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Credit repair - Some advice for the recent college graduates

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By: anonymous
on 26th Feb,2014

Here are some tips that you can follow in order to boost your credit score and stay on the safer side.
Credit repair - Some advice for the recent college graduates


It takes only a few late payments, bankruptcy and missed mortgage payments to drop your credit score but it takes years to restore your credit history and get back on the right financial track. With todays lending market, the most important number that the lenders check is your credit score. Either you get a loan within your means by showing a good credit score or you dont get approved for a loan due to a poor score and poor financial management. Rebuilding your credit is something that is within your control and if you are financially diligent enough, you can easily be able to increase your score and again become a favorite among the lenders. Here are some tips that you can follow in order to boost your credit score and stay on the safer side.

Some advice for the recent graduates when improving credit score

Here are discussed some advice for the recent graduates when they want to improve their credit score.



  • Use your plastic money wisely - How many credit cards do you have? This is a question that you need to answer yourself at first when you want to go for credit repair. Even though you are a college student, you may still be having several credit cards of your own. If youre having too many credit cards, it is for sure that youve swiped them all at the same time but havent repaid the outstanding balance on time. Thus, you may have fallen into credit card debt. This is the reason why there has been a drop in your cedit score by a good number of points. It is advised that as soon as you get your credit card bills, you must pay them off completely for getting out of debt. However, if youve fallen behind in the credit card payments, try to repay them soon. Youll be able to rebuild your score with time.

  • Pay off all the student loans - Did you take out student loans for your higher studies? If yes, then are you making the monthly loan payments on time? You may not be doing it and this is the reason why there has been a negetive impact on your credit score. However, you can still improve your credit score. For this, youll have to start making the loan payments on time. If youre facing financial crisis due to which you arent able to make the loan payments at the right time, the best thing you can do is to negotiate with the company. Request them to reduce the monthly payment so that you can continue with the student loan payments even during tough financial situation. You may consolidate your multiple student loans into one so that you can reduce the monthly payments and manage to pay off the student loan. Thus, youll be having a better credit score with time.



  • Assess your credit report from time to time - Being a college graduate, you should evaluate your credit report from time to time. If it is not possible always, you must check it at least once in a year. According to a recent report by the FTC, it has been found that nearly 20 percent of the customers had errors on one of their credit reports. Having errors on your credit report means youwill not be able to obtain any kind of loan such as mortgage, car and also you wont be able to apply for a new credit card. You need to know that each of the credit report agencies are entitled to provide you your credit report free of cost once every year. Thus, by evaluating your credit report thoroughly, you can sort out the problems like wrong information or bad debts that you aren't aware of.

The best gift you can actually give yourself after you complete your graduation is to build a good credit score. Make sure you take your decision smartly when you begin to improve your credit score so that you can become credit worthy soon.

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