Whether you got your credit cards on your college campus, went shopping too many times or suffered from the bad economy, you’ve probably damaged your credit. The good news is that there are some things that you can do to repair it.
Getting home financing is no small feat, especially if your credit score is less than perfect. If you are in this situation you should look into FHA loans before speaking with a bank. You might be able to get an FHA loan even if you cannot afford closing costs or down payments.
Credit Limit
If you have credit cards with a balance that exceeds 50% of your credit limit, you must continue to pay on them until the balance is lower than 50% of the credit limit. Your credit score can diminish with balances over 50%, so spread out the debt or pay off the credit cards.
Repairing your credit is actually pretty simple. The first step is to focus on paying your late bills. It is key that you pay them on time and in full. Do the best that you can. As soon as you have cleared those old debts, you will see an immediate improvement in your credit score.
When trying to rehabilitate your credit, it is important to work with each credit card company you are indebted to. By doing this, you will keep your credit from getting worse by making sure that your debt does not increase. Don’t be afraid to ask for alterations in interest rates or dates of payment.
Don’t do anything illegal. The Internet is rife with many scams that will go into detail about creating yourself a brand new credit file and making the old one magically disappear. Do not attempt this because it’s illegal; you will not be able to avoid getting caught. You may end up in jail if you are not careful.
Don’t sign a debt settlement contract until you know what impact it is going to have on your credit score. Some agreements won’t hurt you as much as others. This is why you should research all of the available ones for you before signing an agreement. They are just out to get their money and do not care how that effects your credit score.
If you want to fix your credit it can seem like a lot to handle, if you work hard you can do it the right way. With the tips above, you are better prepared to take action and get your credit situation back where it should be.
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