Time and again we have dealt with credit scores and how these affect your finances and business dealings most especially with lenders. Your credit standing is vital to your economic status because this serves as your benchmark in knowing how properly you manage your money and how savvy you are in settling your outstanding debts.
However, many unfortunate individuals – like us and you – fall into a debt trap that murders and ruins our chances of getting an opportunity to “set the record straight” and clear our records from bad credit circumstances.
If you can relate to this then worry not because we are here to help you fix – and not just patch – your negative credit standing to make your credit worthiness stand out again. You do not need Sherlock Holmes™ and Dr. Watson™ to investigate your “crime against credit reliability” but rather a team of verified and reputable credit score repair professionals to keep you out of financial misery once and for all.
Take a deep breath and relax, dear lads and lasses, for we shall now begin our short but meaningful journey towards freedom from your dire credit stature…
Credit Score Defined
We will begin our adventure by defining what credit score is and the components it has that greatly affect your “risk factor”:
Credit score is a customer’s creditworthiness that is measured by using a score range that runs between 300 and 850 points. The higher the score, range, the more credit worthy the customer is.
A customer’s credit standing is also influenced by his/her credit history that corresponds to a number of factors like number of credit cards open, repayment transactions, debt levels, and others.
In other words, a credit score is a reflection of who you are as a responsible debt manager and what you are as a conscientious person.
If you are having troubles figuring out what to do with your ballooning bad credits then seek professional help immediately so that you can be aided in best ways to improve credit status.
The sooner you do this, the better your chances for a speedy credit recovery.
Fix Your Credit Right Away
We will provide you with our 6 most common remedies to reinvigorate your unhealthy credit score and these are the following:
Human beings still do most of the work in inputting data on your credit report. Make sure that all information is correct and no missing or inaccurate information is ever reflected. Any error, minor or otherwise, – a missing comma, an erroneous insertion, an additional letter to your name, etc. – will have a tremendous impact on your credit mark.
- Get a hold of your credit report – a credit report is like your child’s school report card: failing to see this will almost guarantee no re-admittance next school year. The same holds true to your credit report: you have to review your credit data to know how good or bad you are performing in your overall credit standing.
Failing to do this will almost guarantee that no lender will extend to you any type of loan because you pose a risk to their business. You can contact your nearest credit bureau and request for a copy. (NOTE: some will give it for free while some will charge between $1.00 and $11.00.)
- Check for errors and dispute them immediately – man, in general, is susceptible to errors and so does your credit report, too. Forget about computers being accurate and fast in reproducing your credit data!
Dispute any errors as soon as possible to avoid repercussions on your end otherwise your lenders may opt to provide you with bad credit mortgage loans and this means higher interest rates and less-than-friendly terms in your loan agreement.
- Settle Past Due/Delinquent Accounts – this is obviously common sense talking to you! No matter how hard you try to “correct” your creditors/lenders regarding your credit record, you will not get away from your unsettled accounts.
These will haunt you until you do something at once. Many tried to outrun both lenders and credit agencies by fooling around with them but failed miserably – 99.99% of the time.
So, man up instead, face your outstanding dues in the eye, and settle them once and for all!
(NOTE 1: If you do not meet the 30-day deadline to settle any of your monthly obligations then a collection agency – normally in partnership with your lender – will take over in getting your debts settlement up to order.)
(NOTE 2: There are two options that your lender can exercise before deciding to use a collection agency: charge-off and pay-for-delete. Both are considered “point of no return” for you because both options will demand that you pay your dues – in whole – at once. You also risk suspension of your credit card – if you have one – as a penalty for your erring on your monthly payments. They also carry a higher-than-normal interest rate also known as “service charge” only to soften up the blow.)
- Prioritize paying your high-interest accounts including new credit accounts (if there are any) – this is another beckoning from your common sense. The rule of thumb regarding this – which probably is the best – is settling FIRST your accounts that carry high-interest rates as well as any new credit accounts. The former is self-explanatory. The latter, on the other hand, requires further explanation: delaying payment for your new accounts can and will lead you to forget about them completely. This will only make things worse for you most especially if you are planning to apply for a mortgage loan in the future.
If you feel overwhelmed with your unsettled debts and appear at a loss on how to figure them out then look for trustworthy credit repair agencies or companies that fix your credit to help you bail out from them with much ease and confidence.
- Improve your credit utilization ratio – this simply means that you have to monitor properly your debts in relation to your overall or total credit available.
Both are in direct proportion to each other such that if the former is high then the latter will dictate – through the available balance – the ratio or score that you will receive. Lenders will then use this to grade you as either risky or creditworthy.
(NOTE: Most credit score specialists recommend having a CUR – credit utilization ratio – between 10% and 30% in order to maintain a positive credit score. If this value goes higher than 30% then you start impacting negatively your credit standing.)
- Pay all outstanding balances promptly – this one is self-explanatory.
Fixing your credit without using any credit repair agencies will save you money and time. If, however, your objective is more than settling your debts to free you from financial turmoil (i.e. you are planning to acquire a mortgage loan) then we recommend hiring a team of professional credit repair specialists to lend you a helping hand.
We outlined six of the best tips or strategies to aid you in fixing your credit quickly and properly. Avoid run-of-the-mill credit repair offers that promise you a “quick fix”: they are mere scams and fraudulent claims that do not amount to anything.
Our suggestion is for you to be financially mature once you gain control of your credit score and be prudent in your disposition of money to maintain your creditworthiness.
Credit is good but too much of it is bad and will eventually maim you in the end if you lose your will against it.
We are your mortgages and credit score repair experts for 9 years running. Our headquarters is located in Canada and was founded by Faizal Garasia, an authority in credit and mortgage matters.
Feel free to phone +1 647-373-9651 or send an email to [email protected] to learn more.