If you’ve ever researched anything on credit repair, you’ve probably seen and heard the same old story about having the right to dispute those things that you feel are inaccurate and that the credit bureau will respond, and if they can’t verify that the debt is valid, they will remove it. If you have tried this, you probably know it yields poor results. Below are five things everyone needs to know about credit repair that does work.
1. Debt Consolidation Mortgage –
It’s always possible to refinance your debt into a mortgage to help repair your credit. A company such as Avrus can offer financial help by giving people the best interest rates available to them to refinance their debt into a new home mortgage loan. Lenders are more likely to approve you for a loan when they see you are using all your saved up equity to consolidate your debt.
2. Credit Card Closing Dates –
Find out the closing dates for all of your credit cards. Most credit card companies report your balance on the closing dates. This is usually before you ever get your bill. If you ever pull your credit report and don’t see a payment you made, this is why. Find out your closing dates, and make sure payments are made before that date. If your cards aren’t maxed out, you can shift balances on your cards before the closing dates. This makes it seem as if you have no balances. Of course, truly having no balance is better.
3. Credit Card Balances –
There’s too much misinformation on the Internet regarding credit card balances. Many people call themselves “credit experts” and recommend you keep your credit card balances below 50 percent of the credit limit. That’s not that great to be honest. You see the greatest impact when you keep them below 10 percent of the credit limit. If you can’t do this, take a look at tip number one.
4. Spouse Credit Cards –
Keep your spouse’s credit card file separate from yours. This comes in handy if you need to help each other get out of a jam. There are plenty of couples who get home loans by using one spouse’s line of credit to pay off the other spouse’s debt.
5. Past Due Amounts –
Always watch out for past due balances on credit cards. Keep an eye on the part of your bill that says, “Your payment is “X” if paid by the 1st of the month and “X” if paid later than the 16th of the month”. Most people want to choose the later date, and even though that might not be considered late, it’s reported as past due on your credit report. When trying to repair credit, pay all your bills before the due date.
The above tips can help you get your credit back in good shape and dramatically increase your credit score. Learn to budget, and never spend outside of your means.