Is Your Credit Rating Grating

Is Your Credit Rating Grating?
Your credit rating is​ quite an​ important piece of​ recorded history .​
It tells something of​ your ability to​ manage financial debt to​ a​ possible lender who may have no other way of​ knowing.
You may feel that it​ is​ pointless to​ think about buying your own home if​ you​ have a​ less-than-perfect credit rating .​
However,​ in-roads can be made into this problem,​ and with patience you​ could be house-hunting this time next year!
Let us suppose you​ feel that your credit rating has been a​ little 'off-color' and that your record is​ not looking the​ way you​ would like it​ to​ .​
Some of​ us experience bad times,​ divorces,​ patches of​ unemployment,​ illness - there are many good reasons why a​ person can have a​ bad credit history .​
Unfortunately these bad times can be mirrored in​ our credit rating .​
Failure to​ pay bills on​ time,​ or​ pay them at​ all,​ will be listed in​ the​ history.
But now life has been good to​ you,​ and things are under control,​ so how to​ get rid of​ all the​ black marks from previous years? Well,​ in​ effect,​ you​ can't! Sorry,​ that is​ the​ bad news - but there is​ good news too! There are two ways around this problem that are fairly easy.
Some banks will set you​ up with a​ way to​ give you​ another chance! Many won't,​ but there is​ at​ least one national bank that will consider helping you​ .​
They will issue you​ with a​ credit card that carries a​ low credit limit of​ say $200.00 to​ $500.00 and you​ will deposit the​ equivalent sum of​ money in​ a​ new bank account at​ their bank .​
Your money will not be used by you,​ it​ will sit there .​
It is​ like insurance for the​ bank .​
Every month you​ will use your credit card (make sure you​ keep a​ running debt on​ it),​ and every month you​ will pay the​ card off,​ or​ pay the​ minimum payment or​ a​ larger amount .​
This must be paid on​ time each month,​ as​ you​ are attempting to​ prove that you​ have control over your finances now.
The second way is​ this: there is​ a​ credit card company that is​ always sending out application forms nationwide; they actually advertise that you​ don't need to​ have a​ good credit rating to​ get a​ credit card with them
If you​ get one of​ their cards,​ and pay off at​ least your minimum payment every month,​ you​ will be building credit .​
Now that you​ are trying to​ re-establish good credit,​ there are three golden rules .​
Pay all your bills .​
Pay minimum balance when you​ can't afford more .​
If you​ miss payments,​ get them up to​ date and do not let it​ happen again .​
i.e .​
request direct debit payments .​
Even the​ most lenient mortgage lenders require a​ good credit history for at​ least a​ year,​ so if​ you​ follow these tips,​ you​ could be on​ your way to​ buying a​ home next year!
Is Your Credit Rating Grating Is Your Credit Rating Grating Reviewed by Henda Yesti on December 23, 2017 Rating: 5

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