Rebuilding credit after collections, late payments, charge offs, or bankruptcies can take some time. If you follow these tips, you’ll be on the path to establishing better credit, higher FICO scores and the ability to qualify for better rates on mortgages and credit cards!
Inaccuracies found on your credit report may impact both your credit score and your eligibility for obtaining a loan or renting a property.
Dispute errors on your credit report
The 1st thing you want to do is enroll in a financial wellness platform with a great credit repair software that can view current credit reports and scores. This will give you an accure idea of the amount of work that’s needed and help you dispute inaccuracies.
Stop trying to obtain new credit
Stop applying for any type of credit while you are disputing inaccuracies! All hard credit inquiries impact your credit, and creditors don’t want to see a bunch on credit reports. Once your credit is in a better situation, you can see if you pre qualify for a credit building credit card. DO NOT apply for multiple cards!
Pay all bills on time
Make sure all creditors are paid on time every month! Each new late payment imacts your credit severely! Your payment history is the biggest factor in your FICO score, so one late payment can impact it greatly.