Repair Your Credit | Cut the Cards (Pt. 3)

Stop accruing debt

CLICK HERE if you missed the last part of this “Repair Your Credit” E-book article. Let’s continue to charge ahead and see if we can’t hit the bulls eye when it comes to getting your debt under control. Because cash advance loans and mortgage loan modification may be a temporary balm, but habits are what need adjusting in Gilead…< /p>

More on the credit card war

Cut those credit cards if you can’t stop yourself from swiping them! The first thing you must do to get those monster interest rates under control is stop increasing your balance by spending. Just say “NO” to instant gratification when it tries to slide plastic from eel skin. Many people have gone so far as to cut the cards up, but online purchases can be made as long as you have the card number, expiration date and CV2 code. Thus, willpower is in order here. Get away from using credit cards, but DON’T close the accounts. Why? Because it helps your credit rating.

If your credit report does not reflect any defaults at the moment, keep accounts open and work at paying them off (but not using them). That will have a great positive impact upon your FICO score. Try to keep only three to five credit card accounts open. If you have more, try to hold onto the ones with the best interest rates, but also consider this. Generally, the more unused credit you have available in relation to credit used, the better. Large limit cards with low interest rates are great to hold on to. ... click here to read the rest of the article titled "Repair Your Credit | Cut the Cards (Pt. 3)"