Credit Repair: How To in 5 Minutes

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https://www.youtube.com/watch?v=t8gA2fhyTPQ
Video Transcript:

hi welcome to credit repair org your guide for improving your credit score my name is Tiffany rider and I’m a financial services reporter who’s covered everything from the Wall Street meltdown to second-generation credit cards and many things in between whether you’re here because you’ve had some credit problems or you’re just looking for effective strategies for improving your score I think you’ve come to the right place to start you should know your credit score it can be acquired for free at creditkarma.

com and is provided directly by TransUnion one of the three major credit bureaus this site is sponsored by advertisers thereby allowing you to access your score as often as you like at no cost your scores from the two other major credit bureaus can be obtained from similar websites some which provide free scores for more information on those sites visit the detailed article free and cheap credit reports and scores located at credit repair org you’re probably going to want to credit score of 720 or more anything less than that your results and being rejected from quality credit extensions and lower interest rates you might also miss out on credit card perks like premium rewards next you should acquire your credit report a document that comprehensively details how your creditors have reported your financial history as mandated by the fair and accurate credit transactions Act you’re entitled to one free credit report per year to obtain these credit reports visit annual credit report.

com there’s a chance that a credit report will contain inaccurate information if this is the case you’ll need to request that the card reporting company and information provider review and verify the items in question which they usually investigate within 30 days of receiving the request for more information on disputes see credit repair org disputing credit report information once you’ve made sure all the data on your report are accurate you should take note of any negative records and when they expire typically negative records will last 7 years on your report with some options like bankruptcy which could stay on your report for ten years for more information on the other exceptions visit the article how long does the bad stuff stay on your credit report located at credit repair org if any negative records are still in your report that are more than seven years old and don’t fall into one of the exceptions you should dispute it once you’re done reviewing or correcting your credit report you should become financially responsible to prevent your score from slipping to do so try to implement the following tips 1 don’t use too much of your allotted credit extension high outstanding debt could categorize you as high-risk which could bring your score down most importantly putting a self-imposed limit on your spending will probably deter you from burying yourself in debt to try to pay the card off in full each billing cycle doing so likely demonstrates fiscal responsibility in the eyes of the creditors and saves you from paying unnecessary interest if you can’t pay it in full you should pay as much as you can making only minimum payments each cycle could bring your score down 3 ask your creditor for an increase in your total available credit part of your score is based on the amount of usage of your total allotted extended credit accordingly having available credit of $10,000 will help more than $1,000 if your creditor won’t increase it consider applying for a card with another company preferably one with a lower APR but you should not apply for more than one card at a time that could actually hurt your score 4 don’t cancel your old credit cards many people believe that by canceling a card they’re sparing themselves from the temptation of racking of debt again but part of your credit score is determined by the length of time your credit accounts have been open closing a card with 10 years of positive reporting removes it from your credit card which could negatively affect your score and your ability to obtain other loans if you’re tempted to use it you should use it only for small purchases and pay it off in full each month if your card is inactive your creditor may choose to cancel it so make sure you’re using it at least once a month to ensure it stays open and 5 look into getting other forms of credit extended to you your score is partially based on types of credit that have been extended to you so consider looking into other forms of reported credit department store cards or installment loans are a great way to possibly increase your creditworthiness provided you’re paying on them diligently if you follow these simple steps you’ll likely be well on your way to building a solid credit score much more information can be found at credit repair org so don’t hesitate to check out the articles for in-depth analysis and tips on trying to improve your score this is tiffany writer hoping you check out credit repair org thanks and good luck Hi, welcome to CreditRepair.

org, your guide for improving your credit score. My name is Tiffany Rider and I’m a financial services reporter who’s covered everything from the Wall Street meltdown to second generation credit cards and many things in between.

Whether you’re here because you’ve had some credit problems or you’re just looking for effective strategies for improving your score, I think you’ve come to the right place. To start, you should know your credit score.

It can be acquired for free at CreditKarma.com and is provided directly by TransUnion, one of the three major credit bureaus. This site is sponsored by advertisers, thereby allowing you to access your score as often as you’d like at no cost.

Your scores from the two other major credit bureaus can be obtained from similar websites, some of which provide free scores. For more information on those sites, visit the detailed article “Free and Cheap Credit Reports and Scores” located at creditrepair.

org. You’re probably going to want a credit score of seven twenty or more — anything less than that may result in being rejected from quality credit extensions and lower interest rates. You might also miss out on credit card perks like premium rewards.

Next, you should acquire your credit report. A document that comprehensively details how your creditors have reported your financial history. As mandated by the Fair and Accurate Credit Transactions Act, you’re entitled to one free credit report per year.

To obtain these credit reports, visit AnnualCreditReport.com. There’s a chance that a credit report will contain inaccurate information. If this is the case, you’ll need to request that the credit reporting company and the information provider review and verify the items in question, which they usually investigate within 30 days of receiving the request.

For more information on disputes, see Creditrepair.org’s article, disputing credit report information. Once you’ve made sure all the data on your report are accurate, you should take note of any negative records and when they expire.

Typically, negative records will last seven years on your report, with some exceptions like bankruptcy, which could stay on your report for ten years. For more information on the other exceptions, visit the article “How Long Does the Bad Stuff Stay On Your Credit Report?” located at creditrepair.

org. If any negative records are still on your report that are more than seven years old and don’t fall into one of the exceptions, you should dispute it. Once you’re done with reviewing or correcting your credit report, you should become financially responsible to prevent your score from slipping.

To do so, try to implement the following tips: One. Don’t use too much of your allotted credit extension. High outstanding debt could categorize you as high risk, which could bring your score down. Most importantly, putting a self-imposed limit on your spending will probably deter you from burying yourself in debt.

Two. Try to pay the card off in full each billing cycle. Doing so likely demonstrates fiscal responsibility in the eyes of the creditors and saves you from paying unnecessary interest. If you can’t pay it in full, you should pay as much as you can.

Making only minimum payments each cycle could bring your score down. Three. Ask your creditor for an increase in your total available credit. Part of your score is based on the amount of usage of your total allotted extended credit.

Accordingly, having available credit of ten thousand dollars will help more than one thousand dollars. If your creditor won’t increase it, consider applying for a card with another company, preferably one with a lower APR.

But you should not apply for more than one card at a time. That could actually hurt your score. Four. Don’t cancel your old credit cards. Many people believe that by cancelling a card they’re sparing themselves from the temptation of racking up debt again, but part of your credit score is determined by the length of time your credit accounts have been open.

Closing a card with 10 years of positive reporting removes it from your credit report, which could negatively affect your score and your ability to obtain other loans. If you’re tempted to use it, you should use it only for small purchases and pay it off in full each month.

If your card is inactive, your creditor may choose to cancel it, so make sure you’re using it at least once a month to ensure it stays open. And five. Look into getting other forms of credit extended to you.

Your score is partially based on types of credit that have been extended to you so consider looking into other forms of reported credit. Department store cards or installment loans are a great way to possibly increase your credit worthiness, provided you’re paying on them diligently! If you follow these simple steps, you’ll likely be well on your way to building a solid credit score.

Much more information can be found at CreditRepair.org, so don’t hesitate to check out the articles for in-depth analysis and tips on trying to improve your score. This is Tiffany Rider, hoping you check out Creditrepair.

org. Thanks and Good Luck!

Source : Youtube