You do not have to live with poor credit for the next seven years. Patience may be a virtue, but when it comes to your credit you should take action today. Credit repair is a smart choice, and a powerful way to accelerate the process of recovery and improvement. Take the right steps and you will be amazed at the transformation that can occur in as little as six months. Here are five great ways to get the ball rolling.
1. A Little Help Goes a Long Way
Sign up for a credit repair program. There is no better way to guarantee that every angle is considered. A reputable credit repair service, like ours, will be affordable and insure that the job gets off to a fast and efficient start. For $49 per month (a small investment) you can be on your way within a few days. Here are four more terrific technical tips to get the job done.
2. Chip Away at Revolving Balances
The FICO scoring model puts heavy emphasis on the relationship between your credit card balances and your high credit limits. In fact, a recent change in the FICO formula has put so much weight on this factor that you may be able to move your credit scores 100 points by changing your balances. Chip away until you are using less than 20% of the high credit limit for the best results.
3. Open New Accounts Now
If you do not have open credit cards, open them now. FICO is now giving extra points for opening new accounts after a period of bad credit. If you are back to being financially stable, take advantage of this awesome tip and reestablish your credit with two new credit cards. For most people in credit repair programs, secured credit cards are the way to go. They are easy and cheap to get, and you won’t get denied. If you are in our program we can set you up.
4. Become an Authorized User
Here is a way to get your scores to pop really fast. Although it is not a substitute for reestablishing your own credit (see step three above), authorized user accounts can provide a wonderful boost for anyone sincerely working on credit repair. Here is how it works. Find a donor, a friend or relative with excellent credit and a card with a perfect history and a low balance, and have them call the credit card issuer and add you as an authorized user. You will inherit the score benefit as if it were your own.
5. Clean House
Did you know that all forms of credit do not contribute equally towards your scores? If you have store cards, gradually pay them to zero and close them. The same goes for other consumer financing like furniture store loans. And aside from opening the new credit cards (step three above) keep your credit activity to a minimum while you are working on credit repair. Do what you must, but a stable, quiet credit life will contribute nicely to your progress.