Jan 012011
Are you wondering what steps you can take right now to improve your credit dramatically?
Learn the secrets other people only wish they knew. Tough, but far from impossible! You will be saving time, money and preventing a repeat of the same mistakes.
It is imperative that you first re-establish a good credit score and improve your credit profile before you even think of applying for credit.If you have no credit, poor credit, very bad credit or recent bankruptcy, all of these problems can be improved upon in due course. It would take about 12 to 24 months and the proper steps to get on the road of “good credit”.
Here are a few things you can do that will help you restore your credit profile:
- Limit the number of inquiries on your credit report, each inquiry you will lower your credit score.
- Use a mortgage broker when applying for a loan or mortgage to eliminate the number of inquiries on your credit file.
- Maintain your employment and residence status for at least TWO years.
- DO NOT carry your credit card balances near, at or over the credit limit – such activity will lower your credit score
- Pay your minimum payments on time and in full as required by your monthly statement. Credit reports will show how many times you have been 30, 60, or 90 days late.
- Apply for a secured credit card that reports to the credit reporting agencies.
- Avoid pre-paid credit cards, they do not report to the credit reporting agencies.
- Department Store and Gas Credit Cards are relatively easy to qualify for.
- A car loan or lease is one of the best ways to start to re-establish your credit.
- Your debt service ratio is another key factor that lenders will consider.
- Do not apply to too many cards at once. Once, approved for one card or loan, DO NOT rush out and apply for several more.
- Let your accounts age.
- Only borrow what you can afford.
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