Tips for Long-Term Lendability
There are also basic tips for long-term lendability and maintaining a solid credit profile. We’ve included these below to help you stay lendable once you get there.
Maintain positive payment history by paying all your bills on time (or early!) and by making higher than the minimum required payments.
Utilize a credit monitoring service like IdentityGuard.com to keep in tune with fluctuations and changes to your credit report. Everything updates on a 30 day cycle, so once a year monitoring is not enough to stay current with your credit.
If you’d like assistance with removing negative items, bankruptcy, credit inquiries, etc. you can contact a professional credit repair company for assistance. We recommend Kaydem Credit Help, who we have worked with and referred our clients to for years with great success.
On accounts with smaller limits, try to pay them off monthly. If you have a store card with a $300 limit and a $100 balance, try to pay the balance in full. Showing an aggressive payment history will help encourage lenders to increase your limits and offer promotional benefits.
Some lenders will tell you exactly what you need to do to boost your limit. Capital One will review your accounts automatically at 3 months and 6 months to determine if a credit line increase is due to you. Follow the steps, and they will be upping your limits automatically.
Make good with all your lenders. If you had a previous charge-off with a lender, it does not mean they will never work with you or lend to you again. If you do owe a past-due balance, try to pay it off or make a repayment plan. Lenders will see that you’ve made an effort to maintain a positive working relationship, and that can help to improve your long term lendability with that bank.
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