It is unfortunate that lowering your credit score is easier to do than increasing it is.
Your score is gathered from information from three major credit agencies.
Each one determines a score differently so you might see different scores with each one.
You may ask yourself, "How can I repair my credit now?" The first step is to make sure all your information is accurate and up-to-date.
You will need to get copies of your report from each agency.
Once you have each report, you need to look through it very carefully.
Ask yourself these questions about your credit: 1.
Are the records of any past due payments correct? 2.
Are any listed accounts closed? 3.
Are there any names or address listed that are not yours? You want to look for these to check for identity theft and any accounts opened in your name.
If you do see any mistakes, write to the credit agency to have the information corrected.
The easiest way to repair your credit is to pay all bills on time.
Thirty five percent of your score is determined by payment history.
The later a payment is the worse it hurts your credit rating.
How is a Credit Score Calculated? Thirty percent of your credit score is determined by how much you owe.
The solution is to pay down the balance on credit cards and loans.
If you are at the limit on your credit cards, you are at high risk of having too much debt.
Sometimes, a lender will raise a credit limit and this may help your credit score.
Another fifteen percent of your score is based on your credit history length.
You cannot speed up length of time; creditors are looking for a good long record of payments made on time.
New accounts lower your score, while credit you have had for a long time will increase your score.
New credit makes up ten percent of your score.
If you open a lot of credit accounts, it will reduce your score, even if they do not have large balances and you pay them on time.
Your credit score can also be hurt by continually changing credit cards and running after lower rates.
The type of credit you have is also ten percent of your score.
This includes mortgage, car loans, credit cards, student loans, etc.
Lenders want to see how you are able to handle both kinds of credit, revolving (credit cards) and installment (car loan).
When you ask how to repair my credit report, simply follow the advice above to see your credit score quickly rise.
Your score is gathered from information from three major credit agencies.
Each one determines a score differently so you might see different scores with each one.
You may ask yourself, "How can I repair my credit now?" The first step is to make sure all your information is accurate and up-to-date.
You will need to get copies of your report from each agency.
Once you have each report, you need to look through it very carefully.
Ask yourself these questions about your credit: 1.
Are the records of any past due payments correct? 2.
Are any listed accounts closed? 3.
Are there any names or address listed that are not yours? You want to look for these to check for identity theft and any accounts opened in your name.
If you do see any mistakes, write to the credit agency to have the information corrected.
The easiest way to repair your credit is to pay all bills on time.
Thirty five percent of your score is determined by payment history.
The later a payment is the worse it hurts your credit rating.
How is a Credit Score Calculated? Thirty percent of your credit score is determined by how much you owe.
The solution is to pay down the balance on credit cards and loans.
If you are at the limit on your credit cards, you are at high risk of having too much debt.
Sometimes, a lender will raise a credit limit and this may help your credit score.
Another fifteen percent of your score is based on your credit history length.
You cannot speed up length of time; creditors are looking for a good long record of payments made on time.
New accounts lower your score, while credit you have had for a long time will increase your score.
New credit makes up ten percent of your score.
If you open a lot of credit accounts, it will reduce your score, even if they do not have large balances and you pay them on time.
Your credit score can also be hurt by continually changing credit cards and running after lower rates.
The type of credit you have is also ten percent of your score.
This includes mortgage, car loans, credit cards, student loans, etc.
Lenders want to see how you are able to handle both kinds of credit, revolving (credit cards) and installment (car loan).
When you ask how to repair my credit report, simply follow the advice above to see your credit score quickly rise.