Ok so let’s be honest mistakes happen when you don’t know what you’re doing. I found this out the hard way by being young and financially ignorant. All to often we sit in a classroom learning about dead white presidents and how they have ruined our country by stealing land and money then making laws and rules to protect what they have stolen. Now as a teenager that’s not something you look forward to learning about for the next four years of your life. It would have been much more beneficial to learn about money and the principles it stands on. If I knew that getting a credit card and not paying it when it’s due causes a bad reflection on your credit report then I never would have taken out that card and spent up the limit like I didn’t have to pay it back. In fact if I knew what a credit report was and how it worked I might have been a little more prepared for the years to come after high school.
Life happens and that’s a cold hard fact but it might not be so chilling if you add a little sprinkle of education to your lifestyle. After years worth of being denied for everything I applied for I decided to take a closer look and learn what credit was how it was rated and why it is important. So I visited www.annualcreditreport.com to order my free credit reports I ordered them at the same time but now that I know better I know to stagger them and order them separately. A week later I received my reports in the mail and I was amazed at all of the errors on the report. My thinking was that these credit bureaus get the information from computer systems so how could the information be incorrect? Truth be told I was naive and didn’t have a clue about life. So I began to make corrections to things like the spelling of my name my previous and present addresses to make sure the information about me that was being report was accurate and it wasn’t much but my score did increase a little bit after those corrections.
Next I looked at what was reported and who was reporting and according to the federal trade commission you have a right to be reported accurately and some information that was being reported was inaccurate with incorrect balances and payment histories. So I googled credit disputing letters and started sending them off. Now the bureaus have 30-45 days to respond or they must delete what you dispute. After 3 months of verifying debts disputing information and keeping an eye on my reports I started to see ten point increases more often.
I then discovered a company called Lexington law and they also started working on my behalf. And the results have been amazing I started with a 525 credit score in August 2016 and as of the date of this post March 2018 I now have a credit score of 728. There is literally nothing that I can’t apply for, of course I limit what I apply for so I don’t have a lot of inquiries that decrease my score but I have 3 credit cards which I have yet to pay interest on a brand new car with a low interest rate and a zero payments missed credit history.
I haven’t met my goal yet of a 740 but I’m almost there and I’m a lot closer then I would have been if I never would have taken the opportunity to become aware, educated and focused not to mention putting in the WORK! I would like to encourage anyone who doubts that having good credit is possible because I am living proof that it is very possible. I never in my wildest dreams imagined that I would have better credit then a lot of people in my age group. Through this credit repairing journey I’ve discovered that it’s not enough to repair your credit but you also have to rebuild your credit and prove your credit worthiness to banks and lenders.
What are some of your tips and tricks to repairing and building credit?