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Improving Poor Credit

If you have poor credit, you have probably noticed it can be difficult to obtain a loan or a credit card. Your bad credit may seem to be holding you back in life. Perhaps you want to buy a new home but cannot be approved for a mortgage. Maybe you need a new car but cannot find a car loan. There are steps you can take to improve your credit score.

The first thing you should do is to order a copy of your credit report. You can see exactly what creditors have recorded late payments from you. Look over your report carefully to look for any potential errors. There can be mistakes on your credit report. If you do find any errors, you will want to dispute them by writing the credit bureau and explaining why the information is inaccurate.


Negative information will stay on your credit report for several years usually up to seven. However, for some information there may be something you can do. If a past creditor reported that you had late payments, and your account has since been brought current and paid off, they may be willing to remove their negative information from your report. Contact the creditor to find out if they would be willing to do so. It certainly cannot hurt to ask.

If you find that you are late on any of your bills, get current right away. Late payments will adversely affect your credit. Once you bring all your accounts current, work hard to make sure it stays that way. Sometimes things happen in life and it is unavoidable to have problems paying your debts. If this ever occurs get in touch with your creditor immediately. They may be able to work out a payment plan for your while you are having a rough patch. This may be a way that they will work with you so that they do not report your account as being past due.

Do not over extend yourself when it comes to credit. If you have a high debt to income ratio, this will lower your credit score. Keep a low balance on your credit cards. Try to only utilize credit for things that are most important to you. Avoid taking any of your credit cards up to their credit limit. This can also lower your score if you have high balances on just a few accounts.

Time itself will also help your credit score. Make a commitment to better managing your finances staring now. Do not open credit account you dot need. In addition, do not apply for too much credit it a short amount of time, this can actually result in a lower credit score. Keep current with all of your credit and loan payments. In time, you will see an improvement in your credit score.

Related Article: Working to Rebuild Credit After Bankruptcy

Resource: No Credit and Poor Credit Programs

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