How to Re-build your Credit Report

How to Re-build your Credit Report

It is hard to build or re-build your credit when you do not have any credit or when your credit score is already low. We all know the benefits of having better credit i.e. low interest rates on car, home, or small business loans, lower car insurance rates, pass pre -employment checks, and lower utility deposits.

SO, HOW DO YOU DO IT? 3 EASY STEPS

1)  Order a copy of your credit report. This step is important because you need to know what your current credit situation is. Review what is current on your credit and your score. Is the information accurate, up to date, and verifiable?

2)  Understand what type of credit you need & apply.  Most lenders look for 3 active revolving accounts and 1 installment loan in good standing. If you are re-building credit, we recommend that you apply for a Merrick Bank or Capital Bank Open Sky CC .Remember that if you have no credit or bad credit, you will more than likely have to pay a deposit to open a new credit card account. This is used as collateral case in case you default or don’t repay your credit card balance.

3)  Make on time payments.  This a very important factors since 35% of your credit score is based on your payment history. The best way to make sure you never miss or make a late payment is to set payment reminders. You can use your phone, use Google calendars, or purchase a calendar book. Many companies offer to send free reminders via email or text 7 days before a payment is due. You can also consider enrolling in automatic payments debited from your bank account, credit, or debit card.

Review>Repair>Rebuild

If you are repairing your own credit and you are not seeing any results click here to schedule a free consultation. 

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