Keystrokes By KimberlyHappy 2013!
Keystrokes By Kimberly would like you to have a prosperous new year.
Let’s begin with 10 Things You Can Do Today To Improve Personal Your Credit Score.
1. Get a copy of your credit reports from all for credit agencies.
Equifax
P.O. Box 740256
Atlanta, GA 30374
800.685-1111 or 866.640.2273
Website: www.equifax.com
Experian
P.O. Box 2002
Allen, TX 75013
(888) 397-3742 or 877.284.7942 or 888.397.3742
Website: www.experian.com
TransUnion LLC
P.O. Box 2000
Chester, PA 19022
(800) 888-4213 or 800.680.7289 or 866.344.9062
Website: www.transunion.com
Innovis ~ www.innovis.com
PRBC ~ https://www.prbc.com/
* Also GREAT sources for obtaining your reports
www.creditscore.com (Will include the major three.)
www.AnnualCreditReport.com (Will include the major three.)
Get a copy of your credit report from each of the major credit bureaus. There three major ones which are listed first however there are two additional ones. They are Innovis who joined the game in 1997 and PRBC who joined the game in 1999. Innovis is becoming more and more relevant everyday however PRBC is still getting it together. and is becoming relevant more and more every day. I personally challenge you to obtain reports from all five bureaus and get your credit house in complete order.
2. Dispute a credit report error.
If your credit report(s) contains errors, you have the right to have them removed by writing to the credit bureau or the creditor who listed the account on your credit report. I personally prefer writing them to create a paper trail versus calling or online however save the writing for the more challenging removals. Errors can and will hurt your credit score more than you think. For example, an inaccurately reported late payment could bring your credit score down 60 to 110 points depending on the other information in your credit report.
3. Avoid new credit card purchases.
New credit card purchases will raise your credit utilization – the ratio between your credit card balances and your credit limit. The higher your balances are, the more your credit score is affected. So, pay cash for purchases instead of putting them on your credit card or if you charge it pay the purchase in full on your next statement. Even better, if you can avoid the purchase completely, you can use that money to reduce your credit card balance. Lowering your balances helps improve your credit score. Paying your balance in full each month helps improve your credit score. Keeping your credit balance at half or below improves your credit score. Ex: If your credit limit is $500 never carry a balance of more than $250.
4. Pay off a past due balance.
Your payment history makes up 35% of your credit score. The further behind you are on your payments, the more it hurts your credit score. If you have the money, get caught up on your credit card payments before they are charged-off or sent to a collection agency. Talk to your credit card issuer about your missed payments and a revised payment plan. They may be willing to re-age your account so your credit report shows your account has always been paid on time.
5. Avoid new credit card applications.
As long as you’re in credit repair mode, you should avoid making any new applications for credit since credit inquiries can hurt your credit score. I recommend doing this for at least three to six months and a year at BEST. Opening a new credit account lowers your average credit age. This action hurts your credit score more than you know. Even with GREAT credit you should never have more than two to three new credit applications on your credit within a six month period.
6. Leave accounts open, especially those with balances.
Although you may be tempted to close credit card accounts which have become delinquent wait and make sure before you close any account that it will negatively affect your credit. For example, closing a credit card with a balance can hurt your credit score if the lender also stops reporting your credit limit. It is very rare that closing a credit card will improve your credit score. Instead pay on or pay off the balance and stop using the card. Cut it up if necessary however do not close the account(s) with a balance.
7. Make contact with your creditors.
You would be surprised at the help you might receive if you call your credit card issuer. If you are having trouble, talk to your creditors about your situation. Many of them have temporary hardship programs which will reduce your monthly payments until you can get back on your feet.
8. Pay off a debt.
The amount of debt you are carrying is 30% of your credit score. You will have to start paying off your debts to improve your credit situation. Make some sacrifices to pay off your debt. It will be a sacrifice, however the financial freedom you gain – and the credit score points you gain – will be worth it. Well, worth it.
9. Get professional help.
Resources, like consumer credit counseling, are available to assist you. If you are overwhelmed by your credit situation, seek professional assistance. You can locate a credit counseling agency through the National Foundation for Credit Counseling. Also, your credit card billing statements now include the number to credit counseling agencies which can help you.
10. Be patient & persistent.
Patience is not a factor used to calculate your credit score; however it is something you need to have while you are repairing your credit. Your credit was not damaged overnight, so do not expect it to improve over night. Continue paying your debts on time each month and over time you will see your credit score improve.
* Look for more credit infomation to come soon.
