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Improve Credit 101 - A Basic Introduction to Improving Credit
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A good credit record can land you
those special deals, low interest rates, faster mortgage approvals, and
lots more. But, what if you don't have good credit? Well, if you know
your credit is not good, you must take immediate steps to improve
credit.
We didn't mean for this article to be a "how to
improve your credit" book. The purpose of this article is just to give
you a basic introduction in this direction.
Your credit report.
Have you checked your
credit report lately? To improve
credit, the first step you need to take is a careful analysis of your
credit report. Unless you know what your credit standing is, how can
you improve it? Most major credit card issuers will report to at least
one of three major credit bureaus:
Equifax, Experian,
TransUnion. As far as
possible, try to obtain your
credit report from all these bureaus.
If you have recently been denied credit, you can call or write to the
reporting agency for a free credit report (within 60 days). The company
that denied your application must disclose the bureau that provided the
information to them.
Thanks to FTC, a new regulation may soon be in effect that will allow you to check your credit report (free) at least once a year.
Evaluate. Is the
information provided in the credit report accurate. Sometimes there may
be incorrect or outdated information. You must carefully evaluate this
information in order to improve credit. If you find something that is
not accurate, immediately contact the reporting agency to resolve the
issue. Don't forget to keep a record of all your correspondence.
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Payoff old debt.
Control your spending patterns and try to get rid of as much of the
debt as possible. Owing less money may help you improve credit standing
significantly. Some credit card companies may be willing to offer you a
settlement. If any of your accounts are in the collection process, try
to get the accounts paid.
Get regular to improve credit. Start being
responsible with your credit cards. Make your payments on time and be
as responsible with your credit cards as possible.
Improving credit is a slow process and one that
does not happen overnight; nevertheless, initiating action to improve
credit is a good first step in this direction.
Click here to
compare credit card and balance transfer offers and rates. Instant
decision!
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