Credit counseling - How to repair a bad credit history

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Credit counseling - How to repair a bad credit history
Credit counseling: Here are some simple steps to repair a bad credit history

• It is critically important to pay bills on time. Even a single late payment can have a negative effect on your credit history and your rating.
• If you have too many credit cards and are losing track of them, write to the creditors and close your accounts. Also promptly report this status change to all three credit reporting agencies.
• It is also important to avoid bankruptcies, tax liens and collections. Tax lien is a lien for not paying federal or state income taxes or property taxes. Bankruptcy will stay on your credit report for 10 years. Tax liens and collection accounts stay on for seven years.
• If you credit limits are set high by creditors, request in writing that your creditors reduce this limit. Lenders will consider the total amount of available credit even if you owe nothing.
• Ask a friend to co-sign on a credit card or small loan to help you re-establish your credit. Make sure to make the payments on time.
• To reestablish your credit get a secured credit card. Keep a designated amount of money in an account that will be sufficient to cover your charges. Make your payments on time.
• Every year, request a copy of your credit report and check for credit errors.

Tips: Remember that when you have a friend co-sign on a credit card or loan, the person's credit can also be affected by your payment history.
Credit-repair firms and consumer credit agencies arrange repayment plans and will also restructure payments to fit your budget. Even if your creditor agreed to the plan, smaller payments and skipped payments can be reported against you. Some credit-repair agencies charge up to $1,500 up front to get the paperwork started and cover other administrative fees. Some of the agencies are free. To make the same arrangements for free, you can call the creditors yourself and save some green.

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Credit counseling - How to repair a bad credit history
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