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Featured Article:
How Do I Repair Bad Credit
How Do I Repair Bad Credit?
If you have found yourself having bad credit, one thing you will ask yourself is how do I repair bad credit. Well, when asking yourself how do I repair bad credit, first consider what steps you have to take in order to repair your credit.
What I mean is that how do I repair bad credit is a question that is best answered in stages rather than with one easy answer.
You are entitled to a FREE copy of your report once a year or if you've ever been denied credit, insurance, or employment. But you MUST ask for it within 60 days of that denial. You can also get a free copy if you can prove:
If you have found yourself having bad credit, one thing you will ask yourself is how do I repair bad credit. Well, when asking yourself how do I repair bad credit, first consider what steps you have to take in order to repair your credit.
What I mean is that how do I repair bad credit is a question that is best answered in stages rather than with one easy answer.
How do I Repair Bad Credit: Step 1--Get Your Credit Report
Before you begin your credit repair, you should get a copy of your credit report.You are entitled to a FREE copy of your report once a year or if you've ever been denied credit, insurance, or employment. But you MUST ask for it within 60 days of that denial. You can also get a free copy if you can prove:
- you're unemployed and plan to look for a job in 70 days
- you're on welfare
- your report is inaccurate because of fraud
How do I Repair Bad Credit: Step 2--Dispute Inaccurate Information on Your Credit Report
If you are denied credit, insurance, or employment because of inaccurate or incomplete credit information, then the company has to give you the name and address of the reporting bureau (either Equifax, Trans Union, or Experian). If there is any wrong information on your credit report, then you can dispute it with the credit bureau. It is free to do this, but you will most likely need to prove why the information is false. Getting this inaccurate information off your report will help your credit repair.How do I Repair Bad Credit: Step 3--Raise Your Debt to Equity Ratio
Here is the real trick to bad credit. Most people don't know this but credit card companies look at how much you owe versus how much you have in available credit. By raising this ratio, you can greatly repair your credit.What to do:- Ask your credit card companies to raise the limit on your card. But if you owe them too much money, they won't do this. But it won't hurt to ask if you don't owe much on a particular card.
- Pay cash for EVERYTHING until your credit cards are paid off in full. Most people think that by charging on their credit cards and making minimum payments that they are repairing their credit. But what they are really doing is setting themselves up for more debt. Keep paying on your credit cards every month, but don't take on any new debt. This will boost your debt to equity ratio considerably.