October 18, 2010 08:00 ET You Finally Found a Job -- How Do You Fix Your Damaged Credit?

SCOTTSDALE, AZ--(Marketwire - October 18, 2010) -  The good news: you've finally gotten a job. The bad news? You've gotten deep into debt using your credit cards to pay for basic necessities, or even worse -- maybe you've lost your home or missed a payment on your bills. Both of these situations can cause a serious hit to your credit score

Kristy Welsh of, has some credit repair advice: "If you were able to keep up with credit card payments but had to max out your cards to pay the bills, now is the time to start paying down those balances using your new source of income. One of the quickest ways to increase your credit score is to reduce credit card balances to 25% or less of your available credit."

What about blemishes on your credit report? "There is a very good chance the late pay on your credit report is a mistake," says Welsh. "Even before the bank meltdowns and paperwork fiascos, the Consumer Federation of America found in May of 2003 that 1 out of 10 credit scores were inaccurate. You can significantly improve your credit by making sure the information on your report is correct."

What if your credit problems are real; i.e. you've gone through a foreclosure or defaulted on some credit card bills? In cases where your negative information is accurate, Welsh proves the following tips to improve your credit score:

  • From this point forward, resolve to pay your bills on time. Old credit problems have less and less of an impact on your score with the passage of time.
  • Open a secured credit card. At creditinfocenter, we maintain a list of good secured card programs.

About is a free one-stop destination for consumers looking for advice and tips on how to repair and rebuild bad credit and maintain good credit. Editor Kristy Welsh is also the author of Good Credit Is Sexy, a tongue-in-cheek guide to managing your credit. The book and website advocate the do-it-yourself method of maintaining and repairing credit. Many positive corrections can be made for the cost of a postage stamp.

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