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Improve your credit rating
You can get a better credit score
Getting a higher credit score or rating, is not brain surgery and certainly not impossible or out of reach. It just takes a little know-how explained here and some diligence to stay with it. Whether you find yourself with a low credit score because you are young and just getting started in the financial world or because you have had a bankruptcy or other financial problem, these solutions should work for you.
Get your credit report accurate
The first step you need to take is requesting a copy of your credit report. It simply cannot be stressed enough, you need this report to see what your potential lenders are seeing. Most people find significant errors on their credit reports once they get them in their hand. Get your credit report and read it line by line and look for anything missing and especially any bills that are attributed to you that you did not make. Dispute anything incorrect immediately.
Build up some credit
This may be easier said than done, but it can be done. Start with any credit line you can get and start now. If you cannot get approved on normal credit cards, look for other options offered through stores. These credit cards will typically be offered to those with less than perfect credit as the companies will take the risk because they know at the least all your money will be spent with them. Another option is a prepaid credit card. This typically involves you depositing £250-£1,000 with a lender and they will put the money in a secured bank account and let you spend against it. Usually after a period of time with you making payments, the lender will extend your credit limit.
Another option to consider
There is another quick fix to getting the credit you need now and it is referred to within the industry as “piggy-backing” credit from a friend or relative. If you have a friend or relative willing with decent credit to allow you authorised access to be named on their credit cards, you will gain credit through them. Keep in mind if you fail to pay or are late, not only will your credit score suffer, but the person you are piggy-backing off of will to. It’s a good technique, just know the possible risks before starting out.
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