5 Credit Restoration Tips to Know About

Did you know it can take all the way from a few months to a few years to fix bad credit depending on what exactly caused you to have a poor credit score? That’s why credit restoration can be such a unique and personal process. 

For example, you might have a late payment on your credit report and that takes 7 years to come off your report. But if you declared a Chapter 7 bankruptcy that will take 10 years to come off your credit report. 

If you are trying to fix your credit, then you will need to do certain things consistently to improve your credit score (and you already know the importance of a high credit score in getting approved for auto loans, mortgages, and more). 

Read on to see what 5 things you can do to fix your credit as soon as possible. 

1. Catch Up on All Your past-Due Accounts

Do you have some past-due accounts that you’ve left as-is because you have more important payments due? It’s time to go back to these accounts and pay them off as soon as you can. 

If you are having a hard time paying off these past-due accounts, consider having a conversation with the companies to see if they are willing to create some sort of payment plan for you. The faster you can pay off these past-due accounts and get them deleted from your credit report, the faster your credit score will go back up.

Remember that paying off debt collection accounts isn’t enough. You need to get them deleted from your credit report as well because as long as they are present on your credit report, they are a red flag to anyone who checks on your credit history. 

2. Dispute Any Credit Report Errors

If you’ve been lazy about checking your credit report regularly because you are scared off by your poor credit score, get over that fear right now. Fix your credit by pulling your credit report at least three or four times a year to see what’s going on with it.

See anything on your credit report that doesn’t ring a bell? Get on that immediately by calling the appropriate credit report company to inform them of this error. If you let any error fester on your report for too long, it will get harder to get it expunged and more than that, it will keep on negatively affecting your credit score for months or years to come. 

3. Use Credit Repair Services

Are you feeling a little overwhelmed already by all the things you need to do to fix your credit? Maybe it feels like it’s all a bit too much for you to handle. If that’s the case, then consider contacting credit repair companies and asking them what they charge for their credit repair services. 

There are many reputable credit repair companies out there with great reviews from past customers who would be more than willing to help you find the help you desire. They can do all the leg work for you, all the way from contacting debt collection agencies and getting your credit report cleaned up, to getting a better payment plan created for you. 

If that sounds like something you would benefit from, google ‘credit repair near me’ or ‘credit repair in Dallas’ and find the best credit repair company for your specific needs. 

4. Limit How Often You Apply for New Accounts

If you are truly serious about wanting to improve your credit score, there’s something you need to stop doing. And that is applying for new credit accounts, loans, or debt accounts of any kind. This means those revolving accounts at retail stores, those additional credit cards to go on vacation, and everything else. 

Every time you apply for a new account, your credit report gets pulled and that affects your credit score adversely. Also, if you are already in a bind with too much debt and too little income, then getting additional credit cards or loans will not help the situation.

In fact, it would be better if you contacted your friends and family asked them for help instead of applying for new accounts. At least your loved ones wouldn’t gauge you with high interest rates and ridiculous payment terms (hopefully). 

5. Request a Credit Limit Increase On All Your Accounts

Can you control yourself from buying useless items impulsively if the credit limit on all your accounts is increased? If you trust your spending muscle, then consider requesting a credit limit increase on all your accounts. 

This will reduce your credit utilization ratio (how much you owe divided by the available credit limit expressed as a percentage). The lower your credit utilization ratio, the more positively you will be perceived by lenders and creditors and the more your credit score will improve. 

Of course, this could be a slippery slope as you or your partner could use the increased credit limit as an excuse to purchase that purse, vacation, or car that you’ve been dreaming about. Don’t do that! Remember the point here is to fix your credit. 

Once your credit is fixed up and ready to go, then you can reward yourself with something nice. But until then, keep your impulses under control.  

Credit Restoration Isn’t an Easy Process but It’s Worth It

How do you feel about the five tips shared above for credit restoration? Does it feel like you would be incapable of following these steps on your own? 

If you are already feeling uncomfortable and overwhelmed, then go straight to point 3, and contact The Credit Agents for help with credit repair. We have dozens of testimonials from people we have helped in the past, and we are happy to do the same for you. Don’t hesitate and contact us asap – your best credit score awaits.