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Fixing a credit score

By Sally Maison
Published: Wednesday, December 1st, 2010

When you feel like all the opportunities for you to improve your lifestyle like having a new house and a car, going to Universities and would like to apply for a credit card was being declined due to a low credit score, isn’t it time to fix your credit score?
One of the reasons why a credit score is important in purchasing and running it under lenders is that they based it on how credible you are to make payments. Background checking would also indicate your past loans, debt to other creditors if you were making payments to those loans.

It is also important to know that there is no need for you to let your credit score be checked by various lenders, it will make you credit score lower, especially if they are going to make a hard pull, this will dramatically lower down your scores.

Always be wise and be alert on your current scores and have a copy of the updated one whenever you can, if you feel like it’s going down, paying your bills on time is the best way to have a good standing about your credit. It’s also smarter to pay more than the minimum payment.

If you have existing loans, especially student loans that do not require making any payment until you graduates, it’s still wiser to pay something to avoid interest to accrue and worse, capitalized. If loan interest was being paid by the Federal Government most extra payments are going towards the principal and when you finally graduates you will be more than grateful that you did that.

Making decisions that would truly affect your future is crucial. If you are not going to make extra payments while you can today, in the future you cannot question why you are paying almost double due to the interest and capitalization. The effect for these would be having hard time making payments, and missing payments would further lower down your scores in the future.

In making payments, and you are having hardship, unemployed or cannot make a paying due to emergencies or disasters, it’s a must to call the lender company so that they would be able to assist you lower down payments, post date a check, submit promissory notes and any requirements they need to postpone your payment. You can always check if you can get lower interest rates, join promos for lower interest rate reduction or sweepstakes, or even having points in their programs that could reduce your debt.

If suspect that a report is not correct, you need to check on this and make a dispute, this will affect your future plans like buying cars and home that is credit based. It may not be easy but making an action as soon as you can could make a difference, more or less if it’s not being corrected that bad report would stay there for several years, especially bankruptcy that will last for ten years.

Finally, if in the end you are still struggling to fix your credit score and none of these help, it’s about time to seek help for Credit Counselling. They are the experts that could help you more in fixing that bad credit you have and boost it up and be worry free.

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