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Facts About Credit


Your credit score is one of the most important numbers in your life. It determines how much interest you pay for loans, the jobs that will be available to you, and much more. Unfortunately, most people learn about the importance of their credit after they made mistakes that hurt their credit score. Credit Queen University can help you fix the issues on your credit report, which can save you tens of thousands of dollars over a lifetime. Besides directly working to resolve credit issues, we give our clients advice on things they can do to improve their credit score. Here are four of the many strategies we recommend to help rebuild your credit.

Start Making Payments on Time and Lower Your Credit Utilization

The most critical factor that determines your credit score is your history of on-time payments. To protect and rebuild your credit, it’s vital that consumers pay all bills and loan payments on time, every time. If you have a history of making late payments or missing payments, your credit score will drop dramatically. One way to prevent late or missed payments is to set up automatic payments with your bank. Consumers with many debts to repay should prioritize the ones that are in relatively good standing. It’s better to have some accounts that are up-to-date rather than to allow all of your lines of credit to have missed or late payments. Consumers should also try to lower their credit utilization. This metric measures how much credit you’re using compared to how much you have. It looks bad if you have a credit limit of $10,000 and you’ve spent $9,000 of it. Ideally, you want to aim for 30 percent credit utilization or well below. In other words, don’t max out your credit cards and other lines of credit.

Get a Secured Credit Card

Many people who want to repair their credit start the process after their credit cards and other lines of credit have been closed. Since it can be challenging to get a new line of credit if your score is too low, a secured credit card is a way to rebuild your credit. A secured credit card has a limit that’s based on money that’s been deposited upfront as collateral. However, it works like every other credit card in terms of payments, interest, etc. So long as the secured credit card issuer reports your payments to all three major credit-reporting bureaus, it will improve your credit score over time.


Get Negative Information Removed

Though people often use the terms interchangeably, your credit score is different from your credit report. Your credit report is a list of all reported credit transactions you’ve been involved in, and that data is used to generate your credit score. To repair your credit, it’s vital to review a credit report and dispute any inaccurate information. This process can be harder than it sounds, which is why it’s beneficial to get help from an experienced network like Credit Queen University. Besides removing inaccurate information, it’s sometimes possible (though rare) to get a reporting agency to remove negative information. Options such as debt validation (for collection agencies), pay for delete, and goodwill deletion requests are the options that a professional credit reporting service can help you utilize.

Keep an Eye on the Age of Your Credit

Many people may not realize that the age of the credit listed on a credit report significantly affects your credit score. It’s estimated that the age of your credit accounts for roughly 15 percent of most credit scores. Credit bureaus look at the age of your oldest account and the average age of all lines of credit. A long credit history without any significant slip-ups suggests that your credit behavior will be similar in the future. Though the age of credit isn’t as important as other factors, it’s something to keep in mind. You can raise your average age of accounts by refraining from opening any new accounts and keeping your oldest accounts open and active also help.

If you need help improving your credit score, Credit Queen University is here to help. We have years of experience helping everyday people improve their credit reports. 

Contact us to learn more about our program and services.

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