Six Credit Repair Secrets
1.Pay down the cards that are maxed out first.
By charging more than 50% of your available credit on any one card points are deducted from your credit score.
2. Don't reach your credit limit
Your credit use ratio (Total outstanding balance/total credit limit) is one of the ways creditors evaluates your score. As a general rule, spend no more than 30% or your credit limit(s). (Individually and/or collectively)
3. Resist consolidating your debt on to one card
This can hurt your score. Your total available credit will be reduced, which means you're more likely to be spending more than 30% of your limit.
4. If you must pay late, don't go past 60 days.
If you can't pay on time, make the payment as soon as possible thereafter. Most lenders reports payments that are 60 days overdue, but some do not report payments that are 30 days past due, etc.
5. Try not to move.
Multiple moves affect your score negatively. Each bureau has a different way of calculating risk and credit bureau's look at moving around as unstable.
6. Pay off debt rather than moving it around.
The Most effective way to improve your credit score in this area is by paying down your revolving credit.
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