Here are eight useful pointers that can assist you repair your credit score
# 1 – Do not apply for new bank credit cards – When you apply for new bank credit cards too quickly and too often, it will decrease your average account age. This could negatively have an effect on your credit score. Avoid opening new bank credit cards till your credit score ranking has improved.
# 2 – Do not close old credit card accounts – You wish to build a long credit score history of paying your expenses and the use of credit responsibly. When you close your oldest bank card accounts, it will shorten your credit history. This will decrease your credit score. In fact, use one of your oldest bank cards once in a while and pay off the balance. That will show that you have an extended credit history and that you’re accountable with the credit line.
# 3 – Do not ask your creditor to cut back your credit limit – If your balance rises above 35% of your available credit limit, your credit score rating will move down. Be sure not to ask your creditor to cut back your credit limit. This may raise your balance over 35% of your available credit.
# 4 – Avoid consolidation – While you need to repay your debt, do not do this through consolidating the debt into one account if the consolidation causes the balance to raise push above 35% of your available credit limit. As discussed earlier, if this occurs your credit score ranking will go down. Having multiple credit lines with balances fewer than 35% of your credit limit will be a good suggestion for your credit score.
# 5 – Some things take time – Be conscious that paying off collection accounts or paying off delinquent accounts is not going to take away the poor record out of your credit report. It remains to be a part of your credit history. Your credit ranking will improve over the years as you rebuild a fantastic credit score history. Delinquent accounts stay on the credit score file for 7 years.
# 6 – Avoid credit repair companies – Credit repair firms cannot do anything you can’t do yourself. They cannot make the credit reporting agencies do away with or change the information on your credit score report.
Helpful Tip # 7 – Shop for credit within a short while – Most credit rankings will not be affected by more than one inquires from lenders related to student loans, auto loans, or mortgage companies provided they’re made within a brief timeframe. Most credit agencies will consider these as a single inquiry, so that it will not have much affect on your credit score.
Helpful Tip # 8 – Check your individual credit record – Contrary to popular belief, you can check your personal credit record as many times as you want. This will not negatively impact your credit score.
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