Getting Expert Help In Boosting Your Credit Score
If you want to get expert help in boosting your credit score, you may get confused with credit repair companies and credit counseling. Let me enlighten you on this.
Let me begin with credit repair companies. This kind of company helps you clean your credit history through boosting your credit score. They study your credit report and check if there is any error. They come up with ideas to enhance your financial status which you can use for lenders.
On the other hand, credit counseling is leaning towards a different side. They aim to get and keep you out of debt. While this is important to people who have a hard time managing their credit, it usually does not work for people who are looking to boost their credit scores.
Credit counseling companies let you close down any revolving accounts that you have such as gas cards, store cards, and credit cards, just to name a few. They talk to you lenders about the debts that you have and bargain as much as they can. They make the payments with the monthly fees that you pay them.
While it sounds efficient, it can indicate your lack of finance management. It shows that you cannot control your own finances, and you require other people to do it on your behalf. Additionally, closing down any account will have negative impacts on your credit score. However, your debt remains the same.
If you are asked for monthly fees, you may want to opt for other options. Think about how they make money from you per month. Therefore, they practically want to keep you as long as possible. The longer it takes for them to do their job, the more money they will be making from you.
As much as you can, work on boosting your credit score on your own. It may take a long time, but it is extremely doable.
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Boosting Up Your Credit Score
With great credit score comes great benefits. The higher it gets, the more you are in control of your finances. Truth be told, you’ll reap more benefits, spare more money, and enjoy relatively low interest rates as compared to people who have poor credit scores.
For starters, creditors tend to approve you for any loan application and you will be given the lowest rates possible since they are confident enough that you will be a good borrower based on your records. That said, you should always be on the lookout in boosting up your credit score.
One of the most vital things to steer clear of is too many credit cards. This only gives your future lenders the wrong notion that you are in a lot of debt and approving you of another loan might just put you off even more in meeting your obligations. So always limit your credit cards to 3-4.
Additionally, and yet again, pay your bills on time. You ought to have a record of at least seven years of meeting your financial obligations at an appointed time. Mot creditors don’t back up people who have track records of late payments. Basically, if you intend to apply for a loan someday, start practicing prompt payments now.
More to these, get your annual credit report. If you’re not aware of it, you are actually entitled to a free credit report from credit reporting agencies namely Experian, TransUnion, and Equifax. Browse it to find errors or discrepancies on the information on your credit report. And if there is any, directly report them to the bureaus which are expected to fix it within 30 days after a systematic study.
Keep track of all account statements that you have as there are credit card companies that raise your interest rate or drop your available credit if you pay late, even if it’s not to their own company. With the right practice and time, you’ll be able to boost your credit score and reap all benefits after successfully doing so!
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Post-Bankruptcy Credit Score Boost
After bankruptcy, it’s no surprise if you want to target repairing your credit. With no proper credit record, you may be consider to be among the untouchable by many creditors and banks. If ever you get credit after bankruptcy, you should be extra astute and don’t default in terms of payments or you’ll never be able to boost your credit back to being good.
A credit card is pretty much the fastest way to improve your credit. Monitor at all times your schedule for repayment. Whenever you are out applying for loans, make sure you don’t commit the same mistakes that caused this dreaded bankruptcy.
You can even go to special classes held by non-profit organizations or maybe debt management programs. The no nonsense programs can be very helpful if you don’t have money, filed a bankruptcy, or when you are in need of managing your finances. Financial management is a handy skill and it’s not only for money alone. You can make use of it in disciplining yourself.
In case you file for bankruptcy and it is discharged, it would only signify that your current debts were paid in accordance with the bankruptcy rules. It would take about two years to gain back your normal financial status.
You can apply for a loan even before the end of your lock-in period. Nonetheless, it can get quite tricky to attain. Your post-bankruptcy credit report could be helpful here. If it’s outstanding, you’re likely to be approved for a loan. Besides, you need to make a large deposit of 3 to 5% of the total amount.
You can ask for help from your friends or family members for the deposit, but you should always have proof of all the money collected, considering the creditor would want to know all the sources. You are able to borrow money to use for the deposit but the creditor will never approve you if this is how you usually get money. You should be employed and have steady income to sustain yourself and so you can repay the loan, too.
These are only among the many ways you can redeem yourself post-bankruptcy. Always remember to redeem your good credit as much as you can.
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