Credit is a relationship based on trust. Creditors lend money to consumers, and expect some interest for allowing consumers to create a debt. Creditors expect you to repay the debt on time as agreed upon at the time of the creation of the debt. In any relationship, once trust is violated, it is not a quick and easy fix. The best way to fix poor credit or rebuild credit is to clean up your debt.
Bad credit means that your history of repaying debt is bad. Rebuilding your credit takes longer than establishing credit, but uses the same techniques. Make payments on time and keep your balances low.
People who earn a paycheck would hate if their paycheck did not show up on payday. Likewise, creditors do not appreciate late payments. Rebuild your credit history by creating a new credit history. Try to establish a new credit history of making payments on time. Late payments have a significant negative impact on your credit score. Improve your credit score by establishing a new credit history of making payments on time.
Another technique to help improve your FICO score, is to keep balances low. The more “available” credit you have, money unused on your credit limit, the more positive impact on your credit score.
These are just a few techniques. If you are unsure how to proceed, consider a credit repair company like the Credit Group. The Credit Group has been fixing credit for over 17 years.