How credit score can be fixed or repaired
1. Identify the problem
The first step in finding solution to a problem is to identify the root cause. Get your credit report and comprehensively scrutinize it to find out the weak spots in your expenses and payment history. Sometimes, it is not just poor payment habit, but natural circumstances like illness, unemployment, decreased income, divorce or so which has contributed in making your credit score bad.
2. Create plan to improve credit score
The next step is to create a specific plan to pay off remaining balances and managing and budgeting financial expenses, so that you add positive points in your credit score over time.
3. Reducing balances
It is advisable to keep your credit card or line of credit card balances down to below 75% of credit limits (below 50% limit is best).
4. Removal of collections from Credit report
Pay off the collections like cable bills, phone, utility bills, and parking tickets from your credit report and ask creditors to remove the collection notions from the credit report.
5. Debt payment
Start paying your debt fast, inclusive of your balances, along with catching up your late payments.
6. Limit your credit accounts
Don’t go for new credit accounts, unless it is absolutely necessary. Alongside, it is also important to note that closing unused cards won’t either create good impact on credit score, as fewer open accounts with same owing amount is also not good.
7. Information Protection
Always ensure full safety to avoid any identity theft or fraud of your credit information.
If you have looked over at all your options and are unable to create a specific payment and repair plan, then bankruptcy is your last resort. Bankruptcy helps you to re-build or re-establish your credit score in a fresh manner.
Time length negative information stay on credit bureau
1. Wrongdoings on credit report stays on for 7 years
2. Majority of public record items and information remains on credit report for 7 years
3. Unpaid tax liens stays on for 10 years
4. Bankruptcies also stays on for 10 years
5. Inquiries & Reviews stays on for 2 years on credit report
Improve your Credit Score with Golden Financial
Being established experts in the domain, possessing intense and extensive knowledge, Golden Financial is well placed to provide proactive support and transparent, all-inclusive assistance to individuals who have been grappling with low credit score and are looking for professional guidance to improve their credit. We incorporate aggressive approach and provide sound judgement and service through our extensive network with creditors, collectors and reporting agencies. We
- Repair your past, working with credit bureaus, creditors and collectors, challenging the negative report items
- Monitor your payment, making you aware of the credit report changes and offering related advice on how to implement positive steps
- Fully analyze and go through your credit report, identifying the grey spots and correcting the mistakes.
- Help you build a secured future with improved score, offering proactive guidance through technological, intellectual and tailored approach.
- Help you clean up your credit report and boost your credit score.
- Provide comprehensive credit analysis, identity theft protection and debt settlement guidance with industry expertise and experience.