Do you know what your credit score is? Have you been turned down for loans? Perhaps it's time for you to get on top of your credit and repair the damage.
Andy Sukhu, founder and CEO of Y2K Credit Solutions, has years of experience advising people on how to correct their credit and now he’s sharing with PIX11 viewers.
He says start with these five tips:
1. Check your credit report regularly and make sure the information on your credit reports is correct. You can visit AnnualCreditReport.com to obtain a free copy of your credit report from all three major credit bureaus.
Tip: If you find incorrect information on your report, such as an account that does not belong to you, a consumer can simply contact the company reporting the information to request proof of its validity.
2. Avoiding late payments.
Tip: Pay your bills on time, every time, to avoid late payments dinging your credit. One way to make sure your payments are on time is to set up automatic payments, or set up electronic reminders. If you’ve missed payments, get current and stay current.
3. Don’t get close to your credit limit.
Tip: Keep your total charges well within your credit limit. If you want to boost your credit history and credit score, you'll want to keep your total monthly charges well within your credit limit. The rule of thumb is to have 70 percent credit available at all times.
4. If you’re looking to obtain a loan. (Mortgage, Auto or Line of Credit)
Tip: Closing out old credit cards shortens your credit history. Lenders tend to view borrowers with short credit histories as riskier than borrowers with longer histories. Closing your credit card will impact your credit score and cause your score to decrease.
5. Collection Account.
Tip: If you have a collection agency reporting an outstanding debt, consumers can try to resolve the balance by offering the agency a settlement to satisfy the debt rather than paying the bill in full.
About Y2K Credit Solutions
Ninety present of all credit reports contains errors. Our highly trained staff will be able to analyze your report and inform you of the derogatory items and advise you how we can help you correct it. Our experience, insights, and unparalleled problem solving mechanisms—coupled with a state of the art technology—have driven us to help thousands already. We believe that our comprehensive approach is highly competitive and the most effective in restoring financial power to our clients. Visit us on the web at http://www.y2kcreditsolutions.com or call us at (877) 552-1377.