Bad credit can really detour your plans for your life in irritating ways. A low score will close the doors on many financial options and stop you from being able to make your own choices in life. You can repair it though, and make steps to prevent it from spiraling down further.

Credit Card

If you have a poor credit history and can’t qualify for a credit card, get a secured card. This card is very easy to get, because you put money into an account ahead of time and then spend from that, so the bank doesn’t have to worry about not getting their money. If you use a credit card responsibly, you will go a long way in repairing your credit.

If you have credit cards where the balance is more than half of your credit limit, pay these down right away. Credit card balances are among the factors taken into account when determining your credit score. Maintaining balances over 50% will lower your rating. You can attain lower your balances by using balance transfers to move debt from accounts with higher balances to those with lower balances, or by simply paying off some of your higher balances.

Improve your credit score, as well as make some profit, through an installment account. All installment accounts must stay above the set monthly minimum, so only open one if you can afford it. Paying on time and maintaining a balance will help improve your credit score.

Interest Rates

If your creditors try to jack up your interest rates, do not pay them. There are laws that protect you from creditors that charge exorbitant interest rates. However, the contract you signed ensured that you agreed to pay off your interest. It is possible that you can sue a creditor and claim that the interest rate charged is unreasonably high.

These tips will make a big difference in your fight against bad credit. The time you invest educating yourself regarding credit score improvement is worth every minute.

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