As of today, there are over 30 million people in the U.S. alone with bad credit. If you are one of these people suffering from this problem there is still hope. Though it will take some time, getting a better credit score can be done.1. Learn what credit information is being held about you. It is very cheap to get your credit report from one of the main credit reporting companies.
2. Except for emergencies, do not use your credit cards. Do not close your account because that can hurt your credit score further. Besides, you might find it harder to get another credit card in the future, so keep at least one account open, so you will not have to worry about applying for another one.
3. it is important to find and resolve inaccuracies. Around 40% of all credit reports credit reports contain errors. Examine your report carefully for any fraudulent transactions, or identity theft. If you find any inaccuracies notify the credit bureau immediately.
4. Develop a financial plan or budget. You can either pay your bills little at a time, get credit counseling, or the last resort is filing for bankruptcy. Make a financial plan and stick to it.
5. Negotiate with your creditors. Most creditors will work with you to get a reduced payment schedule. It will not hurt your credit if they do not report you to the credit bureau.
6. Take things overtime. Your credit score will get better if you implement a few of these steps I outlined above.
Source: ezine
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