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Saturday, January 16, 2010

The ways of credit restoration (2)

So, already gave some idea about the possible ways of credit restoration to you all, in my last post. Those ways were not all.....lets continue with the rest part of that discussion here:

Disputing Inquiries: Another "investigation kinda" way out. Overall 2 kinds of inquiries can be carried out upon our credit report.....1) soft inquiry & 2) hard inquiry. Hard inquiries takes place, at the time when you are authorizing a particular creditor to generate the credit report for you. If such inquiries are run in too many no. in a short time span, for sure its gonna lower your credit score. Soft inquiries takes place when a creditor pulls such inquiry on their own accord, mostly to pre-qualify you for an offer. Sometimes soft inquiries show up as hard inquiries. You have to make sure they're reporting accurately. Dispute any hard inquiries that you have not authorized, and if they are found to be inaccurate, they will be removed!

Building diversified credit: 2 parts of our credit score structure, is generally combined for this step.....they are:

1) types of credit &

2) the credit history length.

No doubt this process takes time & is lengthy, but indeed useful for your credit. Your chance for credit increases a lot. This credit restoration process works just wonderfully, as if an automated savior of your credit life......really you don't need to pay attention to its working. Just 1 thing you'll do... if you got a few loans, like mortgage and car loans, get yourself 3-4 more credit cards along with them. ....JUST DON'T USE THEM MUCH. Thinking its destructive?? But, having plastic cards upon your loans ACTUALLY WORKS IN FAVOR OF YOUR CREDIT long as you limit their usage.


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