Whatever do I do?

First thing, you have to get your hands on a copy of your credit report and check it out.  Go to www.myfico.com and order a copy of it.  This site is no gimmick, it is a division of Equifax, one of the big three credit bureaus.  Please get the $15.95 version not the Suze Orman (sorry Suze) bells and whistles version.  Review the report, look at your score and see what the analysis says for increasing your score.

Make a list of errors that can easily be omitted and things you can payoff or down to help out the credit profile. Close out retail and revolving accounts that you do not use. Ask them to remove any inquiries older than 24 months. Pay down any balances that are over 50% of the highest credit available. Have any judgments or old tax liens?  Yeah, they hurt big time.

Do not just close down all of your accounts, because that can hurt your score. Older credit is better than newer credit, so keep those old accounts. Older bad credit has less of an affect on your score than new bad credit. So, take care of the new bad stuff first.

Do this and you will improve your score.

Dale Siegel

 

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