Improving your credit worthiness takes time, but there are some things that you can do right now to start the process. The important thing to remember is that you need to take small steps. You will not improve your credit report overnight, but if you are consistent in your efforts to improve your personal finances, you will see results eventually.
First of all, you should know what your current credit score is. Your credit score can be affected by credit cards and loans, including money borrowed from quick loan money suppliers. If your score is over 750, you do not need to worry about anything. That score is basically “perfect.” Most consumers with a score above 700 will qualify for rewards credit cards and low-interest loans.
If your score is 650 or above, you will still be able to get decent interest rates and credit card offers, but you may not qualify for “platinum” or “gold” credit cards. People with a credit score below 650 will still be able to get credit cards and be approved by quick loan money suppliers, however, they need to be careful about high interest rates, especially when it comes to credit cards.
The first thing that everyone can do to improve their credit report is to start paying all their bills on time. More than half of your overall credit score depends on two factors: making on time payments and your amount of debt. So, making payments to your credit card company or quick loan money supplier by the due date is very important.
The other part of the equation is to keep your balances low. Your score will improve quickly if you use less than 35% of the credit that is available to you. This shows lenders that you are able to handle your finances and are not getting into too much debt. So, your first step to a better credit score should not be to pay off all your credit cards, but to pay the balance down so that it is less than 35% of your available credit.
If you need to borrow, consider a quick loan money supplier instead of a credit card or other type of personal loan. These lenders may not look at your credit history at all. Instead, they will look at your bank account and pay stub to decide if you are able to pay off the loan in the future. If you do not want to concern yourself with your credit score, this could be a good option for you when you need a little bit of money to get you through to the next pay day.