If you have fallen on hard financial times and have had trouble paying your bills on time, you may find that you have damaged your credit. If your damaged credit is keeping you from getting approved for loans or is costing you a fortune in high-interest rates, don’t give up. There are many ways that you can improve your credit score. In this article, we will discuss five ways to repair your credit.
One of the things that can lead to bad credit is inaccurate information on your credit report. Order copies from Experian, Equifax, and Transunion and carefully review each report. If there is anything that is incorrect make a note of it. You can write a credit bureau inquiry removal letter to the credit agency asking to have the inaccurate information removed from your report.
Roughly thirty percent of your credit score is based on your percentage of available credit. Having several maxed out credit cards or loans with high balances can reduce your score.
If you’ve had some trouble in the past making your payments on time, make a concerted effort to change your payment strategy. Thirty-five percent of your score comes from how well you pay your bills on time.
If you are going to be shopping for a loan, a mortgage, for example, make sure to time your loan applications, so they all fall within a short period. This will prevent your score from being damaged by each inquiry because it will be evident that you were “shopping around” for a loan; the credit scoring model does not penalize you for this. However, that only applies to mortgage and auto loans.
If you don’t have the time to order your credit reports and write to the various agencies, the help of inquiry removal or credit repair companies may be for you. Most inquiry removal and credit repair services have years of experience repairing credit and will be able to help you spend a fraction of the time on this time-consuming endeavor. Visit https://www.fastcreditinquiryremoval.com to learn more.