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Paul Chehade - Simple Things You Could Do To Repair Your Credit

Whether you fell prey to the guys handing out credit cards like candy on campus, got carried away on one too many shopping sprees or got hit hard by the recent economic downturn, you probably did some damage to your credit. Luckily, there here are some steps that you can take to turn things around.

Getting money for a home loan can be difficult, particularly when your credit is less than perfect. See about getting an FHA loan, which are loans that the federal government guarantees. You may even be able to secure your down payment and closing costs through an FHA loan. It depends on if you qualify.

Pay down the balance on any credit card that is 50% or more of the credit limit. If you have a balance that is more than 50 percent, your credit score will drop. If you can, pay the balances on your cards; if not, do your best to pay as much as possible each month.

Legitimate negative credit problems can not be easily wiped away from your credit rating, so be wary of companies that promise they can do so. Negative credit information remains on your record for up to seven years. Be aware, however, that incorrect information can indeed be erased from your record.

Do not try something that you do not know is legal or illegal. Scams abound on the internet that show you how to change your credit file. It's illegal to do this and you can get caught easily. You could end up owing a great deal of money or even facing jail time.

Contact the credit card issuer with a request to lower your card's limit. You will not be able to spend too much and they will see that you are responsible.

If you notice credit reporting errors, always file a dispute. Compose a letter of dispute to every agency that reported errors, and include as much documentation as you can. Mail your dispute documents to the agency using certified mail and a return receipt so that you can prove the agency received them.

If you and your creditor decided to set up a payment plan, you should first get the details of the plan in written form. If the creditor tries to change the agreement or if it the company is sold to someone else, you will have documentation to support your case. After you have paid your debt, request appropriate documentation that confirms your zero balance.

Try not to file for bankruptcy. It is noted on someone's credit report for 10 years. It may seem like the right things to do, but your future will be affected. Once bankruptcy has been filed, it could permanently halt your chances of ever obtaining credit again in the future.

Even though mending your credit can seem very overwhelming at first, if you apply some hard work and good advice, your credit can be repaired. The information given in this article is sure to lead you to a higher level of financial security.

Paul Chehade
Solidary Foundation

http://www.solidary.org

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http://www.solidary.org

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