A Guide To Repairing Your Credit Rating

Unless you have hundreds of thousands of dollars of readily available cash

, it is difficult to live without good credit. Your credit score is something that affects many different areas of your life, such as where you live and which car you buy. If your credit is in dire shape, then chances are you've probably already experienced some of the negative consequences that come with that. The good news is it is never too late to repair your credit rating.

Check your credit reports - Checking your credit report at least once a year is vital. Everyone is entitled to at least one free opportunity to check their credit report each year, take advantage of that. Checking your credit report will allow you to notice things such as a stolen identity. If you see a lot of activity that you weren't responsible for, then you can clear it up before it hurts your credit score. Nobody is perfect, and sometimes people make mistakes. Checking your credit report will allow you to spot if something was wrongly filed under your name.

Pay off your credit cards - The first step to repairing your credit is to get rid of all of your debt. Outstanding debt on your credit card will only harm your credit rating even more. Be sure to contact your credit provider and tell them your situation. You will be surprised how willing they are to work with you as long as you show that you are actually trying to pay off your debts.

Use your cards lightly - You may have a five thousand dollar credit line on your favorite card, but that doesn't mean you should use it all. Having a credit card constantly maxed out is a sign that you are living outside your means. You need to show that you are in control of your spending, by managing your credit cards well and not letting your debt rack up each month.

Pull out the old cards - Credit cards come with a very valuable aspect called credit history. The more credit history each card has, the more weight it will have in your credit ratings. So instead of cutting up the old cards, pull them out again. Cancelling a card may result in you losing all of the credit history you had amassed for that card.

Pay on time - Using a credit card is one of the fastest ways you can build or rebuild your credit history. However that will only work if you are fiscally responsible. It is mandatory that you pay your monthly minimums on time. In fact, you should strive to pay more than just the minimum. Paying off your credit in a timely manner will show that you are responsible with your finances and will help to build your credit score.

A Guide To Repairing Your Credit Rating

By: Mark Walters

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