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Tips on How to Repair Your Credit Rating

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It happens to the best of us. A forgotten bill, late payments. Many of us in this economic world of changes may be looking at trying to repair bad credit scores due to lost jobs which caused late mortgage payments, repossessions, foreclosures, closed credit accounts and many other issues that can negatively affect our credit ratings.

Never Fear! Repairing your credit can happen. While it cannot be corrected over night, you can bring those scores up with some work over time. Here are some tips to help.

Make sure you get caught up on anything that is behind currently. If you are having financial difficulties, call your creditors and make arrangements. Once the arrangement is made, pay on time or early if possible.

Do not open any new credit card accounts until you are caught up and have paid down some of your balances. A portion of the credit scores are based on how much available credit you have, not how much you can get. So by opening new accounts and maxing them out, you are hurting your score. Keep your current cards open, but work on paying them down. Closing accounts you do not owe on can drop your score, so leave them open.

Pull your credit report once a year and correct any issues on it. If there are mistakes, you can get them resolved. If you have old repossessions or collection accounts, they will eventually go away in seven to ten years depending on what it was.

Start to rebuild new credit once you have handled your old past credit issues by opening one new credit account and paying on that on time.

While it can be frustrating and expensive to have a low score, working diligently on rebuilding your score can help you slowly start turning it around. Be patient and time will go by faster then you think.

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