If you had kept a record of who you owed money to then perhaps your debt could have been avoided. At this point, you need to practice some crisis prevention and start fixing your score. The following advice is easy to put into practice, so read it and then put it to use.
Fixing credit reports must begin with a solid working plan that you are capable of adhering to. Unfortunately, the way that you approach spending money will probably have to be revamped. If you don’t need something, don’t buy it. Ask yourself if a certain purchase is both necessary and affordable. Buy the item if your answer to this question is “yes”.
Any of your credit cards with balances that are above 50% of your overall limit need to be paid off as soon as possible, until the balance is less than 50%. Creditors like to see you using your accounts, but still keeping your balances under 50% of your allotted credit.
Try to keep a balance of less than 50% of your available credit on all of your cards. If you let your balances get too high, your credit rating will drop significantly. You can either spread your debt out by transferring some of the balance to low interest cards, or better yet, pay off as much as you can.
If your creditors try to jack up your interest rates, do not pay them. In many situations, exorbitant fees and penalties can be challenged. However, you have entered into a legal agreement that requires you to pay accrued interest. If you want to sue creditors, you need to state your claim that the interest rates are too high.
When looking to improve your credit, avoid companies claiming that they can remove negative information if the debt is true. Negative info stays on your history for seven years! Know, however, that it is possible to delete information that is actually wrong.
If you have felt badly about your poor credit score for a while, use these tips to change your score and change your life. This information can assist you in stopping the downward direction of your FICO credit score, and making it head back up.
