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Joe Diamond, CPA, CFP®, EA, MST


Diamond Financial Corporation

4256 North Arlington Heights Road, Suite 204

Arlington Heights, IL 60004


Phone: 847-884-8500 




September/October 2020

How to Repair Poor Credit

How to Repair Poor Credit

Poor credit can raise your borrowing costs or eliminate your ability to borrow altogether, and it can even disqualify you from employment opportunities. If you have poor credit, take heart in knowing you can improve your credit score. Here’s how to start the process:

Understand Your Problem
Why is your credit score low? Do you make late payments or carry too much debt compared to your overall credit limit? These are two of the more common reasons consumers are denied credit, but you can increase your score now.

Start by making it your mission to pay every bill on time. A recent history of on-time payments will help improve your score. If you carry too much debt, stop spending and start paying some of it down. Creditors want to see responsible customers.

Change Your History
Creditors also want to see a history of good credit habits, so your mission to improve your credit score will take some time. If you have little or no previous credit, you’ll also need to demonstrate at least a small history of good financial habits. You might start with a secured credit card.

Limit Inquiries
Credit card companies and other lenders may look at your credit without your intent to borrow. Don’t worry about these affecting your scores, but don’t add to your debt, either. Applying frequently for new cards or loans can also hurt your score.


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