Having a bad credit score is more often now than ever, millions of Americans are dealing with bad credit. This can make getting a simple car or home loan much more difficult. If you need to repair your credit score, this is possible and a few simple tips can help you do so.
The first step in repairing your credit reading is to find out exactly what kind of score you are dealing with. You can find out by getting a free credit report through a number of services available. This will give you an idea on how hard you have to work in order to repair your score.
Paying down your credit cards can help your score more so than paying down your student loans or mortgage. Although you have to keep up with those payments, paying down or off your credit cards will help your credit score more. Keeping your limit at least 30% below your overall credit line on all your cards is very helpful.
Financial gurus will often tell a person dealing with debt to pay off the highest interest credit card first. This may be the case, but if near your maximum limit on a particular card try to get the balance down as much as possible. This will help improve your credit rating, as opposed to just stalling near the maximum.
Keep your information with the credit card bureaus up to date. This means that if you get an increase on the credit card; make sure that the bureaus are informed. If not, it may give the appearance that you are overspending, which will hurt your FICO score.
If you have a late payment blemish on your credit card and you have been making payments on time for several months, ask for a good will gesture. Request that this blemish is removed from your credit history. These are just a few tips to help repair your credit score.