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Old 11-15-2017, 02:41 AM
yaserca yaserca is offline
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Smile 9 steps to improve your credit rating

1. Check your credit file

Before you apply for any type of credit, check your credit report. You can view this on a free trial basis or by paying a small fee. Make sure that all the information on the report is accurate, and get it removed by contacting the lender if it isn't. If you request your report on a free trial, and you don't need access to it after the trial period ends, remember to cancel it by setting a calendar reminder.

2. Disassociate yourself from your financial partner

When you take out a joint mortgage or joint bank account, you become "financially linked" to the person you've taken it out with. If they have a bad credit rating, it could impact yours. If you have split up with your partner, husband or wife and/or the joint financial product you have taken out is no longer between you both, inform the credit reference agencies of your disassociation. If not, the other person's financial dealings could still have an impact on your credit score.

3. Get on the electoral roll

Getting on the electoral roll will improve your chances of being accepted for credit. This is because prospective lenders and credit reference agencies use this to check you are who you say you are, and you live where you say you live. Ensure your credit record shows correct address details. Living at the same address is employed in the same job (with the same employer) and having the same bank account for a reasonable period of time will also help.

4. Close unused credit cards, store cards, direct debits and mobile contracts

Lenders may consider the amount of credit you have access to, as well as the amount of debt you owe. Close all credit accounts such as credit cards, store cards, mobile contracts and accounts that you don't use or need anymore. Cutting up cards is not enough you need to physically contact the provider and close the account! They will ask you why because they don't want you to leave, so be prepared to stick to your guns and close it down.

5. Don't miss or make late repayments

Missed and late payments can stay on your credit file for up to six years. If you've made a late payment due to circumstances beyond your control (i.e. your direct debit wasn't set up in time), so long as you made the payment promptly when you noticed, talk to your credit provider and see if you can get this black mark removed. This also applies to late payments for utility bills like gas or electricity.

6. Pay off your debts

Pay off more than just the minimum payment. This signifies good behavior to a prospective lender. To be seen as managing your debt well, ensure that you're making headway into repaying what you've borrowed.

7. Build your credit history with a credit card

If you've never had credit before, it's difficult for a lender to assess you. Consider taking out a credit building credit card, making a couple of purchases on it each month and then repaying the balance in full at the end with a direct debit to build a good credit history. This will show that you can responsibly manage credit.

8. Take out a prepaid card to repair your credit

Credit builder prepaid cards can help you improve your credit rating. They charge a monthly fee (about 5), which you'll need to keep paying for 12 months, but at the end, they will add an entry to your credit file that you have successfully repaid a debt. A prepaid card doesn't require a credit reference as you don't borrow on it.

9. Space out your credit applications

Credit reference agencies don't get told if you are rejected for credit, but a note is made every time a credit search is made by a lender. Don't use a scatter gun approach to applying for credit. The more credit searches carried out in a short space of time, the less likely you are to be accepted for credit. Space out credit applications and, if possible, try to find out whether you're likely to be accepted before applying. Do not apply for products unless you really need them.
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Old 11-22-2017, 04:19 PM
Vasu Dev Vasu Dev is offline
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Default Re: 9 steps to improve your credit rating

Thanks for sharing nice suggestions to maintain credit ratings. if maintain it well then we not get trouble to get loans from banks.
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