How to Repair your Credit: Consolidating Credit Card Loans

By: David Hall

Your credit history can make or break you. When you want to purchase a car, a good credit history will get you the shiny, new BMW, while a bad credit history means that you'll be driving off of the lot with a used pick-up truck with chipped paint and various dents. When applying for a mortgage, a good credit history means that you can afford to purchase a three-bedroom house in the country, while a bad credit history only qualifies you for that cheaper, cramped townhouse. You credit history can even affect your interest rate on credit cards and personal loans. Thankfully, repairing your credit is possible, and you can get started with these three easy steps:

Step One: Close unused accounts. If you have credit cards you aren't using or bank accounts with a zero balance, close them. Your credit core and credit history look at how much funding is available to you-the more sources you have, the more easily to can take advantage of them and get further into debt.

Step Two: Consolidate. When you consolidate, you lump all of your debt together and make one monthly payment. This helps you in two ways-first, it closes some of your account (see step one), and second, it makes it easier to pay on time and in full every month.

Step Three: Check for mistakes. Occasionally, mistakes happen. This is simply due to human error! Once a year, check your own credit report to make sure that there aren't any major mistakes. If there are, you can contact the credit reporting companies to fix your information and ensure that your credit history is as clean as possible.

Don't take a backseat-it's your financial well-being that is on the line! If you are in debt, contact a financial professional today to learn what other steps you can take to repair your credit.

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