There is no denying that you can fix your poor credit yourself. If the prospect of working with a credit repair service intimidates you, and if you can’t trust lenders to help you fix credit fast, there is no need to worry.
Follow these 6 easy steps for a fast and dependable DIY credit repair.
- Know Your Current Credit Status
Get copies of your credit report from all three bureaus i.e. Experian, TransUnion, and Equifax. Next, read them carefully to find any discrepancies or errors that could be hurting your credit score. The problem here is that these reports will not tell you your credit score. It is a good idea to work with a credit monitoring company that will provide you with the credit reports as well as credit score.
- Dispute Any Errors Found In the Credit Reports
Unfortunately, thousands of Americans have suffered because of rampant errors in credit reports. Check your credit report to ensure that it displays identity information (Social Security number, spelling of your name and address), and credit history. Review credit cards listed, major purchases, and the amounts for outstanding debt.
See any errors? Dispute it! Write a letter to the specific credit agency. And know that they have to respond within 30 days of receiving the letter.
- Become Proactive To Save Your Credit
Stop spending more than you earn, and go on a budget. It’s like a diet, but for money. And it’s just as unpleasant and necessary to fix credit fast! Go over your tax returns to see how much money you are making. You will then figure out how much of it is simply wasted on things that don’t matter. What really matters is paying your bills on time and living within your means. Everything else can wait.
- Pay All Your Bills on Time
Your credit will not improve until you are committed to paying off all your bills in a timely manner. One time payments make up for 35% of your credit score and not paying up on time will further worsen your credit score. There is absolutely no way around this rule if you want to successfully repair bad credit yourself.
- Pay Off Credit Card Balances
Take your time, plan, strategize and pay these balances off a little bit at a time until they are gone. And until then, resist the urge to use the credit card to make purchases. Lock away the cards if the temptation is too strong.
- Apply For New Credit When Ready
Good credit begets a good credit score. When you are well on your way to paying off all your existing debt, taking on more debt doesn’t sound to smart. But it is. Using credit to re-establish credit is so essential. The bigger credit line you have, the lower your credit score will be.
The Last Word: Good Credit Is Your Friend!
Once you’ve fixed the issues with your credit report, start budgeting and paying off outstanding debts. There is nothing to fear for as long as you continue to take on debt that you pay off responsibly.
Simply opening a new credit line i.e. getting a new credit card simply for the sake of enhancing your credit score and building credit fast is a good idea according to many credit experts.
Would you like to learn more about common credit card usage mistakes? Quick Credit Repair offers a range of DIY credit repair service. Explore their website to learn more.