How to boost your credit rating-

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Credit cards are very useful for those people who can manage their finances properly. Nowadays even airlines offer credit cards to their clients. However, credit cards are not to be used to purchase something you cannot afford. Click here to know more

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How to boost your credit rating? By Richard Greenwood

? With the subprime crisis hitting banks very hard, access to credit is becoming tough. Having good credit is extremely important. Bad credit can come in the way of obtaining mortgage loans, auto loans, good insurance deals and can even make you loose your job. If you have had enough of making late payments on credit card spending or meeting loan repayments, it is time to pull up your socks and do something about improving your credit score. The flip side of bad credit is that you can do something positive to improve your credit rating. With persistence, time and patience, you can bring up your credit rating by 50 to 100 points. How do you go about doing this? One way to start to clean up your past record would be obtain your credit reports from the companies that provide the reports like Transunion, Equifax and Experian. These companies have different ways of allocating scores and have different items for assessment. If you know what exactly the reports contain, you can plan 'operation clean-up' to improve your credit rating. Do you know that some companies don't provide accurate information in credit reports. You should carefully scrutinize these reports for factual errors and get them corrected with agency. You can avail yourself of prepaid legal services to help you sort out disputed items, if any. If this is not possible, you should send a letter through certified mail to make sure that it is received by the agency. Under the law, these agencies have to respond to you within 30 days or remove the disputed item from the credit report. If you don't have a good credit rating, don't open a number of new accounts in a short period. It is best to pay your bills on your time. Don't overspend on your credit cards and get into the revolving credit cycle. Limit your monthly spending on your credit card to a maximum of 25% of your credit limit. For instance, if your credit limit is $ 25,000, it is better to restrict your spending to not more than $2,500. Stick to a maximum of four credit cards. Anything more than this and you will find it unmanageable. Many advocate moving credit card outstanding to cards that offer lower rates of interest. But this can
Credit Secrets Exposed Proven techniques to get, repair and boost your credit from anywhere to 740+ Page 1

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actually hurt your credit rating. Closing old, paid-off accounts doesn't help. Closing old credit cards actually shorts the credit report and makes you look less-credit worthy. Even if you have paid your dues in full, your credit report will be valid for a period of 7 years. Your credit score will improve but the past history will not change things wholesale. You need to build positive credit. One way is to use secured credit cards. You will need to deposit a specific sum of money with the bank and will be allowed a credit limit that can range from 1 ½ to 2 times your deposit. The transactions on this card will appear on your credit report but nobody will know that your credit card is secured. Don't opt for the easy way out and declare yourself bankrupt. This will cost you heavily in the long run, in terms of high interest rates and continuing bad credit. Improving your credit rating looks difficult but it can be done. It takes patience, application and perseverance.

Richard Greenwood writes on a wide range of finance industry topics. He is Director of the Click 4 Group which runs financial comparison websites including http://www.compareyourbank.com.au which looks at personal loans, savings, credit and investments.

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Learn How to Repair a Bad Credit Rating By Hanif Khaki

Learn How to Repair a Bad Credit Rating You may have discovered that if you have a bad credit rating, it is extremely difficult for you to get financing, loans, and perhaps even employment. And having a bad credit rating often leaves you feeling helpless and feeling like there is nothing much you can do about it. However, that is simply not the case and it is very possible to not only get by with a bad credit rating but actually repair your bad credit rating. And it doesnt have to be difficult. You first need to understand exactly what your credit rating is and what it says about you to your potential creditors. Your lenders and creditors report your payment history, which is used to determine your credit score. Your credit score is a numerical value based on the number of positive and negative reports submitted by your creditors. A high number indicates a good credit rating, while a low number indicates a bad credit rating. Your credit rating may change depending on the reporting periods, which may be monthly or quaterly. This means if you take positive action, a change for the better can and will be reflected over a period of time. Where do you start? Well, if you want to repair a bad credit rating, start by obtaining a copy of your credit report. Your credit report will show the lenders who made negative reports and reported late payments and missed payments. These are likely the causes of your bad credit rating. You will want to contact the creditors who have reported you for non-payment and arrange a repayment schedule with them. Make sure that all your current accounts are up to date, so as not to invite any more negative credit reports. In other words don't continue to fall behind on your payments! Consistent repayment of your debts over a period of time will gradually lead to positive reports of your debts being paid, while the rest of your accounts will continue to be in good standing since you are now making your payments on time. Over a period of a few months, you should have more positive reports and less negative reports which will help tremendously with your bad credit score. Although to completely eliminate and get rid of your bad credit score, you will have to ensure that you do not miss any more payments and that you continue to make your payements on time. This strategy is a surefire way to repair a bad credit rating. Hanif Khaki is the sought after author of numerous finance related articles and the founder of the popular Credit resource site www.credit-repair.extra-information.com.

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