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Pay Debts Blog
Want to get out of debt, consolidate your debt, get a better loan or just learn some top money and debt rescue tips? We have financial advice here that will help you achieve your dream of being debt free. Absorb all the info on blog and join our site for articles and tips Consolidate Debts LoansPermanent link: How to build a strong credit rating? (Part 1)
How to build a strong credit rating? (Part1)
Pay your bills on time, particularly mortgage or rent payments. Pay your basics first, rent, mortgage, gas, electric and water, leave the rest if you have too. Apart from extreme circumstances like bankruptcy, nothing has the impact of late payments on these to the detriment of your credit score. Any deviation from this will be registered and hurt your credit score or rating. Limit your debt. If you absolutely must carry a balance of debt, on any accounts, keep that balance as low as possible. Bumping up against your credit limit on one or more cards is a signal to many lenders that you're not a good debt manager. Conversely, believe it or not, having a credit card or car loan and being seen to pay it back on a regular basis, scores you more points, than those who have never had a loan at all. By you showing that you can be trusted to pay back a loan, you are showing yourself to be a good reliable candidate for loans and credit. Crazy as it sounds, if you have never used a loan / HP / Overdraft, you are not seen by credit score companies as "Thrifty" you are viewed as an unknown quantity! Be careful not to apply for too much credit in a short amount of time. Multiple and frequent requests for your credit history (including requests by you to check your own credit file as well. Whatever the companies that provide this service tell you to the contrary) will reduce your credit score. If you are hunting around for good loan rates, assume that every time you give your details to a lender or credit card company, they will order a credit history. So try to hunt around "In principle" carefully first narrow the field and choose from a small pool to give your details to get accurate personal credit offers. Technorati Tags: consolidate your debtPosted by Admin at 2006-08-24 08:08, Home
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