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Most people are unaware of their tarnished credit
until they apply for a loan. If you have had late payments, charge-offs, liens, judgments, etc. they
will remain on your credit report for seven years or until the
reporting party releases you. Only the issuing credit bureau and their
sources can add or remove entries from your credit report.
While it is difficult to increase your
credit guide score over the short run, here are some tips to increase your score over
time.
- Pay your bills on time. Late payments
and collections can have a serious impact on your score. Showing
improvement over time can dilute the effect of your past credit
history.
- Do not apply for credit frequently.
Having a large number of inquiries on your credit report can
negatively affect your credit score.
- Reduce your credit-card balances. Being "maxed out" on your credit cards affects your credit score negatively.
- Having a lot of credit is not necessarily a good thing.
Close those accounts that you do not use. The number of open accounts you have
is counted towards your credit guide score and may lessen the chances
of getting those credit accounts you desire.
If there is an error on your report, report
it to the credit bureau immediately. The three major bureaus in the U.S. are Equifax, Trans-union and Experian. All
three bureaus have procedures for correcting information promptly.
Your mortgage company may also be able to help you correct problems with your report.
Here are the links to the credit companies
listed above. Please bookmark our site before you leave so you can
easily find us again. |
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