Having a good credit report makes us happy and to have it we shall work,spend and repay the debits in a systematic way.You shall know and learn how to develop and maintain good credit report and credit score.
To improve credit with your credit cards pay the consecutive three months payments regularly with out using the money above the credit limit.Then ask for the raise of the limit by calling their executive office.
You are looking for a loan and the creditor rejecting it because of the negatives in the report.Then you can attach a statement of explanation saying that you are having some problem like health or loss of job and unable to pay the bills on time other wise every thing is fine.This can be attached with your loan application and your creditor will consider this while going through the process.
Have small number of credit cards like two or three.Close all the other accounts and do not leave them in active. Seeing a big list of cards in your name make the creditors nervous and they doubt about your money management.
We shall use new or old cards only as a convenience not as a extension of spending capability.You shall see that you are paying all the balances at the end of the month in a responsible way .This improves your credit ratings. Use the card only when you are able to pay it in time.
The companies offer thirty day grace period in general and this is the gift time you got to adjust your money.Use that wisely.Beware the fact that this grace period is valid only when you don't have over due and previous balance.If you are having the old balance to pay you have to pay interest for both old and new money and you are not entitled to use the grace period.That is why try to settele the bill every month and ask for EMI possibility to pay the old balances.
Having more number of cards reduce your chance of getting a new credit offer and don't take the new cards just because of initial offers.Choose the company who gives a discount like one present on billing,mileage points to en cash upon buying. Don't prefer cash advances as the interest amount is going to very large with and it also comes with transaction fee.
Track all cards with numbers,balance due to pay,customer care numbers etc so that you can call and solve the problems.To solve money problems paying a big check to a lender may help.That lender may be willing to give back you the credit by getting the confidence on you.
Accept the loans with higher interest rate and try paying it back to improve the credit report.Yes your bad report has that cost to pay and there is no option.
You can use a cosigner to get the loan approval as the lenders has some one else taking the responsibility,he won't be having any problem in giving new offer.
If you own a home you can try home equity loan and get a good amount of cash and with that investment you can pay back and clear the debits which in tern make your credit report better.
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