Fast Credit Repair

In today's fast-paced world, we've come to expect things to happen quickly. In most cases, this goal can be achieved. We eat instant foods, travel the globe in a single day, and enjoy real-time communications over long distances with just the click of a computer mouse. Unfortunately, the desire for fast credit repair requires a little more patience than most of us would prefer.

Think about it. It took a long time - years, probably - to establish the credit rating we now live with. Credit ratings are developed over a long period of time. They represent the pattern of our willingness or ability to maintain a sound financial standing in society.

One payment on one account isn't enough to establish a history. Many payments to multiple accounts over an extended period of time provide a more accurate reflection of our in-grained financial habits.

Since it took years to establish, it may take some time to repair a credit rating that has dropped to an unworkable level. Even so, fast credit repair isn't out of the question, as long as a realistic time frame is accepted.

Start with fundamental monthly expenses. Beginning today, right now, pay these expenses on time and in full. Do not be late or short on mortgage or rent payments. Don't be late with utility payments. Make car and credit card payments before their due dates. Don't overlook student loan payments, either.

From this day forward, never, ever allow yourself to pay late enough to incur late fees or penalties on anything you owe. Got minimum balances you can get by with? Forget them. Pay the minimum plus some. Do this every month for every account. From this day forward.

We've all gone through hard times and it may be that we've even had lenders write off the debts we've owed to them. That means they've cancelled our accounts, don't expect us to pay them another penny more, and they've listed our unpaid balance as a bad debt on their income tax returns. Maybe you've filed for bankruptcy. These situations represent very ugly marks on our credit reports.

Don't worry too much about it. It's history. We all experience a financial crisis from time to time. Yes, lenders do review our credit history to determine our current credit worthiness but it's probably more important to improve things now than to continue living as if bad things are a way of life.

If possible, buy something small that you can pay for in monthly installments. How about a new sofa, washing machine, or TV? Even if you have the cash to pay for it, pay for it on credit instead. Then pay for it on time and in full, just as you will pay your monthly living expenses. Doing so will prove you can maintain a home in respectable fashion and you can willingly and effectively pay for some extras, too.

Keep monthly payments current, all bills paid correctly, for at least six months before expecting to see any improvements to your credit rating. It takes time for payments to be processed and reported to consumer credit reporting companies.

Fast credit repair doesn't mean instant or overnight repair. It requires a plan, some time, and patience but the sooner you start handling your finances in a more responsible manner, the sooner you'll reap the rewards.