How to Repair Your Credit

Steps to Repair Your Credit Score

1. Check your credit report for negative information at www.annualcreditreport.com . Make judgments, liens and garnishments your top priority.

    

2. Some negative information on your credit report can only heal with time:
   • Credit Inquiry: 2 years
   • Late Payment: 7 years
   • Charge-offs: 7 years
   • Foreclosure: 7 years
   • Repossession: 7 years
   • Chapter 13 bankruptcy: 7 years
   • Chapter 7 bankruptcy: 10 years

      

3. Practice healthy credit habits on your current accounts if you have any.
   • Pay all of your accounts on time, every time!
   • Pay down your credit cards so that your owed balance is no more than 30% of the card limit.

    

4. If you don’t have a credit account, consider the following tools:

• Secured Credit Card:
  • “Secured” by a cash deposit locked in your savings account.
  • Can usually get with a low credit score.
• Rogue’s Credit Builder Loan:
  • You are extended a loan, proceeds are held in a locked savings account.
  • When loan is repaid, you receive the loan proceeds and are invited to apply for an unsecured Visa Classic.

• Rent Reporting:
  • Report your rent payments to possibly help build credit.
  • See a full list of services on Experian’s RentBureau website, www.experian.com/rentbureau/renter-credit.html.