Willing to fix your credit? Living with a bad credit is a tough job, as it makes plenty of things difficult for you. There a lot of advertisements trending on the internet and television that claim of improving credit score in 30 days. However, it is always recommended that you Fix Bad Credit On Your Own.
It may be that you had a loan, pending credit card payments or balance due to someone. Advertisements would tempt you to assign someone to boost your credit score. Before you get on such a mission it is important that you read the important things related to repairing a bad credit. Read the blog below to stop living with a bad credit. Repair your credit with these easy steps.
- The credit reports maintained by the FTC does not allow anyone to make changes or remove the negative remarks from the report. Therefore, if your assign anyone to fix your credit, this would go waste.
- You can fix credit yourself, as credit repair institutions would also do the same actions. There are no such easy ways to fix a bad credit. Such companies just save your time, instead, you can work towards fixing your credit and save your pocket from spending those extra dollars.
- There are plenty of credit repair companies that claim of repairing your credit by 100%. Such firms may not be genuine. As repairing credit is an uncertain thing. You cannot promise, as the factors leading to a bad credit card are sometimes too hard to repair.
How to Fix Bad Credit for Free
Here are some basic tips that would help you fix your bad credit with no extra costs. You just need to dedicate some time and you are ready to go.
Check your Credit Report
To get started with fixing credit the individual is required to approach the credit bureaus for your credit reports. Once have your report in hand, it is time to examine it carefully. Now you can identify where there are mistakes and what are the parts that need immediate repair.
However, getting your credit report from the agencies is extremely easy. These pack the different types of data that affect your credibility. You can also match your credit report data in order to check whether they are correct.
What to check in the Credit Report?
This is one of the most common questions I have come across. Once you have your credit report in hand, it takes you to a state of utter confusion. You may be wondering what I should gauge on the report. The answer is quite simple. You need to check your personal information that includes- name, address, birth date, financial information and more.
Next, it is time to check the legal problems that may be bankruptcy, wage garnishment or lien judgment. These can be the causes of damaging your credit. Get a deeper insight into these problems and find out which is causing a threat to your credit score. Sometimes, such problems are not taken into consideration after a certain period of time. If they have already aged off, you need not worry.
Here is the data that shows how your credit score is determined:
- Credit Utilization- means the amount of debt you are holding in the ratio of your credit limit. If you carry more debt that your credit limit then it would negatively affect your credit score. This amounts to 30% of your score.
- Payment History- This is the record of the repayment of the debts. If you have always paid your load installments and credit card bills on time your credit score would be 35% better than the others.
- Types of credit hold 10% of your credit score.
- If your profile has undergone more credit inquiries if your affect your score by 10%.
- The duration of your credit or loans amounts to 1 5% of determining your credibility.
Apply the most used way
This is all about using a secure credit card. These days millions of Americans are using a secure credit card such as Capital One Secured MasterCard, Discover It Card, Open Sky Secured Visa Card, Digital Federal Credit Union Card and much more. You can even compare these credit cards at Nerd wallet’s website or check the Wallet Hub’s list of secured credit cards. Read credit card review and select the best credit card for yourself.
Building a credit score with a credit card is effective. There are credit cards that are specialized for repairing your credit record. Make the payments on time and you would move a step forward towards repairing credit.
If your credit card application is not approved, do not panic as we are here to provide you the list of secured credit cards that do not require a good credit score for approval. However, the deposit is equal to your credit limit.
Here is the updated list of 2018 secure credit cards. These can be approved even if you have a bad credit.
- Discover It Secured Credit Card
- Capital One Credit Card
- OpenSky Secured Visa Card
- Primor Credit Card
- First Progress Credit Card
- USAA Secured Cards by American Express
- First Progress Platinum Select MasterCard Secured Credit Card
- First Progress Platinum Prestige Credit Card
To apply for the card you can go to the application page of the bank and simply fill out the application form. Upon approval, you will receive a confirmation email.
Monitor your credit score frequently
Once you have taken serious measures to fix credit, it is equally important to keep a check for improvements. This allows to identify errors at the earliest and resolve them. Repair Mantra recommends you to sign up for credit monitor services. Search for credit monitoring services and use them to know your credit score anytime and anywhere. Websites like Credit Karma are completely free to use and are easily accessible via any internet connected device.
Are you are Victim of Fraud?
I have often come across cases where people are victim to fraudulent activities. Check whether someone has opened credit accounts in your name without letting you know. This can cause serious damage to your credit score. If you find a track of credit activity that is not performed by you, report immediately to the CFPB (Consumer Financial Protection Bureau).
Re-building credit score takes a little time. You have to keep a little patience till the changes are seen. The ways mentioned below would surely be a great help in fixing credit on your own.