Repair My Credit

Key issues you should know about credit repair

1. Check your statement carefully every month for errors. When you realize that your statement lists incorrect charges, call your issuer and report it immediately. Even though most problems can handle over the phone, protect yourself by sending a letter to the issuer of the card, using certified mail with returned receipt requested. This will provide you evidence that the issuer receive the letter. This precaution protects you in case the bank fails to recall your original phone call or denies your claim.

2. Disputes need to be reported within 60 days of the postmarked on the bill. Pay more than the minimum payment requirement! Most card issuers require a minimum payment of only 2%- 2.5% of the new balance. The combination of interest and small additional purchase can stretch this debt out of for decades if only the minimum amount is paid each month. Millions of Americans are deeply in debt because they pay only the minimum amount required by the card issuer.

3. Most credit card issuers offer a 25-day grace period for late payments. Generally, this is not mentioned in your agreement because the bank wants you pay quickly and of course you should! But many people that they are reported one day after missing the due date, which is not true. Late payments are not report until 25 days after the payment is due. Although a late payment may not be reported on your credit report, it will still be on file with the bank that issued the card. This could count against you if you request a higher credit limit in the future. Remember, make your payments on time and always pay a little more than the minimum requirement!

4. Do not change account frequently. Changing accounts frequently will look bad on your report! But of course, if you find a credit card with a more favorable term and rate then you have now, you should cancel your present card and switch