First, you need to pull your credit report see if you have any errors. The government allows each person one free credit report each year from each of the three credit bureaus (Equifax, TransUnion and Experian). You can get these reports from annualcreditreport.com. Look over each credit report for any errors. Each credit bureau’s website includes instructions on how to file the paperwork to get an error fixed.
If you don’t want to go through the effort of fixing errors yourself, you can also hire a credit repair company to send fix requests on your behalf. Keep in mind that credit repair companies might try to convince you to try other ways to fix your credit, but you are paying by the month, so make sure they are focusing on your errors. Here are the two best credit repair companies compared side by side.
The scoring system wants to see that you maintain a variety of credit accounts. It also wants to see that you have 3 revolving credit lines. If you do not have three active credit cards, you might want to open some (but keep in mind that if you do, you will need to wait some time before rescoring). If you have poor credit and are not approved for a typical credit card, you might want to set up a "secured credit card" account. This means that you will have to make a deposit that is equal or more than your limit, which guarantees the bank that you will repay the loan. It's an excellent way to establish credit. Examples of an installment loan would be a car loan, or it could be for furniture or a major appliance. In addition to the above, having a mortgage listed will bring your score even higher.
The best way to handle these types of information lines on your credit report is to dispute them but you have to remember that if that isn't done correctly, it is like kicking a hornets nest. Just calling them and saying, "hey, I dispute this." is NOT good enough, regardless of what ANYONE says. It has to be done with a certified, return receipt letter that has been properly worded to prevent the sleezy little buggers from using a loophole. You can find a lot of information out there about how to do this on sites from people like Dave Ramsey or with self help books like Weathering Debt (either one works, but I prefer Weathering Debt, it was much more concise and to the point) but whatever you do, DON'T try to wing it and don't pay someone to do something you can do yourself with ease and for free. Besides, you need to know how to stop the problem from happening again, right?
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Shortly before graduate school started, I visited friends in Iowa. When we were about to split the bill after dinner at a Japanese restaurant, I noticed that all my friends had a Discover card with a shimmering pink or blue cover. The Discover it® Student Cash Back was known for its high approval rate for student applicants, and had been popular among international students.
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11. Pay your bills twice a month. Using too much of your credit limit at any given moment doesn’t look good. Suppose your limit is $3,000 and a month’s worth of havoc (car repair, doctor bills, plane ticket for kid to get to college) means you’ve charged up $2,900. Sure, you plan to pay in full by the 18th of the month – but until then it looks like you’re maxing out yet another card.
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It’s been only a year since I opened my first card last September, and I already have a solid FICO score – 720, the last time I checked. That’s not a perfect score by any means, but it lands me safely in the “good” credit range, meaning I probably won’t have trouble getting approved for new credit in the future. I still have work to do if I want to get into the “very good” credit category, which starts at 740, according to MyFICO, but for a credit card newbie I’m not disappointed in my progress so far.
Credit reporting companies must investigate the items you question within 30 days — unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider gets notice of a dispute from the credit reporting company, it must investigate, review the relevant information, and report the results back to the credit reporting company. If the investigation reveals that the disputed information is inaccurate, the information provider has to notify the nationwide credit reporting companies so they can correct it in your file.
You're the best. My mom added me as an authorized user to a couple of her cards (when I was 12, and she never even told me about it), but they're at 99% utilization and have late payments! I'm still in the process of trying to get myself removed from those, and getting those accounts completely removed from my credit report, not just listed as closed accounts.
This is easier said than done, but reducing the amount that you owe is going to be a far more satisfying achievement than improving your credit score. The first thing you need to do is stop using your credit cards. Use your credit report to make a list of all of your accounts and then go online or check recent statements to determine how much you owe on each account and what interest rate they are charging you. Come up with a payment plan that puts most of your available budget for debt payments towards the highest interest cards first, while maintaining minimum payments on your other accounts.