Lets face it, the economy is bad. Yes this could be from different things banks have done but they will never admit it. We can place the blame on any entity we would like but blaming is not going to fix the problem or your current financial situation, if blame could fix things, there would never be any problems with anything because everyone is great at blaming things on people and businesses.
The problem: The economy is bad your credit score has dropped and you are looking to get a new loan or credit card. You can’t get it because your credit is bad and you feel there is no way to fix it.
Luckily there is a solution: Fixing credit reports is 100% definitely possible. No, it may not be easy and it may take a year or even more, but it is definitely possible. There are a few steps to this painful process but if you follow them as I put them I can assure you, you won’t have any problems.
1. Get a copy of your credit score: you can do this for free at www.MyAnnualCreditReport.com. This is very important because you cannot expect to fix something without taking a look at it first, this is why a roofing company can’t give you an accurate estimate over the phone.
2. Dispute transactions that you didn’t make: Many people will find things on their credit report that shouldn’t be there and find that they are there anyway. Write a letter to the credit reporting agencies saying I don’t know about this account and they will need to provide proof that you opened the account and are not paying it before they can continue reporting the delinquency.
3. Pay off old debts: they won’t disapear if they are legit. Make sure to start paying off old debts because if you don’t they will linger there for 7 years or longer constantly affecting you. So PAY THEM OFF!
4. Get new revolving credit lines - believe it or not a credit can do wonders for your credit as long as you don’t go over 50% of the credit line and your account remains in good standings. As a matter of fact getting a new credit card account is the most important step of the process. You can find great credit cards at www.JemCreditCards.com. They even have credit building accounts there! I would advise Chase when using cards for this purpose.
5. Start over: thats right, start back at step 1 check your credit report again. Make sure all of the things you didn’t notice are gone, if not report them and make them go. Continue Paying off old debts. Continue opening accounts!
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