Fix Your Bad Credit Score to Help Get a Loan

Fix Your Bad Credit Score to Help Get a Loan

Before you start to fix your bad credit score, you must first know what your credit score is! You can obtain a free annual credit score online from various websites. Achieving the highest credit score possible is very important when applying for a car or home loan, so it is imperative that you know what your credit score is. Therefore, if you score is low, you can work on fixing your credit wscore through the following methods.

Check for Discrepancies in Your Credit Report

A discrepancy can be the result of several reasons. Credit fraud, stolen identity, or an error by a lender or credit card company. If you find an error on your credit report, it is important that you report it immediatley to the credit reporting company. You should send a certified mail message as soon as possible mentioning the issue. The company has 30 days to solve the issue according to the Federal Fair Credit Reporting Act. If they fail to solve the problem, then you may have to take legal action. It is your reponsiblity to make sure that you credit report is correct.

One big mistake to look for is items that are listed as unpaid, which have been paid off. Also look for collection items that are older than 7 years. Any bad items that are older than 7 years should be removed from your files. The best way to increase your score is to use credit cards that do not have bad marks on them - making small purchases each month and paying them off that same month.

Another easy way to improve your credit score is to ask politely to have late payments removed from your file. If you pay on time 99% of the time and slip one month, then your credit card company will most likely help you out by removing the late payment mark. Don't go overboard, but asking for a few fixed items will usually bring positive results.

These are just some of the steps to fixing your credit. Remember to always start by getting your free credit report and then go from there. Good luck!

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