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5 Tips For Improving Your Credit Rating
Everyone is always talking about eliminating all your negative credit ratings. Don't overlook the other side of the fence: expanding on the positive. Here's how: 1. Make sure the credit reporting agencies report ALL your good credit. When something you know is solid just doesn't show up on your report, chase it down! Get them to include it. Those are points you are missing because so is the information. Don't let that stand. Some accounts may even be left off the report entirely. Ask your creditor politely if they'll report. If they refuse, suggest that maybe it's time you sought out the competition. That gets their attention in most cases. It's common for smaller credit grantors to NOT report you when you're on time but they sure run for the reporting button if you're late. Don't be. 2. Use someone elses credit history. If a business associate or family member is comfortable enough to do this for you - have them add your name to their card (warning: make sure they are a great credit risk, or this can do more harm than good) You can also consider a coop credit issuer. These outfits combine marginal credit accounts with stellar accounts, thereby "piggybacking" on the good history and thus dramatically enhancing the lesser credit holder. 3. Go out and create some good credit proactively. A gas card, a local store card, anything that you can begin to establish a solid history with who will give you a shot. Don't screw this part up by getting behind though. You might take the step of ALWAYS paying these off monthly - just to get a good pattern going. Leave a small balance in some, though, or they won't do you much good. 4. Get a secured card. These are for the most severely credit-impaired. They require a deposit, that in essence turns the credit card into the rough equivalent of a Bank debit card. But they do work to help you re-establish credit. Make sure the card reports to all three credit agencies. Also, watch the fees. This companies can charge outrageous annual and maintenance fees, so beware. 5. Don't overlook the department store cards. These are often the easiest unsecured credit offers on the market. Don't abuse them! Once you have had your secured card for awhile, apply for department store account - and then maybe another a few months later. This is a process, so be careful not to jump the gun here. Rebuiding your credit over time is a worthwhile exercise, and one that will pay off in dollars down the road, with reduced interest rates and better access to lending capital. |
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