Seven Sweet Little Credit Repair Ideas

1. Decrease Revolving Account Balances

1. Decrease Revolving Account Balances

Do you run high balances on your credit cards? Here is a powerful credit repair technique for you. Decreasing your balances can improve your scores by as much as 100 points. Maybe more! A recent revision of the FICO scoring model puts increased emphasis on the relation between your account balances and your limits. Do not miss out.

2. Apply for New Credit Today

Have you had credit problems? Here is another dynamite credit repair technique. Open two new credit cards today and your credit scores can jump by over 100 points in the next six months. FICO now gives extra points to people who return to the world of responsible debt management after a period of poor credit. If you are concerned about denial, get secured cards, you will not be turned down and they are just as effective.

3. Smart Credit Card Management

We already discussed the importance of keeping your credit card balances low. And, of course it is crucial that you make your payments on time. But here is another credit repair pointer that can give you a FICO advantage when you need it. When you get your monthly bill do not pay it off in full. FICO has a funny way of devaluing inactive accounts. While you are improving your credit make sure to keep your accounts active.

4. Dispute Everything That Looks Wrong

Your credit report may present a gold mine of credit repair opportunity. If you have not looked at your credit report in a while, now is the time. Spring for a nice tri-merged report, it should cost about fifteen dollars and be infinitely easier to work with than the individual reports you can get for free one time per year. Get out a highlighter, pick out the items that look fishy, and dispute them with the credit bureaus.

5. Examine Collection Letters

If you get a collection letter in the mail, do not ignore it. Collection letters provide a unique credit repair opportunity. A shocking number of active collections are inaccurate, having already been paid or even belonging to someone else. Many collections are past the statute of limitation and the reporting period limit. If you do not take the time to examine collection letters, these errors will soon arrive on your credit report where they will live and haunt you for years to come like a malevolent ghost in your attic.

6. Try an Authorized Card

Here is a cool credit repair trick that takes no effort and will have your credit scores flying in no time at all. Find a friend or relative with excellent credit and ask them if they would add you to one of their seasoned, low balance credit cards as an authorized user. There is no risk to them, and they do not even have to give you a copy of the card. Within a couple of months the account will pop up on your credit report and your score will include the new account as if it had been yours all along. Cool indeed.

7. Try Some Creative Savings

You may think that this is a little off the subject of credit repair, but it is all connected! If you had credit issues in the past and are now on the rebound you want to avoid late payments at all costs. If you make a late payment your scores will fall and you will be disappointed. A little savings account can give you the buffer you need to cover surprise expenses should they occur (and they will). Try socking away a little money every time you get a paycheck. You will preserve your credit repair progress and, if I am not mistaken, soon love your growing nest egg. Enjoy!

Copyright 2010 James W. Kemish. All Content. All Rights Reserved.

by: Jim Kemish

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