Repair Your Credit And Get Back On Track
Whether you got your credit cards on your college campus, went shopping too many times or suffered from the bad economy, you’ve probably damaged your credit. Fortunately, you can take some actions to get your credit score climbing in the right direction.
If you need to repair your credit, the first step is to come up with a workable plan and stick to it. You must be dedicated to making some significant changes in the way you spend your money. Only purchase something if you cannot live without it. Consider if a purchase is both essential and affordable, and only purchase it if you can answer “yes” on both counts.
Pay down any credit cards with a balance in excess of 50%, preferably getting them down to 30%. Your credit score can be negatively impacted if you are carrying a large balance compared to the available credit you have. While you are paying off these cards, reduce the balance to a small percentage of your available limit.
Work with the companies to whom you owe money to get your debt back under control. Maintaining contact shows your good faith and can help you minimize further debt. You can do this by speaking with them and asking to change the monthly charges or due date.
Opening an installment account can give quite a boost to your credit score. You should make sure it is an installment account that you will be able to pay into every month. If you use one of these types of accounts, your score will quickly improve.
Give your credit card company a call and ask them to lower the limit on your credit card. Not only will this prevent you from owing more, but it will be reflected in your credit score because it shows that you are responsible with your credit.
If you felt bad about your credit score, use these strategies to change that. These tips can stop your score from plummeting and help it increase.