Credit report repair, done right, can do wonders for the appearance of your credit report, and your scores too! Here are a few awesome credit repair tips that will really make your scores move fast. Put them to work individually, or all at once, depending on your own needs, and watch the magic happen.
Open Accounts Right Now
The FICO scoring model will give you bonus points for opening new accounts after a period of bad credit. It is all in the timing. Those old cards that survived the tough times are still worth something, but when it comes to credit repair FICO wants you to prove that you still have what it takes to get back in the swing of borrowing money. If your credit is crummy, secured credit cards are ideal. Small is good! Open now, pay on time, keep your balances low, and your scores may rise over 100 points in the next six months.
The Balance-Limit Connection
This credit report repair tip is just as urgent for those opening new accounts today as it is for those managing already well seasoned revolving accounts. Holy cow! A little change in your balances can send your credit scores flying or diving. Have you maxed out a card lately and then checked out your scores? This is a fairly recent FICO tweak which can work for or against you. Try to use less than 20 percent of your limit for the best result.
Store Cards Do Not Cut It
While you are working on your credit report repair project, do not apply for any store cards. And if you already have some, start chipping away at the balances until they are zeroed out, and leave them there. Store cards should only be used if there is some great financial incentive. Use them, save a buck, and they pay them off. There are a few reasons. The biggie is that FICO just does not like them. They will yield the smallest credit repair benefit when you manage them well, but they will kill you if you do not.
Send Dispute Letters
Review your credit reports. Grab a highlighter and mark up everything that looks funny. Send dispute letters to the credit bureaus. And if you do not like the results, dispute again. If you want the job done like a pro, you can hire a pro. Credit repair services are a great value and will manage the whole dispute routine for you until the job is done. They may even spot a few choice ways to get your scores to pop. It is worth it.
Got a Few Bucks?
If you have any collections, now is the time to try to negotiate a deal. Here we are in 2010, and collectors are hungry. Plan your call in advance. Have the money to send right on the spot if you strike a good deal, and let them know you can. It is a great credit repair tip. You may even be able to get them to knock the collection off your report. The last Friday of the month can be a great time to try this. Good luck!
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