Repairing credit is cumbersome job but that can be made really easy if you go through the required steps dedicatedly as we discuss. Once you are done with implementing these credit repair tips, dont be sad if your expectations wont appear in next credit report, give it some time and it will show up.
For mistakes, check your credit reports . Over 80% of financial lenders use your FICO score in determining your explanations about loan , according to CBS News . With the help of three of these credit bureaus ; Trans Union, Experian , Equifax , this FICO score is figured by averaging your credit rating .
From FICO or another service you can get the credit report & then watch out your reports & see the mistakes such as without your knowledge some accounts are open on your name . Write a letter to specific credit reporting bureau & write down the detail of the error or fraud activity . To clear these mistakes the company take action up to 30 days to give response about your complaint .
Down size your credit card accounts . To see if you are able to make balance transfer at low interest rate , check with your credit card complaint . If you want least no . of payment possible for it consolidate your cards . Shut down the new accounts but do not close the older account for it. You have complete knowledge of your credit history with every company. For healthy relationship with credit companies make positive effects on your credit report .
Make sure you do all payment on time. Your payment history is the largest factor in determining your FICO score. 35 % of your rating depends on these factors i. e . what or not you paid on time, how many you have pending account & how many problems created recently . Along with pending dates make a chart that shows your accounts and required payments.
After following above steps, give it some time like 30 business days. As I said earlier, dont feel down if you dont see the expected result in next credit report, give it some time and it will show up if you have correctly mentioned the mistakes while writing to credit bureaus for corrections.