August 2, 2010 New York

Bad credit does not go away with a few points; act big to affect your credit big. You will not get approved for a mortgage loan if your credit score is in the 400’s yet if you follow a few easy steps you can be on the fast track to credit repair.

1.    Late Payments sink credit
Did you know that roughly around 35 percent of your credit score is based on your ability to pay all of your debt on time?

2.    Split the debt amongst the cards
Have your cards be at no more than 30 percent of debt. Variate which cards you use. If you own 2 credit cards do not allow the debt to accrue to the credit card amount limit. If you’re credit card limit is $1,000 make sure you do not owe $1,000.

3.    Read the fine print.
Every credit card bill statement is now legally required to disclaim how long it will take you to pay off your debt as well as how much it will cost you to what your balance is now.

4.    Although only intended as a last resort Debt Settlement serves a great purpose for those in financial turmoil.
Debt Settlement may not be the first idea which comes to mind when restoring credit but it should never be dismissed lightly. Debt settlement provides a sense of comfort that bankruptcy cannot offer; credit restoration. Post negotiations when the creditors have agreed to a settlement. Paying off all your debts right away will greatly affect your credit score. No more debts result in a skyrocketing increase in your credit score.

Palmers Bute