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Credit Repair
Ways to Improve your Credit
Pay your bills on time. This one is the obvious tip but it needs to be stated. Paying your bills
on time is a huge part of your credit score. Keep your bills on time to build your credit history.
Keep your balances on credit cards from 30-50% or less of limit. For example, if
you have a limit of $1,000, keep your balance between $300-500 or less. This shows that you
know how to handle your credit and will improve your scores over time.
Pay down debt. This is probably the fastest way to boost your score by 10 to 50 points
depending on the amount of debt you pay. For example, if you have 3 accounts totaling $10,000 in
debt with a $15,000 limit and pay off $5,000, your scores will rebound quickly due to the pay off.
Also, you will be decreasing your percentage of how much is owed compared to the credit card
limit which improves your credit scores as well.
Limit inquiries on credit. Limit the amount of times that your credit is pulled as it does
affect your credit scores. Statistics show that consumers who have more inquiries are higher
credit risks than those consumers with fewer inquiries. Try to only apply to credit when it’s
absolutely necessary.
Limit the amount of accounts you open. The more credit you open, the higher risk you
become if it is seen as excessive. Having a few credit cards or accounts is fine but having too
many credit cards shows that you are a high risk. If you open new accounts responsibly and pay it
on time, it will improve your score over time.
Keep credit cards open that you have had for the longest time. The longer the account is open, the
better it is for your credit assuming you have been paying this account on time.
Make sure lenders are reporting accurate limits for your accounts. This is an
important but often overlooked item. An example of this is if you have a credit card limit of $1,000
and only owe $300 but your credit shows your limit at $500. This hurts your score because it
appears that you are 60% of the limit when in actuality, you are at 30% of the limit. If you find that
the creditors are reporting it incorrectly, call them and have them fix it immediately.
Dispute items on your credit that are not correct. This includes items that are not
yours, items that are showing as delinquent even though you are paying it on time, etc. If the items
are older than sometimes it works to your benefit to allow them to fall off of your credit after 7
years. Consult a Credit repair specialist in order to determine if disputing is right for your situation.
Disputing Items on your credit report
7 Steps to Disputing Items on your credit report
Step 1) Make sure to pull all 3 credit reports from the major credit bureaus which are Equifax,
Experian, and TransUnion. You can do this for free at www.annualcreditreport.com where you are
entitled to one free report per year. You can also obtain a copy of your credit from your Mortgage
professional. These 3 credit reports will let you know exactly what is on your credit and what you
need to address.
Step 2) Put together a dispute letter which will include the accounts that need to be updated or
removed, the account number, the reason why it needs to be removed, the balance listed on your
credit report. This dispute letter needs to tell the credit bureaus what you are looking for within the
dispute. Be specific such as “This account needs to be updated to show a zero balance”.
Step 3) Make sure you only send your dispute letter to the credit bureau reporting the derogatory
information. Creditors are not required to report to all 3 credit bureaus so one agency might only
have it listed. If you send that dispute letter to a bureau that doesn’t already have it listed, you run
the risk that it will be added to the credit bureau that wasn’t originally reporting.
Step 4) Send the dispute letter by certified mail with a return receipt and keep for your records.
Step 5) Send all supporting documents with the dispute letter which can include a zero balance
letter, discharge papers on a bankruptcy, proof that the account is not in your name, etc. This
saves you time when sending it because it allows the credit bureaus to have all the necessary
information at the same time versus them sending you a letter requesting more information in
order to update or remove the item.
Step 6) Keep a log of all the letters sent, dates sent, and names of anyone that you have spoken to
about making the corrections.
Step 7) Be persistent. Credit bureaus get bombarded with requests to update, remove, and
change items on credit reports of consumers. The more documentation you send along with the
dispute letter, the more likely that it will be handled on the first request. A lot of times, you will need
to resend the information or obtain new documentation in order for them to update your account. It
is not uncommon that you will need to send documentation 2 to 3 times in order to successfully
get items removed or updated.
This may seem like a lot of work but it is well worth it. Credit scores affect many factors of our lives
such as our interest rates on our mortgage, credit cards, car loans, car insurance, etc. It can also
affect if you get hired for a job as many employers are starting to pull a copy of your credit file. If you
want to improve your credit but don’t feel you have the time to dispute these items, click here to find
out more information on having a credit specialist do the work for you.
The information provided on or through this site is for purposes of general consumer education only and is
not intended as a substitute for advice from a qualified professional, such as, but not limited to, a lawyer,
accountant, investment advisor, insurance broker, financial planner, real estate agent or home inspector. We
can not and do not guarantee the accuracy or the applicability of this information to your circumstances. We
encourage you to seek personalized advice from qualified professionals regarding all personal finance and
real estate issues.
Pay your bills on time. This one is the obvious tip but it needs to be stated. Paying your bills
on time is a huge part of your credit score. Keep your bills on time to build your credit history.
Keep your balances on credit cards from 30-50% or less of limit. For example, if
you have a limit of $1,000, keep your balance between $300-500 or less. This shows that you
know how to handle your credit and will improve your scores over time.
Pay down debt. This is probably the fastest way to boost your score by 10 to 50 points
depending on the amount of debt you pay. For example, if you have 3 accounts totaling $10,000 in
debt with a $15,000 limit and pay off $5,000, your scores will rebound quickly due to the pay off.
Also, you will be decreasing your percentage of how much is owed compared to the credit card
limit which improves your credit scores as well.
Limit inquiries on credit. Limit the amount of times that your credit is pulled as it does
affect your credit scores. Statistics show that consumers who have more inquiries are higher
credit risks than those consumers with fewer inquiries. Try to only apply to credit when it’s
absolutely necessary.
Limit the amount of accounts you open. The more credit you open, the higher risk you
become if it is seen as excessive. Having a few credit cards or accounts is fine but having too
many credit cards shows that you are a high risk. If you open new accounts responsibly and pay it
on time, it will improve your score over time.
Keep credit cards open that you have had for the longest time. The longer the account is open, the
better it is for your credit assuming you have been paying this account on time.
Make sure lenders are reporting accurate limits for your accounts. This is an
important but often overlooked item. An example of this is if you have a credit card limit of $1,000
and only owe $300 but your credit shows your limit at $500. This hurts your score because it
appears that you are 60% of the limit when in actuality, you are at 30% of the limit. If you find that
the creditors are reporting it incorrectly, call them and have them fix it immediately.
Dispute items on your credit that are not correct. This includes items that are not
yours, items that are showing as delinquent even though you are paying it on time, etc. If the items
are older than sometimes it works to your benefit to allow them to fall off of your credit after 7
years. Consult a Credit repair specialist in order to determine if disputing is right for your situation.
Disputing Items on your credit report
7 Steps to Disputing Items on your credit report
Step 1) Make sure to pull all 3 credit reports from the major credit bureaus which are Equifax,
Experian, and TransUnion. You can do this for free at www.annualcreditreport.com where you are
entitled to one free report per year. You can also obtain a copy of your credit from your Mortgage
professional. These 3 credit reports will let you know exactly what is on your credit and what you
need to address.
Step 2) Put together a dispute letter which will include the accounts that need to be updated or
removed, the account number, the reason why it needs to be removed, the balance listed on your
credit report. This dispute letter needs to tell the credit bureaus what you are looking for within the
dispute. Be specific such as “This account needs to be updated to show a zero balance”.
Step 3) Make sure you only send your dispute letter to the credit bureau reporting the derogatory
information. Creditors are not required to report to all 3 credit bureaus so one agency might only
have it listed. If you send that dispute letter to a bureau that doesn’t already have it listed, you run
the risk that it will be added to the credit bureau that wasn’t originally reporting.
Step 4) Send the dispute letter by certified mail with a return receipt and keep for your records.
Step 5) Send all supporting documents with the dispute letter which can include a zero balance
letter, discharge papers on a bankruptcy, proof that the account is not in your name, etc. This
saves you time when sending it because it allows the credit bureaus to have all the necessary
information at the same time versus them sending you a letter requesting more information in
order to update or remove the item.
Step 6) Keep a log of all the letters sent, dates sent, and names of anyone that you have spoken to
about making the corrections.
Step 7) Be persistent. Credit bureaus get bombarded with requests to update, remove, and
change items on credit reports of consumers. The more documentation you send along with the
dispute letter, the more likely that it will be handled on the first request. A lot of times, you will need
to resend the information or obtain new documentation in order for them to update your account. It
is not uncommon that you will need to send documentation 2 to 3 times in order to successfully
get items removed or updated.
This may seem like a lot of work but it is well worth it. Credit scores affect many factors of our lives
such as our interest rates on our mortgage, credit cards, car loans, car insurance, etc. It can also
affect if you get hired for a job as many employers are starting to pull a copy of your credit file. If you
want to improve your credit but don’t feel you have the time to dispute these items, click here to find
out more information on having a credit specialist do the work for you.
The information provided on or through this site is for purposes of general consumer education only and is
not intended as a substitute for advice from a qualified professional, such as, but not limited to, a lawyer,
accountant, investment advisor, insurance broker, financial planner, real estate agent or home inspector. We
can not and do not guarantee the accuracy or the applicability of this information to your circumstances. We
encourage you to seek personalized advice from qualified professionals regarding all personal finance and
real estate issues.
| Apply Now Have a Credit Repair Specialist contact you today |
www.ApprovedTeamLending.com-Florida County List for Credit Repair
Florida Mortgage Services
Are you interested in purchasing a
home in the State of Florida? Our
Mortgage Specialists have extensive
knowledge in helping first time home
buyers from application to closing. If
you are interested in obtaining more
information on getting qualified for a
home purchase, our Mortgage
Specialists will be happy to help.
Are you interested in purchasing a
home in the State of Florida? Our
Mortgage Specialists have extensive
knowledge in helping first time home
buyers from application to closing. If
you are interested in obtaining more
information on getting qualified for a
home purchase, our Mortgage
Specialists will be happy to help.
| Copyright 2008 www.approvedteamlending.com - all rights reserved |
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