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4 Steps to Quickly Fix Your Credit

August 15, 2013 by  
Filed under Blogs, Credit Repair

by: .

fix credit fastThe credit repair process takes time, it doesn’t just happen overnight. But what do you do if you need to fix your credit as soon as possible?
Hiring a credit repair expert is a great first step toward improving your credit scores.
Here are 4 more things you can do to quickly raise your credit scores.

1. Pay down your credit cards.

Your debt to credit limit ratio, also known as the utilization rate, accounts for 30% of your credit score. Carrying too much debt on your credit cards may lower your credit scores and slow down your attempt to quickly boost your credit scores. Increase your credit scores by paying your credit card balances down to 20% of the credit limits or less and you will be sure to see your credit scores rise.

2. Increase your credit limits.

If paying off your credit card debt is not an option due to limited resources, use a different strategy to lower your utilization rate. Request that your creditors increase your credit limits on your credit cards. Instead of paying the balance down, your available credit will increase thereby lowering your credit utilization rates and increasing your credit scores.For example, Mara owes $3,000 on a card with a $9,000 limit.
Note: If you have a bad credit history, you may have to wait until your credit repair company can help you to increase your scores enough before you qualify for a credit limit increase.

3. Use old accounts.

15% of your credit score is calculated from the average length of Active credit on your account. If you have old inactive  credit cards, be sure to use them so that the credit card companies don’t close them for inactivity. Just be sure to pay off the cards at the end of the month to avoid interest fees and charges.

4. Limit inquiries.

Every time you apply for credit, a credit inquiry reports on your credit report as a history of your request. Creditors need to have permissible purpose in order to access your credit report, and a credit report “inquiry” provides a record of such access. Unfortunately, companies often check credit reports at will and violate the law by reporting numerous inquiries without any permissible purpose. What does this mean to you? Too many inquiries will lower your credit scores and  hurt your chances at obtaining credit at the best possible interest rates. Review the inquiries on your credit reports and make sure that every inquiry reporting on your credit file is legitimate. If you see  an inquiry that you don’t recognize, contact the credit bureaus as well as the creditor to have them remove the unauthorized record.

Credit repair takes time, but never forget you have the power to quickly boost your credit scores by following these few steps. If your credit reports need significant work, consider hiring a credit repair company to help you improve your credit as fast as possible.
But no matter whether you decide to proceed on your own or with the help of a credit repair service like CreditFirm.net, take some time to improve your credit score today and change your life for the better.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

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7 Steps To Better Credit

by: .

credit tips

It’s the question we get asked most often.

“What can I do to improve my credit score?”

And although the answer is almost always a long winded speech about being responsible with your credit, there are a few things that you can start doing today to begin increasing your credit score.

But before we get started, let me just get one thing out of the way. The credit score is a gauge lenders use to determine the likelihood of a borrower becoming more than 90 days past due on a loan within the next 2 years.

Having said that, your goal is to make yourself look less likely to become past due. As this happens, your credit score will begin to increase.

So without further delay, here are the 7 actions you can take right now to improve your credit scores.

1. Pay Your Bills On-Time

Even if you have had late payments in your past, try to string together 6 months of perfect payment history and you’ll be surprised by how much your credit scores improve.

Show lenders that you’ve turned the corner and become a habitually punctual borrower. Your credit score will be rewarded.

2. Pay Down Your Credit Cards

Withhold 10% of every one of your paychecks and use the money to pay down your credit card debt. You’ll be surprised how much of a dent you can make in your credit card balances.

Having high balances on your credit cards makes you look like you are living off your credit and can’t afford to live of your income. This puts you in a high risk category. Paying your balances down to a 20% utilization rate (balance = 20% of the credit limit) will show lenders that you are fiscally responsible and can live within your means. As your credit card balances decrease, your credit score will rise.

3. Don’t Close Old Accounts.

This is simple, 15% of your credit score is the average age of your open accounts. Closing old accounts shortens your length of history and decreases your credit scores. So keep your old credit cards active and open, use them every 3 months to buy a pack of gum and pay the balances off at the end of the month. You don’t want the credit card company closing your account due to inactivity.

4. Stop Checking Your Credit

Every time you apply for an extension of credit, an inquiry appears on your credit report and lowers your credit score. This is done to stop you from acquiring too much credit too fast. Which brings us to our next point.

5. Build Credit Slowly

If lenders see that your getting too much credit at once, it makes you look like you’re running out of money and need new credit to live off. This makes you high risk. So build credit slowly and responsibly. How slowly, a maximum of one new account every 6-12 months.

6. Check Your Credit Reports

This should have probably been up at the top, but either way, you need to know what is being reported about you. Considering the most recent FTC report from January 2013 found that 21% of credit reports contain errors (over 50 million people), you should probably check all 3 of your reports to make sure that everything that is being reported about you is 100% accurate.

7. Repair Your Credit Report

If your credit report is displaying any information that looks questionable to you, contact the credit reporting agencies, creditors, and furnishers to have them verify and validate all of the questionable info. You would be surprised at how the most inconsequential detail can impact your credit score.

If you need help leveraging your consumer laws against the credit reporting agencies and creditors, let CreditFirm.net’s expert credit consultants fight on your side.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

5 Simple Credit Repair Tips

by: .
credit repair

Improving your credit score doesn’t necessarily have to be overwhelming.

You can begin to take control of your life and your credit by following these 5 easy tips:

1. Pay your bills on time

I know it may seem commonsense, but this needs to be mentioned. The most important step in improving your credit is paying your bills on time. A recent late payment can drop your score 60-100 points, so do yourself a favor and pay on time, every time.

2. Don’t Co-Sign for Anyone

It’s difficult to say no, especially to close friends and family. But if you’re going to improve your credit, you can’t risk someone else ruining all of your hard work. If your friend can’t qualify for a loan without a co-signer, maybe they should work on fixing their credit instead of putting your credit in jeopardy. Fixing your credit is all about taking control, you can’t control whether someone else is going to pay their bills or not, so don’t co-sign for anyone.

3. Keep Your Balances Low

Don’t let your credit card balances sink you. Paying them down doesn’t just make financial sense, but also improves your credit scores. 30% of your credit score is calculated from how well you manage your credit and your available utilization rates. So pay down your credit cards and watch your scores improve.

4. Limit Your Inquiries

Every time you apply for credit an inquiry shows up on your credit file. Applying too often lowers your credit score and makes you look desperate for credit. Limit yourself to one inquiry every 6 months.

5. Be Proactive

If you have derogatory accounts on your credit report, be proactive. Don’t sit around waiting for for 7-10 years for them to fall off your credit history. Get involved, contact the creditors, the credit bureaus, collection agencies, third party furnishers.

Investigate the information in your credit reports and get everything verified, validated, checked, re-checked. Do some research, read a few books, learn about how the credit system functions, and most importantly learn your rights.

You are protected by the FCRA, FACTA, FDCPA, CROA, and many other laws.

If you don’t have the time to do all of your own due diligence, hire a reputable company to represent you and fix your credit.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review