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Taking Control Of Your Finances: Repair Your Bad Credit

Taking Control Of Your Finances: Repair Your Bad Credit


It doesn't matter whether you fell victim to people giving out free credit cards, spent too much money or was hit very hard with the recession. Chances are that your credit has been damaged. The good news is that there are some things that you can do to repair it.


Try to get a secured credit card if you are not eligible for an unsecured card. This will help you fix your credit. In order to get the card, you will have to fund the account as sort of an insurance that shows the bank your debts are going to be paid. If you open a credit card account, keep charges fairly low, and pay it on time, this will go towards improving your credit score.


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If you have credit cards with a balance that exceeds 50% of your credit limit, you must continue to pay on them until the balance is lower than 50% of the credit limit. If any of your balances climb past half of your available credit limit, pay them down or spread the debt around other accounts, otherwise, your credit rating gets tarnished.


Start paying on bills to help your credit. More precisely, you must begin paying your bills fully and on time. As soon as you start paying off your bills so that they are not late, your credit score will immediately start going up.


Make sure you research a credit counselor before you visit them. Many counselors are on the up-and-up and are truly helpful. Others just want to take money from you. Other programs, while they sound good, are complete and total scams. Before you conduct any business with a credit counselor, check into their legitimacy.


Do not try something that you do not know is legal or illegal. Scams abound on the internet that show you how to change your credit file. You will be prosecuted, it is against the law. They may seem like a small matter, but if you get caught, you could receive heavy fines and even jail time.


Call and request lower limits on your cards from the credit card companies. This will prevent you from spending too much that you do not have. It will also show the credit companies how responsible you are, and if you do need to get more credit in the future, you will have a much easier time.


Restoring your credit rating looks at first like an uphill battle, but with sound effort and the right advice, that battle can be won. With the tips above, you are better prepared to take action and get your credit situation back where it should be.


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