by: jenniferquilter
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Date: Tue, 23 Mar 2010 Time: 5:47 PM -
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Fixing your past financial problems will of course help you on your path to improving your credit score, but another important part of the process is rebuilding your history. Because both of these types of credit improvement options are mentioned together when talking about improving your rating a lot of people don't realize there are two parts of the process that both need attention.
Article Source: DirectoryArticles.com
Repair is things you're probably somewhat familiar with. This involves getting a copy of your report and looking it over for mistakes. This is both trying to fix your past problems and fixing things companies have mistakenly reported.
For instance, if you have a high balance on any of your cards or loans paying this down will improve your score. If you have one old late payment with a company that you have since been in good standing with you could write to the company and point out that since you've been a loyal customer you would appreciate if they removed that mark from your report.
In terms of mistakes on your report you want to call and have companies fix things if something you have paid in full says you still owe, or if they have marked your limit on your cards as lower than it should be. The amount of credit available to you versus the amount you have used is an important factor in determining your rating.
Rebuilding also begins with getting a copy of that report. Do you have a good history with loans, but no (or bad) history with cards? You want to build up a healthy history with both of these types of credit use. If you have a low score and can't get a loan or a card, consider getting a secured card from your bank, or look into secured loans.
For a great rating you want to both fix your past credit, and build up healthy use for the future.
These aren't the only things you can do, for more about improving your place on the credit scale check out the Credit Score Scale.
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