10 Things You Can Do Today To Improve Your Credit

Blemished credit is both stressful and costly, but it’s not the end. As hopeless as the situation might seem, bad credit won’t last forever. There are things you can do right now to begin repairing your credit.

1. Stop using your credit cards
In a bad credit situation, one of the worst things you can do is continue accumulating debt by making credit card purchases. Put your credit cards away until you have more control of the situation.
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2. Get a copy of your credit report
You can't begin repairing your credit until you know exactly what you need to work on. Obtain a copy of your credit report from each of the three major credit bureaus to find out which accounts need work and which are just fine.
More Info On Ordering Your Credit Report

3. Clean up your credit report.
If your credit report contains incorrect information, you have the right to have it removed. Your credit report will include information about disputing inaccurate information with the credit bureaus.
More Info On Credit Report Disputes

4. Get current on delinquent accounts
Your payment history makes up 35% of your credit score. Getting current on your delinquent accounts will have a great impact on your credit.

5. Don't put in any more credit applications
As long as your credit is in repair mode, you should avoid making any more applications for credit. It's likely that you'll get turned down for credit and the applications will only decrease your credit score.
More Info On How Applications Affect Your Credit

6. Keep accounts with balances open
You might be tempted to close out credit card accounts that have become delinquent, but wait. Before you close any account make sure it won't negatively affect your credit.
More Info On Closing Credit Cards

7. Call your creditors
Right now they're certainly the last people you want to talk to, but you'd be surprised at the help you might receive. Talk to your creditors about your situation. Many of them have temporary hardship programs that will reduce your monthly payments until you can get back on your feet.

8. Pay off your debts
You will have to start paying off your debts to improve your credit situation. If you don't have the money on hand, sell some of your belongings to speed up the process. It will be a sacrifice, but the financial freedom you gain will be worth it.
Making a get-out-of-debt plan

9. Get professional help
Resources, like consumer credit counseling, are available to assist you. If you are overwhelmed by your credit situation, seek professional assistance. You can locate a credit counseling agency through the National Foundation for Credit Counseling.
More Info On Consumer Credit Counseling

10. Be patient
Your credit wasn't damaged overnight, so don't expect it to improve in that amount of time. Continue paying your debts and over time you will see an improvement in your credit.

From LaToya Irby,
Your Guide to Credit / Debt Management.