single 90 day late payment can drop your credit score by almost 100 points. If you want to fix credit fast, you have to take care of all late payments.
2 Keep a reasonable balance/limit ratio on your credit cards. Racking up big balances (regardless of whether you pay them in full at the end of the month )works against your credit score. Ideally you balance should be kept below 30% of your card limit. If you balance gets too high, you can try increasing your credit limit. This will bring the balance/limit ratio to less dangerous zones
3 Negotiate your way out of debt. Try to contact all collection agencies. Most of the time you’ll be able to negotiate settlement for less that you actually owe. Contact creditor and negotiate a better payment plan. Also request that paid collections and late payment are deleted from your credit report. If you have been a good customer, most creditors will do the favor and delete your late payments. The key to success here is persistence and diplomacy. If customer service members don’t want to cooperate, call the next day and try again.
There are a lot of proven methods that can help you rack up credit points . If you need help fix credit fast, then don’t hesitate. Take advantage of credit tricks that have proven to work.
By: Irena Bocheva About the Author:
Teen Children
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