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            Credit Repair Secrets

Maintaining a satisfactory and consistent credit rating is crucial in applying for fresh credit. Credit rating can be affected in several ways - repayment history, utilization percentage of credit lines, debt leverage v income, CCJs, default and termination notices, bankruptcies and repossessions. The credit repair secrets listed down below can help improve and better your current score.

The quantum of fresh credit you can apply for will depend on how you deal with adverse records in your credit file - delayed or missed payments, CCJs, termination and default notices, etc. Those with a poor credit score need not despair that they will never be able to access fresh lines of credit. Bettering your credit score is not a complex or technically intricate matter. Read on for some great and simple credit repair secrets...

Credit Repair Secret # 1: You don't need to look for paid professional help to repair your credit!
Ignore all those fancy advertisements and mail that you're bombarded with; promising to wipe out your adverse credit records or making tall claims of increasing your credit score by several hundred points. These are pointless claims since negative entries in your credit file can be removed only if they've been incorrectly placed in the first place. The effect of negative confirmed entries can be mitigated to a great extent but never completely erased. You can do this yourself for little or no cost by following some simple guidelines.

Credit Repair Secret # 2: Check your credit file regularly.
This is a simple one!! Make it a point to regularly check your latest updated credit file, at least once a year to see the latest updates. Credit reference agencies such as Experian and Equifax will send your credit file on making a payment of £ 2 and are bound to investigate and correct any disputes you raise about inaccurate entries in the file.

Credit Repair Secret # 3: Keep all your financial records updated and filed for easy retrieval and checking.
Keep track of all your credit accounts, monthly statements, letters and other communication received from credit providers, mail-order companies, stores where you have a card, records of all repayments made with acknowledgments of receipt of payment and copies of your credit file received from the credit reference agencies to cross-check and reconcile so that any discrepancies become easy to locate and correct or justify.

Credit Repair Secret # 4: Make regular repayments.
This one is a no-brainer; much of your credit rating depends on making timely repayments across all your credit cards and loans. Always make it a point to pay-off your credit card bill in full or an amount which is over and above the minimum repayment amount specified in your bill.

Credit Repair Secret # 5: Do not keep too many credit and/or store cards.
Always make sure to have no more than three cards. Choose the ones you use the most. Having too many cards, even if they're unused can affect your rating since loan providers will always calculate the total exposure you're bound to run up should you use 100% of all the credit lines available, and then compare it against your latest repayment capacity. Here Less is Definitely More!

The five credit repair secrets provided above are just the simple and basic things you need to do to improve and maintain your score. There is much more that can be done, but following the above credit repair secrets will guarantee you a reasonably good credit rating.

Credit in Minutes Tip #1

Stay on top of your credit report. Most credit reports contain errors. Make sure you check your credit report every year (you get one free credit report every twelve months) and if there are errors make sure to challenge them with the reporting credit agency. Credit agencies are required to investigate each and every challenge that gets reported.

Credit in Minutes Tip #2

Just because you qualify for all of those credit cards does not mean you should get them. A person with too many credit cards looks sketchy in the eyes of a potential creditor. Think of it this way: if a person is financially stable does he or she need ten different credit cards? Wouldn’t just one or two suffice?

Credit in Minutes Tip #3

The best way to raise your credit score is to make all of your payments on time. It sounds too simple to be true, but that’s all there really is to it. Staying out of debt and/or making all of your debt payments on time will keep your score up where it should be.

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