Credit Repair - Many Resources To
Rebuild Your Credit
Some common credit mistakes and credit repair
Raising credit card limits.
Be aware! Credit card companies say they are
rewarding your credit history by raising you
credit limit. This leaves you open to use your
credit more and increase you debt. To refuse
this increase of line of credit simply write
or call the credit card company and refuse the
knowing your interest rates and fees.
Take the time to find out your interest rates
and annual fees. (Fact, did you know that about
85% of you minimum monthly payment is interest).
If you have high interest rates call the credit
company to see if you qualify for a lower interest
rate promotion. If not shop around for a lower
rate. You would not want to buy a $100 pair
of jeans if you can shop around for the same
jeans at another store for $30. Not
valuing your credit. Good credit is
a valuable leverage tool when you make large
purchases such as a home, car, or home furniture.
Bad credit may slow down or stop you from buying
such necessities. Try to budget you short and
long term debt so you may increase your Fico
out installment loans to get lower payments.
This payment schedule lowers your installment
payments but increases the amount of interest
you pay over time. Thus, increasing the amount
of overall payments over longer period of time.
Try to pay installment loans in as short period
of time. Be sure to budget your self accordingly.
your credit card to Gold or Platinum.
Most companies charge an annual fee for these
higher status cards. Typically, $50 - $100 per
year. Try turning these cards down and keep
the use of you credit card for basic needs.
not co-sign. When you co-sign you are
not only responsible for your self, you are
responsible for the other person you co-signed
for. It also increase your income debt ratio
which may count against you if you apply for
a car or home loan. Contact
your lenders if you change your address and/or
status. When you get married or divorced
make sure you change your legal status. If you
move update you information with the creditors
and the major credit
Purchase Rule. Some stores require
a minimum purchase per transaction. This leaves
the temptation to spend more money when you
do not have to. Avoid putting yourself in this
situation and avoid the credit card companies
that also enforce these rules.