Credit Score Repair

In excess of 30 million people in the USA have low credit scores (under 620) that mean they will be paying a high interest rate on loans. Millions of others have reasonable credit but with a little work could improve their scores and receive more favorable rates.

The first thing to do is find out exactly where you stand. You are probably well aware that you can get a free credit report once a year from each of the major 3 credit bureaus but you must purchase your credit score. Credit scores are the 3 digit number that represents an individual’s ability to repay loans on time. The numbers range from about 300 to 850, the higher the number the better the credit risk and therefore the lower the interest rate charged. Once you have determined where you are, you’re ready to make the changes necessary to improve your score.

Pay down or pay off your credit cards. At least get your balances below 30% of the credit limit on each card. Start with the ones that are closest to their limit
Use your cards wisely. A big balance will negatively affect your score even if you pay it off regularly.
Make sure that your lender is showing the correct credit limit. If your lender is showing a lower limit, your score may be artificially depressed
Make your credit card payment about a week in advance of your monthly closing statement.
Use the oldest of your cards. The older the credit history the better. Many consultants recommend that you charge a small amount to your oldest cards and pay it off in full before the monthly closing statement.
If you have been a good customer and for one reason or other made a late payment, you can write to your lender and request a ‘goodwill adjustment’ which erases your late payment from your report.
For more delinquent accounts you could make 12 payments on time and then ask the lender to ‘re-age’ your account, minimizing the affect past delinquencies have on your report.
If you had a fight with a creditor that eventually went to collections you can continue to protest that the charges were unjust or contact the credit bureaus and dispute the account as ‘not mine’. Collection agencies rarely bother to verify this if the amount is old and / or small enough.
Correct errors on your credit report.
There are a couple of other maneuvers to avoid:

Do not ask a creditor to lower your credit limit.
Do not make late payments
Do not consolidate your accounts. It is generally better to have small balances on a few cards than a large balance on one.
Do not apply for new credit that you don’t need.
Most of the above suggestions have a great affect when applied to mediocre or troubled credit. Scores in the 700 range a far more difficult to improve. If your credit score is in the ‘excellent’ category, (760 or higher) there is no point in concerning yourself with attempting to improve an already good thing. Sit back and take solace in the fact that you don’t have the worries that a lot of us do.




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