Build your credit back up to repair it. Using a prepaid credit card will help to build your credit score, without the worry of late payments, and bad marks on your credit report. By doing this you will be proving to potential lenders you are credit worthy and capable of paying money when you are required.
One way to improve your credit is to get new lines of credit and repay them right away. This will help you raise your credit score and also show that you can pay your bills.
Make sure that you keep records of everything when interacting with credit bureaus. This means every single contact you make needs to be noted; every email and letter that was sent needs to be saved, and have written summaries of your telephone conversations. Send your dispute letter as certified mail so you can prove it was received.
Be very wary of programs that do not sound legal; chances are they aren’t. There are less than honest entities that will show you how to make a brand new credit file. These scams are not legal and there will be repercussions. The end result of getting caught during the crime could be expensive legal fees and a possibility of time behind bars.
It is important to get any payment plan that you agreed to with a creditor in writing. This way you have documentation of the agreement in case the creditor decides to change their mind or ownership of the company changes. After you have paid your debt, request appropriate documentation that confirms your zero balance.
Try not to use your cards at all. Pay for everything with cold, hard cash. If you absolutely need to use a credit card, be prepared to pay off the balance at the end of the month or as soon as possible.
Credit scores affect your ability to get a loan, whether it be for your aspiring home business or for your child’s college tuition. Even those that are in the hole the farthest can benefit from this advice.
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