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1:46 PM
Alexis P. Jones, The Credit DIVA
I received a call today from someone wanting to know if I could summarize a quick system for them to get a credit boost, what would I recommend.
Well, many people are completely ruined behind their credit card account getting slammed with 30% interest rates and outrageous late fees. But I would be remissed if I left out the suggestion to pay them down as much as possible, so here it is.
1. Pay down your credit cards. The goal is to get your balances below thirty percent of the credit limit on each of your credit cards. Many experts will tell you to pay off the card with the highest rate first. I recommend to my clients to pay down the cards that are closest to their limits.
2. Keep an eye on your credit card usage. You can skyrocket your score by limiting your charges to 30 percent or less of each cards limit. Some may find it challenging to keep track. For those individuals I recommend that you use a check register.
3. Check your credit card limits. Sometimes your credit score will be lower because a lender is showing a lower credit limit than you have. Request that the lender update their information.
4. Don't overlook your old credit cards. The more established your credit history the better. The downside is if you stop using your old credit cards the lender may stop updating your account or close it. So dust off those old cards and put them to use…even for small charges like a tank of gas will keep an an account active.
5. Gotten into a jam? A second chance could be your out. If you have been a great customer a lender will take that into consideration when you make a overdue payment. Contact the lender and explain the situation and more than likely they will excuse the late payment. It doesnt hurt to ask.
6. To agree or not to agree. The older a negative mark is on your credit report the better the chance that you will win the dispute and gain a deletion from the credit bureaus. I recommend that you dispute all negative marks on your credit. What do you have to loose. At best, something will get deleted and you gain 10 - 20 points just like that!
7. Knowledge is financial freedom. The more you learn about the credit repair process the better off you will be. How long will that take? Well, that all depends on how bad you want to gain that edge - invest in yourself!
Well, many people are completely ruined behind their credit card account getting slammed with 30% interest rates and outrageous late fees. But I would be remissed if I left out the suggestion to pay them down as much as possible, so here it is.
1. Pay down your credit cards. The goal is to get your balances below thirty percent of the credit limit on each of your credit cards. Many experts will tell you to pay off the card with the highest rate first. I recommend to my clients to pay down the cards that are closest to their limits.
2. Keep an eye on your credit card usage. You can skyrocket your score by limiting your charges to 30 percent or less of each cards limit. Some may find it challenging to keep track. For those individuals I recommend that you use a check register.
3. Check your credit card limits. Sometimes your credit score will be lower because a lender is showing a lower credit limit than you have. Request that the lender update their information.
4. Don't overlook your old credit cards. The more established your credit history the better. The downside is if you stop using your old credit cards the lender may stop updating your account or close it. So dust off those old cards and put them to use…even for small charges like a tank of gas will keep an an account active.
5. Gotten into a jam? A second chance could be your out. If you have been a great customer a lender will take that into consideration when you make a overdue payment. Contact the lender and explain the situation and more than likely they will excuse the late payment. It doesnt hurt to ask.
6. To agree or not to agree. The older a negative mark is on your credit report the better the chance that you will win the dispute and gain a deletion from the credit bureaus. I recommend that you dispute all negative marks on your credit. What do you have to loose. At best, something will get deleted and you gain 10 - 20 points just like that!
7. Knowledge is financial freedom. The more you learn about the credit repair process the better off you will be. How long will that take? Well, that all depends on how bad you want to gain that edge - invest in yourself!
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