Once you have your credit report and your credit score, you will be able to tell where you stand and where many of your difficulties lie. If you have a poor score, try to see in your credit report what could be the result, to the problem.
Do you have a lot of debt?
Too many unpaid bills?
Have you lately faced a major financial set back, such as a bankruptcy?
Have you simply not had credit long enough to set up, good credit?
Have you defaulted on a loan, missed a tax payment, or recently been reported to a collection agency?
The problems that cause your credit problems should confirm how you decide to better your credit score. As you read through this article and others I have published, highlight or make a note of those tips that apply to you and from them make a checklist of things you can do that would help your credit status, improve.
When you look for, professional credit counseling or credit advise, counselors will generally work with you to help you develop a personalized method that specially addresses your credit problems and financial history. Now, with this article and others I have published, you can develop a similar method on your own - in your own time and at your own cost.
When developing your action plan, know where most of your credit score is coming from:
1) Your credit history (accounts for more than a third of your credit score in some cases). Whether or not you have been a good credit risk in the past, is considered the best measure of how you will respond to debt in the future. For this reason, late payment, loan defaults, unpaid taxes, bankruptcies, and other unmet debt obligations will count against you the most. You can’t do much about your financial past now, but beginning to pay your bills on time - starting today - can help boost your credit score in the future.
2) Your present debts (accounts for about a third of your credit score in some cases). If you have lots of present debt, it may indicate that you are extending yourself financially thin and so will have trouble paying back debts in the future. If you have a lot of money owing right now - and partically if you have borrowed a great deal recently - this fact will lower your credit score. You can boost your credit score by paying down your debts as far as you can.
3) How long you have had credit (accounts for up to 15% of your credit score in some cases). If you have not had credit accounts for a while, you may not have enough of a history to let lenders know whether you make a good credit risk. Not having had credit for a long time can alter your credit score. You can reverse this by keeping your accounts open rather than closing them off as you pay them off.
4) The types of credit you have (accounts for about one tenth of your credit score, in most cases). Lenders like to see a variety of financial responsibilities, that you control well. Having bills that you pay as well as one or two types of loans can really improve your credit score. Having a minimum of one credit card that you manage well can also help your credit score.
As you can see, it is possible to only estimate how much a particular area of your credit report affects your credit score. However, keeping these five areas in mind and making sure that each is addressed in your personalized plan will go a long way in making sure that your personalized credit repair plan is inclusive enough to boost your credit adequately.
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