Do It Yourself Credit Repair

The mere fact that you are reading this proves that you are serious about your credit and you are ready to do something about it. Most people never take the initiative to better their lives by repairing there credit or they make the common mistake by attempting to use a credit repair agency which does nothing to help them at all. I want you to stop reading this just for a moment and bookmark this article. You will want to refer back to it over and over again. You should also grab something to take notes with. I am going to reveal some very important steps that you must take in order to achieve the buying power that you have always dreamed of.

Let’s begin by getting a little organized. We can start this process by generating a list of whatever revenue you currently have coming in at this time. Make sure that you Do not forget to include revenue such as government checks, tax breaks, or any other additional pension payments that you may receive.  Next you will want to make a list of all your fixed expenses – for example, utilities, rent and or mortgage payment, car loans, groceries, gym membership etc. I think you get the point of what a fixed expense is. By following this simple process you will develop a good understanding of where you are making mistakes as far as your finances are concerned.

Now the fun begins… It’s time to contact your creditor/lender and negotiate with them on the terms of repaying your current debt. Keep in mind that this step is crucial step towards repairing your credit repair history. Once you and your creditor/lender have come to some sort of agreement regarding terms of payment make sure you do not forget to request that they remove all negative marks and correct any errors found on your credit report. Once all negotiations are final you will want to get everything in writing as far as your terms of agreement. Whatever you do do not trust the creditor/lender with the responsibility to write up the agreement… This is IMPORTANT it is best that you do it yourself… You write up the agreement and mail it to the creditor/lender along with a self addressed stamped envelope. This will ensure a speedy response thus leading to you improving your credit history faster, after all this is your main objective.

Another point that I would like to bring to your attention, is if you have a delinquent history, and a low credit score, I recommend writing a letter asking the creditor/lender to change any charge-off to a, “paid as agreed“, “paid in full, on-time.” NOTE: This process can also be used to achieve the same results with collection agencies as well as credit lawyers. It is crucial that you do ALL negotiations before you send any monies to the creditor/lender. If you send any type of payment you will instantly loose any advantage that you may have had.

The next method that I recommend to my students is to start a new line of credit. At first glance you may think that this sounds a little crazy however it’s really an excellent strategy. This method is very easy all you have to do is get a secured credit card, secured loan, or a car loan. Out of the methods that I have listed getting a secured credit card is by far the easiest one to accomplish and it’s the most effective. It is also important to note that the balance of your secured credit card should never be more than 20% of the maximum credit offered.

The strategies that I have just shared with you will indeed help to repair your credit history, however it isn’t enough. You will also want to correct some errors that you currently have on your credit report. If you were to listen to the media has to say you would believe that the best way to repair your credit is to use a credit repair agency or some credit repair attorney. However if you were to to believe the Federal Trade Commission (which would be a wise choice) they explain that there is nothing that any other credit repair agency, or credit repair attorney can do for you that you can not do for yourself. In fact they recommend that you do repair your own credit. The only thing you need to repair your credit yourself is some basic knowledge.

Visit my website and download your own credit repair kit and start repairing your credit today.