Hidden Credit Repair Secrets Read online

  Make sure that you keep copies of any correspondence you have with the police and anyone less when trying to clear up these matters as this will help you to repair your credit score.

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  Contact all your current creditors and explain the situation to alert them to any problems and make sure that all your current financial arrangements are safe by changing access passwords and if necessary closing accounts.

  Keep all your correspondence with your creditors on file for future reference if required.

  Your creditors will need to know what has happened as they might see that your credit score has dropped and this will cause them concern for the money you owe them.

  The sooner they are advised of the situation, the fewer problems you will have where they might reduce the amount of credit they had previously allowed you to have access to.

  Things that Affect Credit Score

  Often people will do things that affect their credit score without knowing that they are doing so and cause it to be lower than it should.

  There are so many different businesses that allow you to have credit cards for purchase at their stores and offer a credit limit on those cards to entice people to make purchases.

  While these are easy to get they are also easy to forget and many people have a number of 'store' credit cards that they never use without knowing that they will appear on a credit report and can have a detrimental affect on your score.

  This happens because lenders will see that you have many different sources of credit and to them that might be one card too many to allow you to borrow from them even though you aren't or haven't been using it.

  The other problem with having too many accounts is the fact that there is the chance that you might forget to make the necessary payments on them simply because there are too many to manage and more to forget. This will have a negative affect on your credit score too.

  You should close any accounts that you aren't using unless specifically needed for financial planning.

  If you are using the additional accounts to spread your credit over various different accounts then that can help your credit score so you will need to look at each situation on an individual basis and how it can benefit you.

  Closed accounts will still show up on your credit report for some time and they can still have an affect on your credit score but you need to look at the longer term and what is best for your future rating remembering that the sooner you take action to make positive moves the sooner your credit score will begin to rise.

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  Inquiries Affect Credit Score

  There are many little factors that can make lenders feel less inclined to give you credit and even having a large number of inquiries on your report can raise a red flag.

  The reason for this is because the lender might assume that you have been trying to get credit from many different lending institutions.

  If you have done this and been rejected by the other companies then the one you are currently applying to will be reluctant to give you their money, as they will assume that their funds are at risk if others have declined your applications.

  The number of inquiries will be noted on your credit report so it will always be available for lenders to access.

  It is better to have all the enquires made within a short time period as it will be reasonable to assume that you were shopping for one loan rather than to have many inquiries spread over a long period of time where it will look like you have been constantly searching for money.

  Many inquiries close together will often be combined and represented as one inquiry that won't have any detrimental affect on your score.

  The best course of action to take is to do your research of the companies that you intend to use and see what their terms are before you take the next step and get them to do a credit check on you.

  By eliminating as many of these businesses as you can with your research you will reduce the number of inquires made against your name.

  You can also reduce inquiries by using companies you currently deal with rather than seeking new sources of finance.

  These are small factors that can affect your credit score and when you are trying to boost it all these little actions can amount to some positive changes while you are in the rebuilding process.

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  About The Author

  After suffering from a poor credit report for years, Mark Clayborne went on a mission to study everything he could on restoring his credit. Concluding the extensive research, he repaired his credit report and learned various hidden secrets on how to improve a bad credit file. Because of this no found tested knowledge, Mr. Clayborne helped over a hundred consumers repair their credit and take their financial life back. Now, he wants to share these strategies with the world and as a result HIDDEN CREDIT REPAIR SECRETS was created which has sold over 1000 copies as of today. Mark is a certified credit consultant with over 100 articles written in the area of credit repair. He graduated from Virginia Commonwealth University with a Bachelor's Degree in Criminal Justice. He also holds a paralegal diploma. He currently lives in sunny California with a beautifulwife and lovely daughter.