How to improve your credit - 19/11/04
So you're credit isn't great. It may
even be bad. Don't give up - it's possible
to bounce back and rebuild your credit
history. The most important thing to remember
is that from now on, any credit you keep
or open must be paid on time, every time.
You will begin creating a better credit
picture in just a few months with Decision
Finance's credit card selector, finding
the right card for you.
- Being able to repay a variety of
of new accounts rather than adding to
existing debt is a key step to rebuilding
your credit score. You may find
that consolidating your existing card
debt into a personal
loan, then, by taking out a new
credit
card with a favourable lender increases
your spending power. Make sure you can
afford payments on both credit services.
- Rebuilding your credit can be similar
to starting over from scratch, and starting
small may be the easiest option. Credit
cards from GoBusinessFinance offer
low interest rates enabling you
to transfer your balances from old high
interest cards. Cut up your old cards
and start paying off the debt before
the interest free period expires. Find
a card for you.
- Use your new accounts in moderation
and make payments that are more than
the minimum. You can keep a small balance
so that your positive payment history
will continue to show up on your
credit report.
- Avoid carrying a balance that is
more than 30% of your credit limit (creditors
may view it as excessive debt that you
may not be able to stay current with).
With patience and timely repayments,
you will likely be able to build a new
credit history that creditors will look
upon favourably when making decisions
about your ability to handle even more
credit such as a mortgage.
Quick Clicks: Credit
Cards | Personal
Loans | Credit
Score
Written By Simon Johnson
Xbridge
Decision Finance
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