If you’ve made a mess out of your credit don’t despair. There are plenty of things that you can do right now to start repairing your credit and getting that low credit score back up to normal. It’s important enough that we put together a Blog to give you some advice and tips on how to do it. Enjoy!
First you’ll want, at least for the foreseeable future, to check your credit score once a month. Add it to your ‘to-do’ list when you do your monthly bills so that you don’t forget. The point here is to take a few minutes and monitor your progress so that a) you know where you stand and b) you remind yourself of the goals you’ve set.
If it’s a small error it’s still an error. Many people focus on the ‘big’ errors and problems with their report and overlook the small ones like a misspelled name or address. These can actually be a sign that something’s amiss and needs to be corrected along with the bigger problems.
Knowing how long certain info can stay on your report is helpful so that you know when a negative incident can and should be deleted. They are as follows;
- Bankruptcy – Chapter 13 = 7 years, Chapter 11 = 10 years
- Repossession – 7 years
- Late payments – 7 years
- Tax Liens – 7 years
- Judgments – 7 years
Normally you won’t have to request that something that is paid be taken off your report because it will be automatically. Still, in the odd case that it’s not it’s good to know what the times are as far as the feds are concerned. It’s also a good idea to check and make sure they’re off about 60 days after they’re supposed to be.
Don’t be afraid to wheel and deal with debt collectors. The fact is, your credit score will reflect that an item is paid off no matter what you actually paid. If you can negotiate a smaller settlement do so, but be sure to get everything in writing before signing your name on the bottom line.
Once your score is starting to show signs of life again don’t be afraid to get some credit if you can. The fact is, positive info affects your credit score as well, and it’s in a positive way so you want that. So if you have the opportunity get a new credit card, make a few purchases and pay the card off every month completely so that your credit will reflect how good you’ve been. Good luck.