How To Repair A Bad Credit Report

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Wednesday, April 29th, 2009 Subscribe To Our Feed

Now that you need a much higher credit score than 720 to get the best credit card rates, you need to start working on repairing a bad credit report. Lenders are getting stricter because they were too lax on what documents they needed and they got burned.Now, the banks are ensuring they only lend money to the most qualified buyers.Learn how you can improve your credit score and report with a few simple "credit repair secrets".

Repair Bad Credit Report - There Are No Credit Repair Secrets

The first thing you need to do is get a copy of your credit report. You can do so at www.annualcreditreport.com If you want to take a look at your credit score, you can buy it for about ten bucks at that site too. But the info in your credit report is what makes your score go up or down.Get your free credit report and check to make sure everything in there should be there. You cannot delete accurate negative items, you just have to wait those out.You can file an online dispute with the credit rating companies and get the incorrect info deleted. So do a credit report dispute to get those items corrected and repair bad credit.

If you make late payments every few months or even just once or twice a year, your score will go down. You need to setup automatic payments so you can have all your bills paid on time. You won’t have any late fees this way either.

Next you are going to want to decrease your credit utilization ratio. This is how much of your available credit you are using. You can increase your credit limits or decrease what you owe. Both ways can help you. This may be hard to do now that banks are cutting credit lines even for good customers.

Another way to boost your credit score and improve your credit rating is to not close old accounts. Your credit history is a big portion of what makes up your score so if you close all your 5, 7 and 10 year old accounts, you erase this part of your past and it lowers your score. So follow these well known steps and you can start repairing your bad credit report and getting better rates on your loans and credit cards.

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