Having a good credit score can be beneficial when times are tough. With interest rates rising, now is the perfect time to do credit repair. Lenders will look at your credit score to see what risk you possess. A higher credit score may mean you will pay less interest over time versus someone who has a low credit score.

If you want to raise your credit score, these five credit repair steps can help:

• Pay your bills when they are due. The biggest factor in your credit score comes from your payment history. Lenders that see timely payments will be more apt to lend money to those persons versus someone who is habitually late.

John Ulzheimer, formerly a credit expert for FICO and Equifax, says one should aim to avoid things such as late payments, defaults, repossessions, foreclosures, and third-party collections. He states filing for bankruptcy is never ideal. Everything that demonstrates a failure of accountability is going to hurt your credit score.

• Keep your credit utilization rate low for credit repair. If you use all of your available credit, it may signal a risk to the lenders. Ulzheimer says you should aim for a credit utilization rate of 10%. Anything higher than this will earn fewer points in this category, which will make your credit score fall. If you really want to have a high FICO score, aim for 7%.

• Do not close old accounts. Old accounts may help your credit score, especially if you have paid them on time. Even if you have a balance of $0, keep them open. On the contrary, closing an old account can harm your credit score.

Bad arrears that can affect your credit score adversely are inevitably eliminated over time. Per Ulzheimer, insolvency may remain on your credit report for no more than ten years, whereas late payments and delinquencies such as collections, repossessions, foreclosures, and settlements remain on your report for seven years.

• Increase your score with a score-boosting program to help your credit repair. .Ultra FICO and Experian Boost are both programs designed to benefit a thin credit profile by adding other information. Experian Boost allows you to connect your online banking data so telecommunications and utility payment histories are added to your report. UltraFICO will allow you to connect to your online banking data so your checking and savings can be figured into your score.

• To help in your credit repair, only apply for credit when you absolutely need it. A hard inquiry is made whenever you apply for any type of credit. These can remain on your credit score for 12 months. You should never apply for credit right before taking out a larger loan.

If you need credit repair services, contact Super Credit Repair in Clear water, FL. They can help you reduce or eliminate your debt using various methods in a responsible and honest fashion.