Fast Improvement For Your Credit Rating

The first thing potential lenders, employers and landlords require is a credit report and your credit rating must be good. This will give them access to your credit score. It will show them firsthand what your money managing ability is.

From this information, the people you are trying to impress will glean, at a glance, just how trustworthy you are when it comes to repaying debts.

Your credit score will follow you throughout your adult life. It will be the deciding factor for many important events in your life. Will you be given a loan to buy that car you want so badly? Can you convince the landlord of that great apartment that you will be on time with rent?

If your credit score is high, the answer to these questions would be a resounding YES! Financial agencies will BEG you to let them loan you money.

However, there is the other end of the spectrum. People who have either below average or poor credit will find themselves scrambling to save up hefty deposits and down payments so they have a car to drive and a place to live. The good news is that it is not a hopeless situation. There are ways to improve a less than great credit rating.

All of your positive and negative financial information is what will determine your credit score. Some of this information will affect your score more than others. Keeping this in mind, when you are trying to raise your credit score, you will want to begin with the more negative information that is affecting you the most.

• The first thing you will need to do on your quest to improve your credit score is start making payments on time. Payments are reported to the credit agencies at least every quarter to 30 days. The good news is that if you pay your bills on time, your credit score is going to go up within at least 3 months.
• You will also want to review your credit report for accuracy. For example, a creditor may have reported you as making late payments, but it is false. You will need to write the credit agency disputing this late payment report and request a correction be made to your credit. If you have proof of what you are saying, this correction can happen immediately. However, if you only have your word that you paid on time, prepare for it to take awhile.
• Another thing you can do is get pre-paid credit card. The terms of these types of credit cards are sort of awful for consumers, but if you are trying to repair your credit, it is these terms that will help you rather than make the situation worse. Loading only a small amount of money onto this card keeps your spending low and also helps you make your payments on time. You are only taking on this credit card to prove that you do have responsible money management, as the pre-paid creditors will report your payments to the credit agencies each month.
• Having a savings account is an excellent way to help you improve your credit score. If there is a balance of at least $500, you can ask for a personal loan, using your savings account as collateral. Nothing boosts your credit rating faster than a bank loan.

If you have a really bad credit score, you must accept that there is no overnight resolution for this. You have spent years getting it to this point. Try not to become discouraged. Instead, look ahead to just 3 short months when these measures you have taken will start to kick in, showing a noticeable improvement in your credit score.

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