| Do It Yourself Credit Card Repair
Simple Tips to Repairing Credit Yourself
Do it yourself credit card repair is definitely an option if you’re looking to get out of debt and
increase your credit score.
It may take a little time, however, if you will observe discipline and stay focused, you can certainly do it.
In the long run, having a high credit score will pay off because you will be entitled to better financial products
and lower interest rates on loans in the future.
The use of credit cards is one of the most common causes of bad credit scores
especially if you fail to make payments on time. However, you can use those cards to
improve your credit rating as well.
Here are some simple and effective tips you can use to repair your own credit:
Pay credit card balances on time
Paying credit card balances on time is a great way to ‘do it yourself credit card repair’.
Lenders are very particular and strict about due dates. If you fail to make sufficient payments on the specified date,
expect to incur penalties and other unnecessary fees, which would be added to your current balance and raises your bill.
Pay off credit card balances in full
The best, fastest, and most effective way to achieve credit card repair is to pay off your credit card balance in full on
or before the specified date. Your credit score will surely take improvement after doing so. If you cannot do this, then make sure
you at least pay your amount due on time every month. Credit card companies like this and if your history begins to show that you
are a reliable borrower, then your credit score will improve.
Make small purchases using plastic cards
Every use of your credit cards will reflect on your credit history.
Many consumers now use credit card purchases to repair their credit.
How does it work? Make minimal or small purchases using your credit cards and pay them off right away and avoid getting your account declined, closed or shut off. Such measures
reflect positively on your personal finance history.
Transfer credit card balancesUse low-interest credit cards
If you have trouble juggling several credit cards and forget which payments are due when,
then consider transferring your all your credit card balances into one account. There are several
offers out there for 0% balance transfers. Usually the
0% interest rate last for only a few months, but by taking advantages of a
balance transfer card, you’ll be able to
manage your credit card payments much easier.
There are just too many credit cards available in the market today that it would be crazy not to take advantage of the ones offering
the lowest interest rates. If you’re in a situation where you are unable to be accepted for such a card,
then build your credit history first by obtaining a secured credit card.
After a few months of being responsible with this card and proving you are reliable, then you can apply for a low interest credit card.
Contact the Credit Card Companies to Resolve Issues
If you really want ‘do it yourself credit repair’, then you must first get a copy of your credit report.
(You can get a copy free every year.)
If there are any errors on your report, then contact the credit issuer immediately to resolve them.
Likewise, if there are any unused accounts that appear to be still open on your report, then write to these companies to ask them to close those accounts. If you have too many open accounts on your credit history, a potential creditor will view these open accounts as just ‘debt waiting to happen’ and may not approve your loan.
These are simple and effective tips to ‘do it yourself credit repair’. Be sure to follow these tips and you'll be on your way to repairing
your own credit.
See more helpful advice on credit repair here.