| The word is out. Unless you are independently wealthy | | | | limitation for student loans. This means that they are |
| and can pay cash for everything, your credit score will | | | | collectable forever. And the longer you ignore them the |
| determine the cost of every dollar you borrow, and | | | | worse it gets. Are you behind on your student loans? |
| consequently, the quality of your life. A nationally | | | | Do something about it right now. But make sure you |
| recognized credit repair explains how to raise your | | | | know your rights! Call the Student Loan Ombudsman |
| credit score. It’s easier than you may think! | | | | Office at (800) 557-2575. They are there to help you |
| Get the Big Picture | | | | understand your options. They will explain how you |
| Do you want to have fantastic credit scores? Would | | | | can rehabilitate or consolidate your student loans. They |
| you like to be approved for the lowest cost financing | | | | will also explain that you have the right to affordable |
| available when you purchase a home or an | | | | payments and even deferment if you cannot afford |
| automobile? If so, you need to understand the factors | | | | repayment at this time. Pick up the phone. Include your |
| that have the greatest impact on your credit scores | | | | student loans in your credit repair effort today! |
| — and how to control them. Credit repair can | | | | Remove Old Collections |
| make a dramatic difference in your life; just take one | | | | Are there collections on your credit report? Too many |
| step at a time. | | | | people make the mistake of believing that if it is on |
| Open New Credit Card Accounts | | | | their report it is correct. Credit repair requires a healthy |
| Credit scores take both the positive and the negative | | | | dose of skepticism. Don’t believe your eyes. |
| items on your report into consideration. Effective credit | | | | Collections change hands regularly. Did you know that |
| repair requires a balanced approach focused on | | | | collectors who do not currently own the debt are not |
| cleaning up negative issues and building positive credit | | | | allowed to report it? There is a high probability that |
| simultaneously. If you don’t have any open | | | | older collections should not be on your credit report. |
| accounts in good standing you should open a couple of | | | | And if you see more than one collection for the same |
| new accounts as soon as possible. Secured cards are | | | | debt, at least one of them should not be there. |
| an excellent option if you have had credit problems in | | | | Challenge those collections. Watch your scores take |
| the past. | | | | off. |
| Watch Your Balances | | | | Call Mom - Last Chance for Authorized User |
| Credit cards are the most powerful credit repair tool | | | | Accounts |
| available. But they can be your downfall too. It’s | | | | Want a quick increase in your credit scores? Here is |
| all about your balances. High balances can ruin your | | | | an easy credit repair trick. Call mom, or dad, or anyone |
| credit scores, while low balances can propel your | | | | you know that has excellent credit. Have them contact |
| scores to new heights. The FICO scoring model | | | | two of their credit card issuers and add you as an |
| recognizes five different balance-to-limit ratios which | | | | authorized user. You don’t have to use the |
| measure the relationship between your balance and | | | | card, and your donor can remove you at anytime. |
| your high credit limit. The ratios are 20, 40, 60, 80, and | | | | Within two months the account will appear on your |
| 100 percent. Pay your balance down to below 20% of | | | | credit report and your credit score will enjoy the |
| your high credit limit and watch your scores take off. | | | | benefit of your donors perfect account history for that |
| But let your balance run up to the max and you may | | | | account. Just keep in mind that this is not a long term |
| see 100 points come off your score. Just remember, | | | | fix. The new FICO scoring model has eliminated this |
| the lower the balance the higher the score. | | | | loophole and the three credit bureaus will eventually |
| Avoid Store Cards — Sort Of
| | | | adopt the new model. But it’s still good credit |
| Everyone loves a discount. So when the salesperson | | | | repair medicine! |
| offers a discount if you open a new store card you | | | | Confused? Hire a Professional |
| may be tempted. Sometimes it makes sense. But if | | | | Credit repair can be confusing. But there is no need to |
| you plan to apply for a loan anytime soon you should | | | | struggle along on your own. Pick up the phone and call |
| decline the offer. Store cards have a funny way of | | | | a few credit repair services. Choose one that you are |
| sending your credit scores into a nose dive. This is | | | | comfortable with and let them take over. A credit |
| because they usually involve a combination of an | | | | repair professional will make sure that everything |
| inquiry, a brand new account, and a new balance equal | | | | possible is being done to clean up your credit report |
| to the high credit limit. These three things combined are | | | | and optimize your credit scores. But don’t wait. |
| deadly. On the other hand, there is nothing wrong with | | | | The sooner you start the sooner you will be able to |
| saving money! Just make sure that you don’t | | | | experience the benefits of your credit repair effort. |
| need your credit score to be at its best in the next | | | | Good luck! |
| few months. | | | | Copyright © 2007 James W. Kemish. All Content. All |
| Clean Up Your Student Loans | | | | Rights Reserved. |
| Unlike other forms of debt there is no statute of | | | | |