Fixing your credit Before Applying for a Loan
You’ve try to get good credit cards in the past, but you failed because of a bad history. They tell you that it is impossible to get good credit without credit cards, but you cannot get the credit card that you want because you have bad credit. What a conundrum! Perhaps you have had a repossession of an automobile, or a bankruptcy, or maybe even a foreclosure on your record within the last seven years. Well, we aim to give you the advice that you need in order to clean up your credit history so you can get an improved credit score.
How does credit repair work?
The fair credit reporting act states that all creditors if they have a dispute with the loan company, can file a dispute with the credit bureaus. Each bureau when they receive the credit dispute letter, usually forwards the letters to the credit companies. Typically, credit bureaus and credit companies seldom read dispute letters, so the only way for them to cause the dispute to end, is to remove any negative marks from your record. This is one aspect of credit repair. You must also take into consideration the fact that you will need to start making smart decisions, such as paying your credit cards on time. Paying your credit cards on time, combined with the total percentage of credit getting down to around 40%, these are very good things for helping your credit repaired. For example, a credit card with $1000 limit should have no more than a $400 balance.
This website will serve up resources for helping you to repair your own credit. In today’s economy, your credit is worth more than it used to be – especially when you need that buying power! So stay tuned – and please comment if you have questions or suggestions, or if you just loved the post-