Do It Yourself Credit History Repair Explained
Below is a MRR and PLR article in category Master Series -> subcategory Personal Finance.
DIY Credit History Repair: A Step-by-Step Guide
Repairing your credit history on your own focuses on shaping a better financial future rather than altering your past records. Start by identifying when your credit issues began and what caused them. In cases of fraud, rest assured that these can be resolved.
First, examine your credit report for any errors that might affect your score. Correcting these mistakes is your initial step toward improving your credit rating. Pay close attention to payment histories and credit limits, as these are common areas for inaccuracies.
Several factors influence your credit score: payment history, outstanding credit, the age of your accounts, and recent credit inquiries. Importantly, your personal attributes such as sex, race, or marital status do not affect your score.
To improve your credit, minimize new credit inquiries. If you need new credit, apply only to lenders likely to approve your request. Ensure all paperwork is complete and accurate.
Aim to keep your credit balances below 60% of your total available credit to achieve a higher score. Overpayments can help you reach this target.
Consider the age of your accounts when deciding which to close. Older accounts can enhance your score, so keeping them open might be beneficial. However, lenders prefer a mix of accounts, so having diverse credit types can also be advantageous.
Improving your credit score is not an overnight process. It may take up to 45 days to see significant improvements. The time required depends on the severity and history of your credit issues. Those with bankruptcies, judgments, or repossessions may face more challenges but progress is possible with patience and persistence.
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