Fixing and Rebuilding Credit Score

When you have financial problems because of unavoidable reasons,you need to take some risks and your score is reduced to a lower value.Here are the methods to rebuild your credit score and fix your three digit magic credit score.You might have used the options like debt settlement,credit counseling or filed bankruptcy.This will be ultimately reflected in your report and you are frustrated that all new loans applications are rejected. First you need to understand how the system of the score works.This helps you in rebuilding your fico score quickly.Because of financial crisis that shacked the world,lenders turned more cautions.Thus getting a new loan with bad payment history is difficult now.

As you can not correct back the past,you shall think about the present to get better deals in the future.Business people and reporting agencies care more about how is your present and recent behavior and commitment to bills is and do not care that much about the past.They may demand you to shell out high interest rate for the sum taken from them.

The problem can not be solved in one or two months and you can build it back near to the normal with in two years.If you are dedicated,by the time the black marks in the report erases that is seven years for a bankruptcy filing,you can have score which is better than average score.

You can try rebuilding your credit card account easily if you are a student.Many lenders love to remove the negative mark in your statement when you pay bills on time for a continuous twelve moths. For a non student candidate this time may be double and it depends on the lender.

Some times it happen that the delay of bill by sixty or one twenty days may be reported twice in the report by the collection agency and it makes your report worse.You can cross check it and request for elimination of duplicated bad entries.

(picture source http://www.flickr.com/photos/smithsonian/4327907016/)

It also happens that some vendors bill you for some thing that they have not actually offered.Once you reject to pay them,they will report it to the collection agency and it will stay back in your report for long time.You can fight back against this kind of tactics in the court and you need to be patient.

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