accelerated nursing program | Ways to Improve Credit Score

Ways to Improve Credit Score

If you are cleaning up your credit report you realize how important your score is. This three digit number will directly impact your quality of life.

You will be judged by employers and lenders on this number. It can prevent you from being approved for credit and worse yet being hired for a job.

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 parts to credit repair that you should concentrate on.

1. Removing derogatory items from your report.

Negative marks cause the most damage to your score. However you can remove these items without waiting the full 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 Common reasons are; not my account, item is out of date, account paid in full.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 aspect. This is because when you have a low credit score it is hard to be approved for new credit lines.

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 your credit card you want to keep the balance at approximately 10% of your credit limit. This is because it will show the credit bureau that you are using your credit and it will improve you ratio of credit to debt.

In addition making on time monthly payments will create a positive payment history. Without building positive credit it will be hard to improve your score even if you remove all the negative marks.

In sum you can repair your low credit score. It may make sense to wait and remove some of the derogatory items before you apply for new credit. However both these aspects need to be used to get to a 700 credit score.

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