Friday, March 9, 2018

Credit Repair

Credit Repair should be a “Free DIY”. 
Why? because any money should go towards the debt not someone else pockets. That in a nutshell is my personal opinion on the matter, not a fact. So on to the meat and potatoes I will will list some helpful tips to improve your credit score.
First off, What is credit? As define credit is the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. 
1. Obtain your credit report to get a list of all your debt, current and past. The reason for this is to identify and dispute charges that may have been paid off or doesn’t exist anymore.
2. It takes time for your score to grow. Rank your debt in 2 ways, one based on amount and the next on interest rate. I highly recommend the lowest debt that is easiest to pay off in minimum time you should go ahead and pay off. Once the little guys are out of the way start paying towards the high interest. The reason why is because you want to get to the principal ASAP rather than wasting time and money on interest charges.
Key things- if the debt is close to 7yrs I wouldn’t recommend touching it since it’s on the verge of being dropped and considered a lost from the owner, but once again seek professional advice on this. 
3. Time to build. If you do not have a current credit card then get one, keep in mind the interest charge and benefits. The goal here is to keep or get your balance to no more than 33% every month. The reason why is because of the meaning of credit. Basically you are someone I could lend money to and in x amount of time you are capable of paying back your debt.

There are more tips and advice on increasing your score but these are just a few to help you on the way.