If you have errors that can’t be verified: A little known fact about your credit report is that every detail in the report needs to be verifiable. For example, if you have a negative item on your credit report from a lender who was bought or went out of business, there is a chance that if the credit bureaus were to call to verify the information on your report, they would get no answer. In that case, they are required to remove it from your credit report. This is a loophole that credit repair services will use to raise your score.
Credit utilization is the second most important factor in credit score calculations – it’s 30% of your score. It measures the amount of debt you currently hold relative to your total available credit limit. So, if you have $500 in balances and a $5,000 total credit limit, your utilization ratio is 10%. Any ratio higher than 10% starts to drag down your score. That means, maintaining zero balances overall is good for your credit. It also allows you to use credit cards without incurring any interest charges!
Once you take steps to improve your credit score, keep checking your credit report to ensure that you take the right steps to get the desired credit score. You can consider going for a credit-monitoring service. There are companies that offer free services, and others give regular three-bureau monitoring services. This kind of help will keep you updated on your credit score.
I pay my bills on time now and have been for years, but my credit score is toast because of a collection write off I had about 5 years ago and a maxed out home equity line of credit. It's kind of scary to put all my extra money into paying down my line instead of putting aside anything into savings. I really can only do one or the other. My car note interest rate is astronomical with no way to refinance because of the FICO and my house mortgage is underwater so I can't take advantage of low rates these days. I guess I'll just put half on debt and half in savings and do another credit report in 6 months.
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Payment history accounts for the largest factor affecting your credit score. If you are behind on your payments, you won’t be able to improve your credit situation. Try to bring all of your accounts up to date. If you can’t afford to bring everything up to date at once, you can contact your creditors and work out a payment plan. Be up-front when you contact your creditors, explaining your situation and letting them know that you want to pay your obligation. Let your creditors know how much you can pay, and how long you expect to pay it. In many cases, it’s possible to work out an arrangement that all parties can live with.
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If you are a long time customer and it's something simple like a one-time late payment, a creditor will often wipe it away to keep you as a loyal customer. If you have a serious negative mark (such as a long overdue bill that has gone to collections), always negotiate a payment in exchange for removal of the negative item. Always make sure you have this agreement with them in writing. Do not pay off a bill that has gone to collections unless the creditor agrees in writing that they will remove the derogatory item from your credit report. This is important; when speaking with the creditor or collection agency about a debt that has gone to collections, do not admit that the debt is yours. Admission of debt can restart the statute of limitations, and may enable the creditor to sue you. You are also less likely to be able to negotiate a letter of deletion if you admit that this debt is yours. Simply say "I'm calling about account number ________" instead of "I'm calling about my past due debt."
While a recent late payment will damage your credit score, the effect of the late pay will diminish with time, as long as you make it a point to pay the rest of your bills by the due date. Having a recent perfect pay history can begin to overtake the effects of any late payments you may have had in the past. Your payment history makes up 35% of your credit score, so paying on time has a large influence on your credit score.
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