| By :
Jim Kemish
Take Charge of Your Credit Life Do not underestimate the power you have over your credit. It does not matter how bad your situation was in the past, credit repair can mitigate any derogatory event and produce a dramatic improvement in your scores. It is up to you. If you opt to ignore your credit, and quietly hope that time will one day cure the situation, you will have needlessly wasted years, and potentially cost yourself untold thousands of dollars. The time for credit repair is now. The Best Measurement The best measurement of your credit repair success is the improvement you will see in your credit scores. The elimination of derogatory information on your credit reports is an important and wonderful aspect of the credit repair process and a notable contributor to the improvement in your scores. But there are many subtle factors that need to be employed if you want your scores to be their very best. Credit Repair Disputes I recommend the use of a good credit repair service to manage the process of sending dispute letters to the credit bureaus and cleaning up your credit reports. But there are many things you should do on your own to improve your credit scores. Each of these techniques alone can provide a considerable benefit, but put them together and you will experience a remarkable and speedy improvement in your scores. Open Credit Cards You must have at least two open credit cards. MasterCard and Visa are the preferred vehicles for this aspect of your credit repair. American Express and Discover are capable of producing the same kind of gain, but for practical reasons I do not recommend them as strongly. American Express is often expensive and may be difficult to get if you have past credit issues, and Discover is not as universally accepted. If your credit issues are weighty enough just get secured cards. You will not get denied and they are every bit as valuable for your credit scores as standard unsecured cards. Manage Your Balances Once you have your cards it is time to employ a powerful credit repair balance management technique. Use your cards, maintain a small balance at all times, but do not use more than twenty percent of the amount you have available. This requires only a little attention to do correctly and will provide an amazing boost to your credit scores. Do not worry about the interest you will pay on your card. If your interest rate were twenty percent and you kept a balance of thirty dollars on two cards the total interest you would pay in an entire year would be only twelve dollars. It is a small investment for a great return. Manage Existing Debt If you have existing credit cards you can apply the same technique to managing your balances for credit repair success. Reduce the balances of your revolving accounts below the twenty percent mark. On a practical note, credit cards offer a convenience, and if you need to use them do so. Your revolving balances are completely forgiving. If you use the entire limit on a card you scores will drop, but as soon as you pay them down your scores will pop right back up again. Right Debt Wrong Debt I mentioned previously that the preferred cards for credit repair are MasterCard and Visa. It is also worth noting that there is a type of debt that at best will have virtually no score benefit and at worst will damage your scores in spite of your careful balance management. Consumer debt is treated poorly by the prevalent credit scoring software. This includes store cards and the type of financing typically offered by furniture and appliance stores. There may be a convenience to this type of financing but you should understand the possible impact it can have on your credit scores. Choose carefully and you will get wonderful credit repair results! Copyright © 2009 James W. Kemish. All Content. All Rights Reserved.
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