Credit repair is something anyone with a sub par score wants to undertake, but there is a lot of misinformation out there. In fact, an entire scam business preying on those who want to do credit repair exists. Read on for some actual facts and advice about credit repair that you can apply from Laurent Carrier, a retirement planner in Colorado Springs, Colorado.
Keep your first account open. Whatever credit account you have had open the longest, is the best one to keep on your report. Don’t close this account because the limit is too low or the rate is too high. Try to get a higher credit limit, or ask for a lower interest rate, but even if they won’t give that to you, keep the card and keep using it. The longer track record you have with an account, the more it will affect your score in a positive way.
“With the new credit card laws in place, banks must now decline your card in the event of a possible overdraft,” says Laurent Carrier. “They will most likely try to get you to opt out of this, claiming that it is a service they provide to approve the purchase anyways, and then charge you a small fee. These fees are high. You will be much better off getting declined and using a different bank account or credit card for your purchase, than paying their fees.”
Make an attempt to repair your credit yourself. Sometimes, organizations can help, but there is enough information online to make a significant improvement to your credit without involving a third party. By doing it yourself, you expose your private details to less individuals. You also save money by not hiring a firm.
If you need to repair your credit, consider speaking with a credit repair counselor. “Many credit repair counselors can help you have even the largest debts paid off in just a few years,” says Laurent Carrier. “A counselor will know better than you what steps to take and what channels to follow in consolidating your debt and building new credit.”
Even if your credit card allows you a grace period, if you are trying to repair your credit, make at least the minimum payment every month. Skipping payments tells the credit card company that you are broke, irresponsible or both, even if your card agreement says it’s okay to do. If you want to repair your credit score, you need to show creditors that you are serious about making payments on a regular basis.
When attempting to repair your credit, you need to get a copy of your credit report and you need to double-check it. “Verifying that the information included in the report is your responsibility because the credit bureaus are only supposed to send you what the creditors send them; they do not check the information,” cautions Laurent Carrier.
Now that you have read the advice and wisdom in this article, you can start down the road toward credit repair armed with some good pieces of knowledge to apply. Keep in mind the facts, and avoid temptations and myths, and you can raise your credit score to higher levels in the coming future.
To know more visit Laurent Carrier Retirement Planner.
Laurent Carrier 