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To repair credit history is a very basic process for the people having a bad credit history. The succeeding paragraphs have detail information on how to repair bad credit history.Late payments can have erroneous impact on your credit report.Reduce the use of multiple credit cards and stick to a single credit card.A bankruptcy stays on your credit report for up to 10 years.Request in writing that your creditors reduce the credit limits on your accounts to lower your amount of available credit.The services provided by the credit counseling agencies include debt management services, debt consolidation of credit cards,debt reduction and debt settlement.Get a secured credit card to rehabilitate your credit history.
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Hello Ricky,
You give some good info here. I also always advise people to only have one or two cards and to never charge more than 30% of the limit offered. I relize some people have had to rely on credit cards to get them through a tough priod but if that does happen and someone aquires a lot of debt my best advice would either be a consolidated loan or if that is not possible I tell them to try to pay each down so that they are below the 30% level. This way it would have a better impact on their credit score.
Dont use multiple credit cards just stick to only one.
hi fireyone,
when we want to avoid bankruptcies we have to pay our debts on time.i agreed with your advice....
credit
If you can afford to make payments, on more than one CC, that's great. But....I know TOO many people who get a bunch of credit and than can''t pay the 'credit' back. Stay 'within your means'. Pay down what you owe NOW.
The key to credit cards is not to have too many. This can lwead to over extended credit and that does not llok really good with a bank. If you have four cards with a cedit limit of $3,000 on each then they actually count the whole $12,000 against you. This is because those funds are there for your use and how would they know if you were to use them and then not handle your payments. We recently closed down a furniture account we have had paid off for a while. The line of credit was $6,000 and we did not want it messing with our debt to income.
credit
I have one CC. It's a $250.00 limit. It's a good start to repair my credit...been making timely payments and paying it in full every month.