Credit Repair How To

It is your right as an American to know what bad credit information about you is being spread by the credit reporting bureaus. Just contact the three major credit bureaus at the website annualcreditreport.com for your free copy once a year. It is also your right to correct outdated or incorrect information in your credit report. That much should be common knowledge to every American by now. But this article will introduce you to some little-known techniques that you can use to fix some of your financial problems.

Secret #1: The address you use when applying for credit makes a difference. If you don’t use your actual street address, but instead provide a mail box number, UPS store, or similar outfit on your credit application, it is less likely you’ll be approved. That comes up in the credit bureau systems as not being a real address.

Secret #2: It’s not enough to just remove negative information from your credit report; you must add positive accounts in order to rebuild your credit rating. One fast way to add a positive account is by getting a sub-prime merchandise card. But unlike a VISA or MasterCard, a sub-prime merchandise card only allows you to buy goods from a specific vendor. They are easy to get, and not only add a positive account to your credit report, but they also can raise your credit limit.

Secret #3: Being self-employed hurts your credit. If you are a sole proprietor, it is to your advantage to become incorporated. Lenders like stability, and employment with a company (even if it’s your own), looks better to them than someone who is self-employed.

Secret #4: Even if you have a good credit rating, you can still be over your head in debt. Your good rating is based on the past, but might have taken on more debt than you can handle. Before it impacts your credit rating, take action. Renegotiate your debts with your creditors in order to preserve your good credit.

Secret #5: It is false that by paying off your credit cards in full every month, you will have excellent credit. It is better to carry a balance, even though you’ll be paying interest on it every month. Keep a 10% to 30% debt to credit ratio. That demonstrates to potential new lenders that you are a solid, financial risk who can handle credit.

Secret #6: Avoid free credit report services. Most free services will give you the first 30 days free, and then nail you with a monitoring fee. You can get a free copy of your credit report once a year from an organization set up by the credit bureaus themselves.

Secret #7: Just one late payment can ruin all your hard work. If you’ve worked hard to clean up your credit report, don’t blow it by missing another payment date. Just one "late-pay" may have an impact on your credit rating.

In times like these, good credit is more important than ever. You can take charge of your financial affairs, and reap the rewards of lower interest rates, and even lower insurance premiums. And if you arm yourself with the right information, you can do it all yourself!

Want to know the Secrets To Raise Your Credit Score up to 249 Points In 90 Days… and Get APPROVED For The CAR, HOME, Business Loans, and CREDIT CARDS You Deserve!

The Credit Secrets Bible will show you how!

Learn More About The Credit Secrets Bible Hard Copy Version With Audio CD

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When you have bad credit or a low credit score, the faster you can fix the problem, the faster you’ll have more money in your pocket. The interest rates you pay on loans will start falling, and you might even find the premiums you pay on life, health, and auto insurance will drop. So, what’s the fastest way to repair your credit problems? There isn’t a single solution, but many small steps you can take. Here are a few:

Secret #1: The piggyback method. If you are a married woman with some or no credit, and your husband has excellent credit, read on. You can leverage his credit with the piggyback method. It lets you build credit in your own name, and at a much faster pace than if you had to build it all by yourself. Have your husband add you as an "authorized user" or "secondary account holder" to his account. In most cases, his entire account history gets posted to your credit report. The piggyback method is easy, effective, and extremely fast.

Secret #2: Remove (some) negative items from your credit report. Let’s say you request copies of your credit reports, and discover five bad accounts you can get removed. Don’t remove them all immediately, because then you’ll end up with no credit history. The secret is to replace them with good accounts first.

The fastest way to add a good account to your credit report is through sub-prime merchandise cards. These are nothing more than a card attached to a line of credit that allows you to buy merchandise from a specific vendor (usually the company that sold you the card). You’re required to put down a deposit on whatever you purchase, and the remaining balance is financed on the card. The advantage of the sub-prime merchandise card is that this new credit line will be reported to the major credit bureaus, and your credit report will reflect this good news fast.

Secret #3: Do not pay off your credit cards in full each month. If you do, you’ll actually end up with less credit. Think about it. Lenders make their money by charging you interest. If you pay off your balance each month, they don’t earn any interest. Pay down your balances, but don’t pay them off. This is a fast way to demonstrate to potential new lenders that you are credit-worthy.

Secret #4: Automated dispute letters. The credit bureaus and debt collection companies all require written correspondence from you before they will act on any complaint you may have. If you’ve tried to write effective dispute letters from scratch, you know how time consuming it can be. Technology comes to your aid! You can now get entire CD’s filled with hard-hitting credit repair letters that you can customize for your credit repair battle. Now, creating highly effective letters is as fast as pressing a few keys. You simply enter your name, the creditors name, and other relevant information. Then hit print. It just doesn’t get any faster than that.

These are a just a few secrets to fix your credit problems fast. The sooner you get started, the sooner your credit score improves, and your financial picture gets brighter.

Want to know the Secrets To Raise Your Credit Score up to 249 Points In 90 Days… and Get APPROVED For The CAR, HOME, Business Loans, and CREDIT CARDS You Deserve!

The Credit Secrets Bible will show you how!

Learn More About The Credit Secrets Bible Hard Copy Version With Audio CD

If you enjoyed this post, make sure you subscribe to my RSS feed!