Reduce the amount of debt you owe, This is easier said than done, but reducing the amount that you owe is going to be a far more satisfying achievement than improving your credit score. The first thing you need to do is stop using your credit cards. Use your credit report to make a list of all of your accounts and then go online or check recent statements to determine how much you owe on each account and what interest rate they are charging you. Come up with a payment plan that puts most of your available budget for debt payments towards the highest interest cards first, while maintaining minimum payments on your other accounts.
When you wonder why and check your credit report, you may be surprised to find one or several negative items tarnishing your score. Or maybe you’re not even sure how to interpret all of the information listed there! Once you figure out what’s on your credit report and how it affects your score, you can start your credit repair journey. Fixing bad credit is not something that can be done overnight, but at the same time, you don’t have to wait years to see improvement.
New credit tips: Note that it’s OK to request and check your own credit report: this won’t affect a score, as long as you order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers.
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Even if you eventually catch up on what you owe, any payment that is more than 30 days late can appear on your credit report. However, some creditors don’t report the past due payment until a second payment is owed because they don’t want to upset good customers who simply forgot to the deadline and made it up the following month. Credit reporting rules do require that after a second payment is missed, all past due payments must be reported. Late payments or delinquent accounts may be reported for up to seven years after the date of the last scheduled payment.
Don’t Close Unused Credit Card Accounts – The age of your credit history matters, and a longer history is better. If you must close credit accounts, close newer ones. Be Careful Paying Off Old Debts – If a debt is “charged off” by the creditor, it means they do not expect further payments. If you make a payment on a charged off account, it reactivates the debt and lowers your credit score. This often happens when collection agencies are involved.