Repair Tips Your Creditors Don’t Want You To Know

Do you have such poor credit that you have trouble sleeping? These great tips will get you on the right track to repair your credit and not have to worry anymore about what the future holds.

If you have a poor credit history and can’t qualify for a credit card, get a secured card. This card will be more than likely be granted to you, however you must fund the account ahead of your purchases as a sort of “insurance” to the bank that your debts will be paid. Using this card responsibly will improve your credit rating over time, and eventually you’ll be able to get a normal credit card again.

Keep your credit card balances below 50 percent of your credit limit. If you have a balance that is more than 50 percent, your credit score will drop. If you can, pay the balances on your cards; if not, do your best to pay as much as possible each month.

Opening up an installment account will help you get a better credit score and make it easier for you to live. With an installment account there is a monthly minimum you need to keep, so only open an affordable account. Your FICO score will rise over time, if you responsibly manage this type of account.

When looking to improve your credit, avoid companies claiming that they can remove negative information if the debt is true. Negative entries that are otherwise accurate will stay on your credit report for a minimum of seven years. It is possible to have erroneous information removed from your report, however.

Don’t risk prison. As we speak, people are trying to take advantage of illegal practices to have people create credit files that can get them into trouble. Creating a new credit file is very illegal and you can be easily caught. They may seem like a small matter, but if you get caught, you could receive heavy fines and even jail time.

If you have bad credit it can make your life more difficult. Following these credit repair tips can inspire you to think differently and to take charge of improving your credit.