A poor credit score can greatly hurt your life. It can be used to disqualify you from jobs, loans, and other basics that are needed to survive in today’s world. All hope is not lost, though. There are some steps that can be taken to repair your credit score. This article will give some advice that will put your credit score back on track.
If you have credit cards with a utilization level over 50%, then pay them down until they are below 50% utilization. Credit card balances are among the factors taken into account when determining your credit score. Maintaining balances over 50% will lower your rating. You can attain lower your balances by using balance transfers to move debt from accounts with higher balances to those with lower balances, or by simply paying off some of your higher balances.
Be immediately proactive if you feel that someone has used your credit illegally. Whether it is through attempted identity theft or fraudulent attempts by non-reputable creditors, these attempts can slip by without vigilance on your part. Take the time to research any report to your file and examine the source.
Limit yourself to 3 open credit card accounts. Too much credit can make you seem greedy and also scare off lenders with how much you could potentially spend in a short period of time. They will want to see that you have several accounts in good standing, but too much of a good thing, will become a negative thing.
Nobody wants a poor credit score, and you can’t let a low one determine your life. The tips you read in this article should serve as a stepping stone to repairing your credit. Listening to them and taking the steps necessary, can make the difference when it comes to getting the job, house, and the life you want.