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Tips That Can Help You Repair Your Credit

Open Source Life IV: Repair Society (and yourself)
credit repair
Image by Ars Electronica
Life and work according to ideas from the development of open source software: Vision of a sustainable future, nightmare scenario of total transparency or something that’s long been common practice? At the Open Source Life symposium experiences with projects and initiatives, activism on behalf of freedom online and critical analysis of concepts around “openness” meet. Can Open-Source-Mindsets of the individual and Open-Source-Structures in societies and economies act as agents of positive change?
the photo shows: Joichi Ito (JP).

Credit: rubra

Having poor credit means you might not get the results you want from companies that look at your credit. It handcuffs you in many ways, limiting many of your financial options, and can make your future uncertain and precarious. However, there is hope — you can repair your credit with a few steps and re-open those doors to access lower borrowing rates and other benefits once more. Here is some useful advice for fixing your credit score.

Make the minimum monthly payments on your credit cards when trying to improve your credit. Late payments are called in to the credit rating companies, and this hurts your score. You should be seen as responsible if you make the minimum payments required.

Don’t use credit cards a lot. Cash payments are preferable. Any credit card purchases should be paid in full the same month of purchase. Do not carry a balance on your cards.

You can keep your credit report score high by paying bills in a timely manner. If you create payment reminders, you’ll avoid pesky late fees. There are a wide variety of ways to set up reminders. You can have your bank remind you, put them into your scheduling software, or even have your creditors remind you.

Active bank accounts, both checking and savings, can assist in your credit repair. It is difficult to show you are capable of paying your bills if you do not have a checking account. Having a savings account is a great way to show that you are preparing for the future and not living pay check to pay check. Keeping these accounts well managed shows lenders that you are responsible, and it looks good on your credit report, too.

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Take a look at credit card bills to make sure that every item is one you have charged. You don’t want them reporting these to the credit reporting companies, so you’ll need to contact them immediately if there are.

If you have a poor credit rating, it can be extremely difficult to obtain a mortgage loan for a home. If this is the case, you can apply for a loan through the Federal Housing Administration (FHA). The credit requirements for these loans are more lenient than those of conventional lenders, and the federal government also guarantees the loans. You might be able to get an FHA loan even if you cannot afford closing costs or down payments.

It goes without saying that if your credit is poor and needs repairing, you need to start from the bottom and build. Prepaid or secured credit cards can help to rebuild your score without late payments or going over your limit. Lenders look favorably towards you when you faithfully pay your bills on time.

Make sure to check all three of your credit reports, and pay extra attention to the negative reports when you are working on repairing bad credit. Although a certain credit item may not have any error, finding a mistake corresponding to a date or an amount can have the same item taken out of your report.

Avoid using a law office that claims they can fix your credit. Since many people have credit issues every day, there are now scam lawyers that promise to repair them. They charge large fees, and most of the time the services they provide are illegal and have no worth. Make sure any credit repair service you consider has a positive standing with the BBB.

Turn your negative credit around so that you will have more positive opportunities available to you. Steps can be performed that are completely free with acceptable research on repairing your credit. Apply these pieces of advice in this article to help you mend your credit problems for good.

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