Credit Repair "DIY" Do It Yourself (100 tips in 30 days)

Tip #53: Take care of those things besides a credit score that affect how lenders view you

Lenders will often look at not only your credit score but at other financial indicators, such as your income, employment record, and savings. Keeping these things in order can complement your credit score and can help you get good overall credit. Some lenders have their own ways of calculating credit scores, so keeping your overall financial system in good shape is one way to ensure that you are in good shape in all lenders’ eyes.

Be aware that when lender ask to see your credit score, the credit bureaus send not only your credit score, but also the top four reasons why your credit score is lowered. The most common reasons for lowered credit scores are:

1) Serious delinquency in repaying accounts or bills.

2) Public record of bankruptcy, civil judgment, or report to a collection agency

3) Recent unpaid or late paid debts or accounts

4) Short-term credit record

5) Lots of new accounts

6) Many accounts have late payments, defaults, or non-payments

7) Large debts or amounts owed.

Knowing that your lender sees these possible problems can help you see the need to develop the best possible face to present to a lender. Lenders who look at your entire credit report may get a more positive picture of you than lenders who see only a number and four reasons for a lower score.


Tip #54: Follow up on closed accounts

You closed a store card years ago - but is it still listed as an open account? Bureaucratic mix-ups happen, often quite frequently. If you want to keep your credit score good, you need to follow up on financial details.

Whenever you close an account - whether it’s a credit account, bank account, or utility company account, make sure that you get written confirmation that the account is closed and paid in full and then follow up a few months later with the company to confirm the closed account. This simple precaution can save you hours of frustration - not to mention a lowered credit score.


Tip #55: Don’t move around a lot

Lenders like to see stability - it suggests stability in financial matters as well as in your life, and makes you a better credit risk. Plus, every time you move, you may have to change your credit information - including switching banks. This actually negatively affects your credit score by not allowing you to develop long-term relationships with lenders.

Remember: Your current and past addresses are listed on your credit report even if they do not directly affect your credit score. Any lender looking at your full credit report will be pleased to see that you create a stable life for yourself. Not moving too frequently can also save you money on moving costs, which can add up quite quickly.


Visit www.credithelp21.com for you very own “DIY” Do It Yourself Credit Repair Kit.

If you are looking for mortgage financing or need to use a free financial calculator go to www.questgroup-usa.com