Improve Your Credit
Individuals with a poor credit rating have a chance to improve their credit rating with guarantor loans. There are numerous ways as to how one can set out to improve their credit rating. Solent Loans is committed to helping you improve your Credit Rating. If you defaulted in a previous loan, have a CJJ, was declared bankrupt, or had arrears in your loan; this is the place to be.
How can you rebuild your credit?
There are numerous ways as to how you can improve your credit rating. Taking into account the mentioned areas will help you have a better credit rating. The steps you need to take up include:
- 1. Check your credit report regularly. This step will help you keep updated with your credit record. In case of an anomaly, you will be aware in advance and take remedial measures in good time.
- 2. Do not borrow money when you have no need to. Borrowing money means you are obligated to paying back the money. Do not forget that borrowed money comes with an added interest charge. This means that borrowing money when you have no need for it is creating an extra expense in terms of repayment.
- 3. Register to vote. This is an important aspect as this move helps to identify you in the credit world. Those who have registered to vote are regarded as eligible credit worthy people.
- 4. Keep your information updated at all times. This means that you should have your address, telephone number, and any other related details correct. This helps in making you accessible and reachable at all times. It is a measure of credit worthiness in the financial world. It also helps ensure that you get all information regarding your credit account as it comes.
- 5. Do not keep credit cards and bank accounts that you do not need open. Whenever you discontinue using a credit card or bank account, close it up. This is because these cards or accounts attract a monthly fee that when not in use could easily go to the negative and cost your credit worthiness.
- 6. Be selective when making credit applications. Take time to scrutinize the credit card issuer. You need individuals who will carry out a soft credit check especially if you do not have an impressive credit record. Haphazard applications on issuers who carry out extensive credit searches will damage your record even more especially if the applications are declined.
- 7. Do not overdraw funds from your account. An extensive overdrawing of funds from your account could end up damaging your credit worthiness. If you are trying to improve your credit rating, then you should never withdraw your account.