5 Important Ways To Know You Need Credit Repair
Credit is considered to be of prime importance when it comes certain milestones in your life. For example, buying your dream home, educational funding, and even securing a good job require you to maintain a good credit score after all. In fact, you cannot ignore your credit report as it could haunt you at every important event of your life. This is why you need to favorably consider credit repair if you have a bad credit history. While each individual may have a different credit situation, there are important signs that alert you when your credit report needs some work. Here are 5 important signs that you need credit repair.
1) You have a credit card balance. It may have begun as a few innocent charges in the beginning. But has ballooned into a full-blown debt now. You tend to make minimum payments without looking at the current balance. It is quite easy to get trap in this situation. Your credit utilization ratio would rise under such circumstances and the damage is already done.
2) Your loan application was denied by the lender! Most people realize the state of their credit score only after being denied for a loan. Each lender will have their own requirements for creditworthiness. In fact, one company may approve your application and another might deny it. In fact, any denial should be cause for concern.
3) Forgetting to pay your bills on a regular basis! An occasional lapse will not hurt your credit score. But regular instances may add up over time. This may cost you 150 points or more in the long run. The longer you wait to pay your bills, the more damage is done. For example, if you pay the bill 60-days later, it can have a more negative effect on your credit score than paying the bill 30-days later. If you don’t pay attention to this, your credit score can suffer as a result.
4) You are not aware of your credit score! Your credit score has a lot of power over your life. Yet, the majority of us are unaware of our credit scores. A recent survey reveals that only 40% of Americans know their credit score. Not knowing your credit score is no excuse for a bad credit score. This is why it is important that you keep track of your credit score to repair and maintain it accordingly.
5) You have no credit history! You may wonder how to repair a score that you don’t have at the moment. If you don’t have sufficient credit history, you may find it difficult to qualify for new loans, lower interest rates, and all other important benefits of strong credit. A credit repair expert can help you begin the journey with the right credit score insights and financial management tools. You don’t have to wait for credit repair until you have a negative credit score. You will be educated on the right methods to maintain a positive credit score over time. Just look at the benefits of working with one of our credit experts:
. Creditor interventions
. Constant monitoring of credit reports and damage maintenance
. Identity theft notifications
. Analysis of credit scores
. Access to FICO Scores
. The right financial management tools
. Legal representation for abusive third-party debt collectors, etc.
In fact, credit repair will not occur overnight. The right tools and support are essential in this regard. Focus of credit repair now for long term stability.