Improve Credit Score

If you are fixing your credit report you understand how important this three digit number is. It directly impacts the quality of life you can have.

This number is how employers and creditors will judge you. With a low score it can prevent you from being hired at a job or being approved for credit.

When you apply for new credit many lenders will look at nothing more than your credit score. They will not take into account any reason, no matter how legit, as to why you have a negative mark on your credit report.

There are two aspects you should focus your efforts on when repairing your credit score.

1. Deleting negative marks on your credit report.

Negative marks will cause the most damage to your credit score. However these marks can be removed before waiting 7 years.

The Fair Credit Reporting Act that was passed by congress allows you to dispute negative marks. When you file a dispute you are challenging the accuracy or validity of a negative mark on your credit report.

To file a dispute a dispute letter must be sent to each credit bureau. In this letter you must include why the listing is inaccurate. Common reasons are; not my account, item is out of date, account paid in full. Upon receipt of your letter the bureaus will investigate the disputed listing.

If the mark can not be verified then the credit bureau must remove it from your report. It has been found that once a listing is investigated it is often removed, regardless of its accuracy.

2. Build positive credit

This is a more difficult task with a low credit score. This is because it is difficult to be approved for new lines of credit.

However it is necessary to open a new line of credit. The best is an unsecured credit card even with the insanely high interest rate.

With this credit card you should keep the balance at approximately 10% of the available credit. This will show the credit bureaus that you use your credit and it will improve your ratio of available credit to debt.

By making your monthly payments on time it will also create a positive payment history on your report. If you can not create a positive payment history it will be almost impossible to add points to your credit score.

In sum, you can repair your credit without waiting the full seven years. However it may be in your interest to remove some derogatory items before you apply for a new line of credit. Understand that both these parts are vital to getting you to a 700 credit score.

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