Three Ways For A Better Credit Score

12 Aug

Do you have a very low credit score? Are you unaware of its cause? Trust me, you are not alone! The country has several million people with poor credit scores. Many of us tend to misuse our freedom. From online banking to virtual transactions, everything lies in out figure tips. Conversely, we tend to overspend. This is regarded as an indirect route towards poor credit ratings.

What Does Low Credit Score Mean?

So, what does low credit rating represent? By definition, bad credits are defined as financial files with bankruptcy, judgments and writs. In the midst of these listings, you will not have the wit to boost your credit score for at least 5 years. Bad credits will have a negative impact on your mortgage applications, vehicle loans and mobile plans.

A simple secret

Recent surveys proved that banks tend to reject applications with very low credit scores. Accounts that have overdue(s) for more than 60 days would be rejected immediately. This is a simple secret that is not known by many borrowers.

Three major principles

As you read this article, you will get a clear insight on how and when auto loans should be repaired. To fix bad credit scores, you must follow three simple strategies. Here is a quick insight into these principles:

  1. Initially, you must be aware of your credit reports. Research proves that credit reports tend to have errors, glitches and mistakes. Wrong data will have a negative impact on your ultimate credit score. When you fail in this step, you will definitely face adverse consequences. Thus, the process of fixing bad credit will become easy only when you have an accurate credit report.
  2. Secondly, you must not close accounts that have not been used. This is a tactic followed by busy businessmen, with low credit scores. Credit ratings are based on all your accounts. Hence, if you have a static account, trust me, the account will boost your credit score. When you close these bank accounts, your credit rate will decrease gradually.
  3. Finally, try to repay your debts as soon as possible. Missed payments will increase the number of debts. As you clear these debts, you will definitely visualize a change in your credit score. This is a statement devoured through several years of experience.

Ultimate bottom line

When you follow these steps properly, you will have the ability to change your credit scores.

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Five Ways To Boost Your Credit Score!

28 Jul

Are you going through tough financial crisis? Is your credit score decreasing gradually? If yes, don’t feel lonely! There are several tens of thousands of people with similar issues. In fact, the presence of low credit scores is a national disorder faced by many families. This increases the need for a sturdy cure. So, how will you fight against bad credit? Are there sure-solutions to eradicate bad credit? If yes, are the solutions meant for complete or partial healing?

In this article, you will read about five different solutions for a better credit score. So, are you ready to repair your bad credit score permanently?

Acquiring A Good Credit Report!

Before you make a financial change, you should figure out your bank statements. This is an important but inexpensive move. Famous companies like TransUnion, Equifax and Experian will confer you with credit reports at a very cheap price. For instance, TransUnion devours credit reports at USD 10. If a lender denied your loan application, you should contact the credit bureau that serves the “lender”. Moving on, you should remember that bad credits can be repaired without any legal procedures.

The Wicked Credit Cards

First of all, try to refrain from using credit cards. Push the cards away and pretend as-if you never owned them. Trust me, I was able to control the outflow of cash by reducing the usage of credit cards! Of course, you can keep one important card in your wallet for emergency reasons. Also, don’t open many new accounts with fancy credit cards. These cards will definitely tempt you through unstoppable expenditures. Thus, the next time you open a new bank account, remember to uncheck the “Credit Card” option. This is a wise move that would save you from unnecessary issues.

Accept Your Limitations! The Rule of Life

Secondly, try to be honest and true to yourself. Don’t act like a millionaire or billionaire. Take a good look at your financial status and calibrate your abilities. Sometimes, the thought of being bankrupt will leave you devastated. Yet, if you wish to resolve your credit status, trust me, you should act practical.

Be Active! Ask Many Questions!

Thirdly, you must be ready to spot mistakes. Did you know that more than 40% of all legal credit reports have flaws? Thus, you must be prepared to analyze these mistakes. Use certified and legit methods, while receiving credit reports. You should be aware of the following facts:

  1. Who prepared the credit report?
  2. When was the credit report prepared?
  3. When was the report sent to you?
  4. Did someone else receive the credit report on behalf of you?
  5. How often is your credit history updated?

As you find answers to these questions, you will be aware of the actual mistake.

Are You Aware Of the Changes?

According to US law, account holders are allowed to include information into their credit reports. However, the additional details must improve the report’s overall rating. Facts about a “loan repayment”, “income” or “salary increase” could be included into the report. The inclusions should be backed with authentic documents. Also, keep track of all the changes made! Make a discreet plan on how and when an information would be added.

Meet and Greet Your Creditors For Quicker Pay

Moving on, talk to your creditors. If they owe you money, trust me, you should ask them to pay you back! Give them a sensible repayment schedule.

Ultimate bottom line – Time

“Time Heals”. Similarly, time will heal your credit scores. Personally, my credit score increased after 7 long years. As I mastered all these steps, my credit rating received a massive boom!

 

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How To Stand Against Bad Credits? The Do-OR-Die game!

05 Apr

Are you troubled by many endless messages and calls from active creditors? Are you being forced to pay many bills, interests and balances? Are you unemployed for a very long time? Do you wish to improve your credit score exponentially? Do you dream of fixing your credits as soon as possible? Personally, I have gone this phase of life. For more than four years, I struggled with poor credit scores. This was when life became miserable and monotonous.

So Many Solutions

Basically, bad credits are linked with many solution-finders. Every now and then, you will come across a solution that stands against bad credit. However, the question is – how many of these solutions would produce long term results? You should always bear in mind that there is no easy solution against debt. If you are suffering with poor credits, trust me, you must fight it in and out, the hard way! You should figure out strategies that would eradicate the presence of debts. Meanwhile, identify routines that would prevent the accumulation of debts.

Play safe!

In this modern era, everything is automated. From work to play, almost everything has a remote-controlled system. With online transactions and tempting credit cards, you can purchase costly items from the comforts of your home. In such a scenario, how would you safeguard money?

Five feasible methods

Many people tend to over-use, abuse and misuse their privileges. The financial resources are exploited over many things and events. As a result, customers are forced to face serious debts. If you wish to repair your credit scores, you must begin with the following principles:

  1. Determination and flexibility – As mentioned previously, you will not find an easy way out of debts. This is a very important strategy, which has to be believed and understood. If you find a solution against debt, don’t rely on it completely. Always have a backup plan. You must be flexible but determined for a good credit score.
  2. Pay it NOW – Secondly, try to pay your bills properly. This is a so-called-easy method against debts. When you delay important payments, you will be asked to pay penalties. These penalties will trigger a low credit score. Additionally, accumulation of balances will force you to pay bigger bills.
  3. Know Your Limits – If you are a credit card owner, you must stick onto its limits. Don’t cross the maximum threshold. When you make a transaction; check if it falls within the predetermined limit. If No, please terminate the transaction immediately.
  4. A single, precise figure – Finally, try to consolidate your debts. Big or small, you should be aware of the debts in your life. When you have a single debt figure, you will have better control over the entire process. Sooner or later, you must fine tune your goals around this single value. Consolidation will leave you with one big creditor! I am quite sure that you will be mentally relieved when you have a single obstacle.

 

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