Thursday, August 15, 2013

Credit Repair Tips for 2013 (Part 6)

The market and economy is moving in a positive direction. Service prospects are developing, real estate values are evening out, and the economic points across the board are facing up. Along with that, credit repair chances have never been so delightful. Fair Isaac, the inventor of the famous credit score, doesn’t expose the bolts and nuts of their ways, but it is obvious that along with a reduction in regular debt default values, the FICO formula is much more forgiving of the previous mishaps, and much more rewarding of excellent behavior. It is the time to take control of your credit repair attempts for outstanding results. 

Check out Part 1, Part 2, Part 3, Part 4 and Part 5 if you have not yet.

Increase Your Account Limits
This concept may seem crazy for so many people that had their revolving account limits lowered in the last decade. But times change, and as default rates in general have declined credit card companies have become more eager to do business. Once you have taken all of the steps above and your scores are looking up and you have cleaned up your reporting errors, now is the time to call your lenders and boldly ask for higher limits. What is the point? The lower your balance is relative to your limit, the higher your credit score. And with higher limits, when you need to use your card you are less likely to cripple your scores.

That is the end of this series.  Any other suggestions for credit repair that were not covered?

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