Your Credit Matters...a lot
When borrowing money any lender is going to check your credit report. First, to verify you are who you say you are, second to see how you have handled credit in the past, and third, to see where you currently are in terms of utilization. Utilization is the percentage of credit used vs. credit available. For example if you have a total credit limit of $10,000 but you are carrying a $9,000 balance then your utilization is 90% and that's very high. To get optimum lending rates you should be under 20% and for decent rates you should be under 45%. It's not only utilization that matters. You need to have as few inquiries as possible, a lengthly time handling credit, and enough active creditors to give your report a good balance of scoring data.
Can Someone Really "Fix" A Credit Report?
If there is an error, yes. If there is an omission, yes, if there is something even slightly off with a derogatory mark then you have the right to challenge that with the creditor reporting the issue. There are companies that specialize in helping you remove inquiries, challenge and remove some derogatory information, and will do their best to educate you on how to obtain the brass ring, the 800+ credit score. You may even reach for the top and try for a score of 850 which can be done but it takes a lot of work and a lot of "age" on your credit report. Please inquire with us on a company we recommend to help work with you on your credit report as well as find you funding at the same time. We found a heck of a good company to do that.
Playing the Timing Game
Let's say you have two credit cards and one has a reporting date of the 3rd of the month and the other reports on the 26th of the month (you can find the reporting date by looking at your credit report and next to the credit card will show the date they report the balance. To obtain optimum utilization be sure that the card on the 3rd carries a low balance and if you must, transfer that balance AFTER the reporting date to the other card so that card reports on the 26th with a low balance as well. Many people keep their balances "fluid" to keep the utilization appearing low. Your credit report advisor will help you understand all the techniques used to obtain a high credit score as quickly as possible.
Experience Can Make a World of Difference
Sometimes you really need a professional to help you manage your credit report. It may be due to multiple inquiries, some derogatory information, a charge-off from years ago, or something that just keeps your score from moving up. There are some real advantages to hiring a professional to do the work and do their best to clean up your report. They may not have success at removing everything, but they know the secrets because they spent years learning exactly how the credit reporting agencies work, how they behave, and how they handle disputes. Please contact firstname.lastname@example.org if you would like a recommendation.
Learn More About Credit RepairClick on this link to find books and information on credit repair, credit reporting, and the how-to's with personal credit repair.