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  • Writer's picturezarreen soni

REBUILDING YOUR CREDIT HISTORY:

Why would you want to rebuild your credit history? What does that mean?

It involves examining your mistakes and making the necessary adjustments to correct them.

Utilizing your credit card and consistently making on-time payments will help you build credit. Pay your bills in whole each month to avoid interest fees. Paying down your debt each month can help you create better credit than holding a load, since it helps you avoid getting too close to your credit limit.

Here’s the factors that can affect your credit score:

• Payment history: a record of your on-time payments as well as any missed or late ones.

• Credit usage ratio (CVR) measures how much of your available credit you are really using at any given time.

• Total debt is the sum of all your debts, which includes credit card debt, loans, judgments, and other types of credit.

• Mix up the different credit accounts you have.

• How old your credit accounts are.

• Your most recent credit applications are considered hard enquiries.

• Public records, such as civil judgments or bankruptcies.

Here is how to repair your credit:

Check to see if inaccurate information on your credit reports is initially holding you back. A large inaccuracy in your report has the ability to quickly raise your score. It is vital to ensure that any forbearance or deferral you have received as a result of the coronavirus epidemic is accurately noted. If you have previously been the victim of identity theft, checking your credit reports may help you discover any theft. There are companies you can work with to fight errors on your behalf, but before you do, weigh the benefits and drawbacks…

1. Get a credit-builder loan or secured loan(the lender holds onto the money as you repay, then releases it to you once you have fully repaid the loan).

2. Become an authorized user(your credit benefits just from being on the account; you don’t have to make any charges or access the account).

3. Pay on time

4. Try to keep most of your credit limit available(don’t use all available credit).

5. Get a secured credit card(for those who want to build from scratch).

6. Get a co-signer(if you’re having a hard time getting access to credit, ask a family member or friend to co-sign a loan or credit card).

Contact Clear Review Consultants for a tailor-made financial solution plan on 0215696041 or visit our website to fill out a form:https://www.clearreviewconsultants.com/lead-collection

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