Most Popular Articles
Steps To Repair Credit
Amanda Said:I am planning to relocate in the next yeart to GA, what steps should I take at this time to repair credit?
We Answered:Save as much as you can but pay off your debts first.
Get rid of your credit cards.
Mattie Said:whats the first steps to repair my credit i need to see results within six months?
We Answered:From the answers I've seen, they haven't really answered the question, so here's my 2 cents:
This is what makes up your score:
1. Payment history- 35%
2. Total debt owed to available credit ratio-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%
As you can see, #1 and #2, are the 2 most important factors to your score, since it counts for almost ? of your score. Aside from paying on time, the only thing that has a dynamic impact on your score is how much credit is used compared to how much is available to use. You should keep the balances on all your credit cards at or even below 30% of their limits. For example, if you have 3 credit cards with a combined limit of $3000, the balance should be no more than $900 between the 3 cards, or $300 on each card.
Another thing you should know is that your score's affected by activity in the past 2 years. It's important to start making consistent payments. Also, if you have collections, try to negotiate either having them change it to a better rating on your credit, or even better a "pay to delete", which is a payment in exchange for removing it from the report. Just simply paying collections doesn't help you, because the collection account even after it's paid still has done damage to your score. You have to get it deleted to make a real difference. Here's some links that explain it in detail:
Gail Said:How can I repair my credit and increase my credit score?
We Answered:Here are a few ways how you can improve your credit rating :
* Establish Credit History ~ Your credit rating is established partially on your credit history. Your credit history is based on the information that your creditors have reported to credit bureaus, including credit cards, loans, and even some utility bills. So, if you want to build your credit, get a credit card, charge a few things, and pay off the majority of the balance. Financial experts recommend keeping your account balances less than 50% of your available credit. It shows that you have the ability to pay back your debt.
* Don't Apply for or Take on Too Many Credit Cards ~ Having and using a credit card wisely can be beneficial to your credit rating.
However, if you're constantly applying for new credit cards, it can hurt your rating, especially if you're getting turned down for them. Applying for too many credit cards, in a way, shows that you don't have enough capital to afford your cost of living on your own income. And if you're getting turned down by creditors, it's an indication that your credit standing just isn't up to par, and other creditors will weigh these rejections against you.
* Make Payments on Time ~ If you want to build and maintain your credit rating, pay your bills on time and don't miss any payments. If you have missed payments in the past, get back on track. Your recent payment history counts more than ancient history.
Kelly Said:I want to repair my credit starting NOW...what steps do i take to ensure dicipline?
We Answered:First, get into the habit of looking at your credit score at least once a year ~ say around a birthday or some memorable occassion that would remind you. don't work with unknows; find out what the score is and that everything on your bureaux is accurate.
Then, its about living within means. Not spending funds that you don't have. two books that help in the basics are: The Wealthy Barker and The Richest Man in Babylon.
the timing on a credit score changing can vary greatly and is dependant a great deal on habits from this point forward.
What's done is done and don't spend any energy on what HAS happened ~ stay focussed in today and the choices you are making right now.
If you wish to look at the dark side and what you wish to avoid rent the DVD " Maxxed Out " . .. it (hopefully) will give you incentive to live within means and then be well financially for the rest of your life.
You could also look at an interview with James Martinez on Conscious Media Network. He speaks very clearly about how students are marketed to and encouraged to rack up debt. the system is literally designed to get young people into trouble.
Best to you ~ you'll be fine because you are asking the questions and showing interest in this
Erica Said:Best Steps to start with a credit repair business?
We Answered:Since no one can truly repair credit with a magic wand, this seems like a shaky premise. Perhaps there is some other business that would better suit you.