October 6, 2006, Newsletter Issue #32: Rebuilding your credit score

Tip of the Week

If you have credit problems, your credit score may be too low.

Your credit score will drop if you've missed or made repeated late payments.

There are simple steps for rebuilding your credit score -- but no quick fixes. Bankruptcies stay on your report for 7-10 years, keeping your credit score lower than it needs to be.

Most negative items -- collection records, missed payments -- stay on your credit report for seven years.

Here are tips for rebuilding damaged credit and improving credit scores:

* If you have missed payments, get current and stay current. Your debt will not go away, and it affects your credit score.

* If you are having trouble making ends meet, contact your creditors and ask for an extension or lower interest rates.

These are all good first steps toward improving your credit score.

* Pay off debt rather than moving it to a new credit card. Even when an account is closed it stays on your credit report.

* Rebuild your credit history by opening new accounts and paying them off on time.





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