If you’re in Florida and you’ve made mistakes with your credit, it can feel like you’re never going to be able to get back on track. The good news is that, with the right help, it is possible to turn your financial life around, even if you feel like there’s no hope left. Credit Restoration in Florida is one great way to get started – just follow these three simple steps.
Why Credit Reports Matter
Almost every person will have a credit report at some point—that’s because our modern economy is powered by credit, and more credit equals more opportunity. If you want to take advantage of those opportunities, you need a good credit score. Credit reports are maintained by three major national bureaus: Experian, Equifax, and TransUnion. Each reports your financial history to an incredible depth.
What The 3 Major Credit Bureaus Are Looking For
The 3 major credit bureaus — Equifax, Experian, and TransUnion — are going to look at your financial information like any other lender. The bureaus will ask for tax returns, W-2s, and bank statements. They’ll also review the information provided by your creditors, such as utility bills and phone records. If you have a relatively short credit history, they may request pay stubs as well. All of these things help ensure that you’re using credit responsibly. Remember that a poor score won’t necessarily mean you’ll get denied for loans; some lenders will still consider offering credit to people who have bad scores, but there may be higher interest rates involved or certain restrictions might apply.
How Long Does It Take To Fix My Credit?
Credit restoration isn’t a magic fix—but it can help. After you’ve cleaned up your credit report, you should have your score back to where it should be within six months to a year. If not, it might be time to consider other options. To get started, fill out an application at one of our credit restoration centers and we’ll review your situation and make recommendations that will help fix your credit. Our experts are happy to sit down with you and walk you through all of our services so that you can find a plan that works for you—and provides tangible results as soon as possible.
Free Ways To Improve Your Credit Score
If you’re trying to get back into good credit standing, it doesn’t have to cost you a fortune. There are numerous ways you can improve your credit score without spending a penny.
Here are five of them:
1) Pay your bills on time.
2) If you have debt, pay at least as much as what is due each month.
3) If you don’t have enough cash to pay your bill in full and on time each month, negotiate with creditors and set up a payment plan that works for both parties.
4) Don’t apply for new credit cards or open new lines of credit until yours are paid off—and after they’ve paid off, use only one line of credit.
5) Keep balances low.
Having a high credit utilization ratio (the amount owed compared to how much credit you have available) hurts your credit score more than anything else—even if all other factors are positive. For example, if you owe $10,000 on one card and have another card with a $1,000 available balance, that would be a 10% utilization ratio. The lower your percentage is, the better it will be for your credit score.