Credit Score Repair Basics

Posted by: Lisa N. | Jan 17,2008

If you’re working to repair your credit score, there are some steps you need to take before you’ll see improvements. Your credit report is used by prospective employers, insurance underwriters, landlords, lenders and credit card companies to help determine your viability as a customer. For many of these companies, your credit score is the key piece of information that they use to decide if they want to do business with you. What you need to know about repairing your credit score:

 

Try to pay down your credit cards to fix your credit report. Experts say that your credit history will be impaired if you have more than 25% of your total credit limit charged. If creditors and lenders think that you have too much debt, you’re less likely to get additional credit at a competitive rate.

 

Although it seems to fly in the face of budgeting and money management, you can repair your credit score when you take your debt and distribute it onto more than one credit card. You can use low interest balance transfer credit cards to help fix your credit report. The result? You’ll have less debt in comparison to your overall credit card limits- and that’s what lenders and creditors want to see.  

 

Compare and apply for balance transfer credit cards online.

 

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