Credit Repair is very doable and you are able to Repair Your Own Credit, but then you must be able to Maintain and Optimize Your Good Credit Score and we will go over a few things that can help you to Maintain and Optimize Your Credit Score.
The information you discover here is meant to serve as a primer, as you continue through our website we will expand on the several topics that we mention on this page.
Regardless of whether you are at the beginning of your Credit Repair journey, or you are in the middle of it, or you have arrived, all of your hard work will amount to nothing if you do not maintain Your Good Credit.
With this in mind, we will provide you with some sound advice for you to continue, to not only maintain your Good Credit Score, but to also Optimize Your Credit Score.
Please do not shrug off this advice with an: ‘I already know this’ thought, because when things are going GOOD, many times, we have a tendency to throw caution to the wind and take on bad habits.
Make the following advice part of your heart, mind, and soul, and live your financial life with direction and purpose.
Pay Your Bills On Time: If you send your payment through the mail try to send your payment at least 10 days before the Due Date to avoid any delays in posting your payment. If you pay your bills online make sure to pay at least three days before the Due Date to allow your payment time to post.
NOTE: Regardless of how you make your payment, make sure to check to confirm that your payment has been posted to your credit account On-Time. If you discover a discrepancy with your Payment Posted Date contact the creditor immediately and have them make a correction.
Avoid from Taking Advantage of ‘Grace Periods’: Though this ‘grace period’ may be seen as a ‘creditor courtesy’, if your payment is posted past the Due Date it may be recorded as being ‘Paid Late’ which will negatively affect your Credit Score.
Utilization Rates: The higher the Utilization Rate the LOWER Your Credit Score. Periodically review your credit report to make sure that the Credit Limits and Credit Balances of all of your creditors are being reported correctly. If you discover an error, then dispute the inaccuracy with the Credit Bureau. If they do not ‘fix-it’ or if they refuse to ‘fix-it’, then the creditor and the credit bureau can be sued under the Federal Credit Reporting Act (FCRA).
DO NOT Open Additional Lines of Credit especially in a short period of time as this is a strong indicator of financial distress to all types of creditors and will negatively affect your Credit Score.
Build and Maintain a Good Credit Mix: For an Optimum Credit Score it is best for you to have a good mix of credit accounts reported to your Credit Report, starting with at least three revolving credit accounts such as credit cards, lines of credit, or a home equity line of credit (HELOC). In addition, you should at least have one active installment account such as a mortgage or an auto loan. Having an ‘inactive’ installment loan is OK so long as it is within the past two years to have a positive affect on your Credit Score.
DO NOT CLOSE YOUR CREDIT CARD ACCOUNTS as this most likely will LOWER your Credit Score in the short run. Credit Scores benefit from credit accounts that are in Good Standing and that are at least five years or older.
NOTE: Credit Card Companies will CLOSE ACCOUNTS that are ‘inactive’ for a period of time, usually 12 to 18 months. Every credit card company is different so make sure to check with the credit card issuer or check your credit card agreement for an ‘Inactivity Clause’. Keep in mind that if the credit card company does happen to terminate your credit card privileges due to ‘inactivity’ that this action will negatively affect your Credit Score. To prevent closure due to inactivity simply use your credit card to make a small purchase periodically and pay the purchase off in full when the charge is posted.
Repairing Your Credit, Building Good Credit, and Maintaining Good Credit takes hard work, personal financial discipline, and making prudent financial decisions.
We cannot express how important credit is to a person’s financial life on this one page, which is why we built, and we continue to add to this website.
The credit and financial landscape is always on the move, and we intend to continue to deliver the credit and financial information that you need to make good money decisions.
