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Credit Card Repair: How To Increase Credit Score
In order to improve credit scores, it’s important to know where one currently stands. More than 30 million people in the United States have credit scores under 620, and it is imperative for any consumer to know the basics of how to increase their credit score.
This is not an impossible task, but credit repair is definitely more difficult than getting into credit card debt in the first place. Anything below 720 lessens one’s borrowing power. However, with diligence and perseverance, one’s credit can be repaired. The following are a few points on how to increase credit score.
I. Know/monitor credit scores. The first step and it is absolutely required. Four major credit reporting bureaus can give consumers their current credit score: Experian, Transunion, Equifax and Annual Credit Report. Periodically, you need to check to see if any errors have occurred. It is unfortunate, but the burden is on the consumer to follow through.
II. Be careful with credit card repair companies making unsubstantiated claims often for an upfront fee. Some/many are scams and will still leave consumers with damaged credit, according to the FTC.
III. Go slowly, pay on time and keep low balances on credit cards. One needs patience in re-establishing credit.
IV. Using current or new credit
Get only a “secured” credit card making sure it reports to a credit bureau.
Don’t get new cards or max out existing ones. Rotate cards frequently, keeping low balances. Following these steps will facilitate re-establishing good credit.