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The world of today thrives on credit card use. Having a credit card enables you to more conveniently handle your money, providing you with a substantial backup fund if you should ever need money on short notice.
In short credit cards make our life easier whether we want to believe it or not, millions of online businesses accept credit cards from all the major credit providers worldwide. You can even go as far as grocery shopping online; you may never have to leave the house if you have a credit card and an internet connection!
However it can be a disaster if you have a poor credit rating. You may have a few credit cards already, and have seen a great new low APR credit card deal online but will most likely not get accepted for it due to your score.
Having a good credit rating is very important; especially for those hoping to successfully apply for a credit card, or a mortgage or even if you want to apply for a loan. But fear not, there are ways to quickly raise your credit score out of the gutter and boost your chances of getting your application approved.
1: Get a copy of your credit report – first things first, get a copy of your credit report so that you can actually see the damage and begin planning what you need to do next. Depending on your country or residence there will be a national website that will tell you your credit score, often in the form of a report. Be vary as some will charge a one off fee for this service, but then access to your reports for there in will be free annually.
2: Check for any blatant errors – Once you have your report, check through it carefully, look for any errors you believe were not your fault but that of the credit company. It’s amazing how common these are and once sorted can raise your credit rating.
3: Pay off your balances – More than likely you already have several credit cards. Try and pay off the cards with the lowest balances first. Most are tempted to try and tackle the big guns to lower your interest, but clearing your cards will be better as you are showing the credit companies you are taking positive action and only have one or two cards with a negative balance. Show them you are responsible and making a conscious effort to resolve your debt.
4: Stop overspending! – curb your spending on more than one card. Why clear the balance on your cards only to spend on it again before you are fully out of debt? Use just one card to make purchases if you really need to spend. Refrain from applying for a new card just yet, as you will only be eligible for the high APR cards with a low limit.
Remember the credit raters don’t know you as a person but rather your activity. Each time you apply for credit it is logged in a computer and if you apply for more than one in a 6 month period this can affect your rating. So make sure your rating is up before you apply for a credit card you really want and are sure you will get accepted for.
5: Make your payments on time – Okay I know this sounds like I’m teaching you to suck eggs, but it is so easily forgotten to pay your balance at the end of the month. Try and set up a direct debit to pay the minimum balance each month, at least then you won’t be hit by late charges and missed payment records on your credit score.
Remember each time you are late for more than 30 days, a mark is put against you on the system. The bottom line is the faster you can get the balance paid off the faster your credit rating will rise.
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