How To Safely Repair Your Credit Score
This article will show you quite easy tasks that can help you in repairing your credit score sans having to pay credit repair agencies huge amounts of money and without draining your wallet. Wanting to have your credit repaired only means your credit score is low. It is low when it is below 620, and it could be a hindrance in obtaining a loan. However, you can turn it all around with just a few tasks.
Take action in removing negative information from your credit report as soon as possible when you find out that the negative information is not really yours. Also, do so when the duration for a delinquency or bankruptcy has expired. Take immediate action as well when after your have already disputed negative information, it still remains on your report. Moreover, you should address it after negotiating with your creditor and had an agreement of settling at a fee with the understanding that either “Paid” or “Paid as agreed” will be entered on your report, yet it still displays on your report that you are in debt.
In such cases, it’s best that you take quick action in an attempt to the damage done to your credit score. The first thing to do is sending a dispute letter to the credit bureaus and request that they delete such erroneous entry from your report.
Your letters could be sent through fax, certified mail or standard first class mail. The standard first class mail makes a good choice since you will be able to get a mailing certificate guaranteeing that they have received your letter. You must have a copy of each document you send so you will have evidence.
Next appropriate thing to do is applying for a credit card, a departmental store or gasoline card, and then prudently use it. The deposit that you will be paying to the credit card issuer will be equal to your spending limit. Given that the main reason behind getting a credit card is to repair your credit score, see to it that you don’t spend beyond 30 percent of your limit.
The reason is a no-brainer. The less you spend, the higher the increase on your score. The more you go beyond 30 percent limit, the lower your score drops. It’s best that you remain within such boundary in order to boost your credit score safely.
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