Repair your Credit: Personal Finance Advice

Living with bad credit isn’t a lot of fun. You have a hard time getting approved for credit cards and loans, and you may have to pay higher policy rates for insurance. You might even get turned down for a job based on your credit history! If you’re looking for a way to repair your credit you should keep in mind that there is a right way and a wrong way to approach it. When it comes to repairing your credit

Repair Your Credit

You probably didn’t wreck your credit score overnight, so by the same logic you should know that you can’t repair your credit overnight either. You’ll have to make some changes with how you pay your bills and how you spend your money if you hope to raise your credit score.
1. Be patient. It can take years for negative items to fall off your credit report. Even if you pay a delinquent bill in full and close the account, it will still reflect as having once been delinquent for quite some time. The good news is that bringing the account to current status will improve your credit score, even if it shows that you were once delinquent.
2. Pay your bills. Some people don’t fall behind on their payments from lack of money. Instead, they are just a little scatterbrained when it comes to keeping up with payments. Whatever the reason, you need to make a concerted effort to pay your bills on time every single month. As you build up the habit of making timely payments your score will start to creep up.
3. Don’t use your credit for a little while. Part of your credit score comes from the amount of available credit you have. If all your credit cards are close to being maxed out then your score will suffer. Instead, concentrate on paying the bills down so you have some available credit.

The Wrong Way

Don’t pay a company to “repair” your credit for you. The only thing these companies will do is harass your creditors until they take the item off your credit report. How do they do this? The company asserts to the lender that the delinquent status is in error. The creditors remove the item from your credit report while they investigate the “error.” Your credit score goes up a little because the negative items are gone, the company claims success, and everyone is happy until the creditors discover that there is no error at all and everything gets dumped right back onto your credit report.

There is no quick and easy way to repair your credit. It takes time, but it’s worth it. Consider it a learning experience.

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  1. JenW says

    I agree that credit is something that takes patience and work but it’s possible to improve if you focus on it and pay ALL your bills on time each month.  I also found a handy little guide about credit

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