How to Raise My Credit Score by Credit Repair Mike in San Diego CA…
When you have little or no credit history, applying for loans and credit can be difficult, if not impossible. Lenders like to see a record of payment history and a current credit score before they extend credit or loans. This information also helps them determine what interest rate to offer.
If you do not have a credit history, here are some ways to build it one:
You can talk with a credit repair expert at 619 743 8884 or visit http://www.RaiseMyCreditScore.org
1) | First and foremost, pay any bills that come your way on time. | |
2) | If you don’t have a checking account, open one. You have very little credibility with lenders if you don’t have at least a checking account and preferably a savings account as well. Just as importantly, be sure not to overdraw your bank account. Bouncing checks sends a signal to potential lenders that you can’t manage your daily finances and are therefore not a good credit risk. | |
3) | Establishing a relationship with a bank will improve your chances in obtaining a loan or credit card through them. If you already do business with a bank, they should be the first place to look. | |
4) | Open a charge card with a local department store or apply for a gasoline credit card. Pay off the entire balance each month. Remember, if you cannot pay off the balance each month, you are spending outside your means. | |
5) | Keep in mind that a lender or creditor may say you are approved for a particular amount, but that does not mean you have the resources to repay it quickly. Borrow only what you can afford to repay quickly. | |
6) | Another important factor lenders look at is your employment history. They want to see if you are able to hold a job or if there are periods of unemployment. Your ability to hold a steady job can improve the likelihood of getting approved. | |
7) | Lenders will also look to see how often you move and whether you rent or own. As with employment history, it pays to have a stable residence. | |
8) | Even without a credit history, it is possible to sign up for many utilities in your own name. Having an electric or gas bill, telephone, cable, or water service in your name also helps. Just having your name on these accounts won’t establish a credit score, but it can be helpful for first-time borrowers. | |
9) | Get a secured credit card. To obtain this type of card, you deposit a specified amount of money into a financial institution who will then issue you a bank credit card. The amount you deposit is your credit limit. After you maintain that account in good standing for a while, you may be able to obtain a regular credit card or loan. |
1) | Don’t overdraw your bank account. You will be charged fees, and you can damage your credit record. | |
2) | Don’t miss payments on bills or loans. Late payments count against you. | |
3) | Don’t let other people use your bank account, credit card, debit card or ATM card. You are responsible for what they do with it. | |
4) | Don’t leave utilities (gas, water, telephone, electric, cable) in your name if you move. Always close out or transfer all accounts before you move. If accounts are in your name, they’re still your responsibility. | |
5) | Don’t forget to account for recurring bills on your credit card, such as subscriptions or club dues. |
Thanks for Reading
Mike Watson
http://www.RaiseMyCreditScore.org
619 743 8884