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Five Tips To Build
Your Credit Today
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If you’ve recently paid off a lot of debt, you may be wondering where
to go from here. Maybe you went through a divorce and got stuck with
a lot of high interest credit card debt, or got behind on your payments
after a job layoff. Whatever the reason, you fell behind with your payments,
your credit report suffered for it, and now you’re ready to get back
on track. Luckily, it’s a lot easier to re-build your credit than it
was to get out of debt!
Here are some tips that will have your credit report sparkling in no
time!
First, you should expect to spend about a year rebuilding your credit.
I can hear some of you groaning—after all it took a few years to get
out of debt, right? Yes, but you must understand things from a lender’s
point of view—they need to see proof that you are serious about keeping
up your credit history.
You will need to establish some sort of credit, so that you can show
your future creditors that you can be trusted. If you’ve had serious
credit mistakes in your past, that may mean getting a secured credit
card. These types of credit cards are secured by a bank balance, which
will equal the spending limit on the card. The point of them is to build
credit when no one else will issue you a card.
If you can apply for a low interest rate card, you should get one and
use it for the sole purpose of rebuilding your credit.
Another credit reporting building method is to apply for a personal
loan, and then pay it according to the terms I’ve outlined below.
The biggest thing you can do to rebuild you credit is to pay your payments
on time. That means that you can’t be late—not even once. If you are
mailing in your payments, be sure to give it plenty of time to not only
reach the destination, but also clear the proper processing channels.
If you think that you’ve cut it too short, overnight it. Nothing should
stop you from getting those payments in on time! Remember that even
one late payment can make a difference of whether or not you get that
car or home loan!
You should also shoot to pay more than your minimum payments every month.
Ideally, you would pay off your credit card every month, but if you
can’t do that, then do pay more than the minimum. For example, if your
minimum payment was $25 per month, try to pay at least $35. This will
accomplish two things. First, it will make you look better in future
lender’s eyes, and secondly, because by doing so, you will paying more
toward your principle balance every month, (as opposed to interest),
and that will reduce the overall amount that you’ll have to pay.
Do all of these things will patience and determination, and you’ll soon
find yourself with a credit rating that you can be proud of!
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
Score Information Directory
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