BAD CREDIT CASH LOANS AND FINANCING: Unique Content Article: A Strategy For Build A Good Credit Record

A Strategy For Build A Good Credit Record

by John Thackeray

You might suspect that you have bad credit since you get turned down for loans but you are not quite sure. Make use of your yearly free credit report to find out what your credit record really is like. You can get this report from the three big credit bureaus and this will give you a starting point if you want to build a good credit record.

This article is not going to go through the techniques of challenging the entries on your credit report - that will certainly help to improve your credit score but you still need to build a solid history and it might not make that much of a difference to your actual credit rating after all. We are going to take a look at some strategies to achieve this.

Improving your credit rating is almost like weight loss. We all wish there was a quick and easy way to do it but unfortunaly you are going to have to work on establishing a good credit history and that takes time.

You need to work out a plan. Sit down and look at your expenses realistically. Draw up a spreadsheet of your income and of your expenses. Take a look at all your credit related expenses - loans, credit cards and so forth. You want to pay of your short term credit the quickest - these include credit cards and short term personal loans. After that you can look at longer term loans such as car loans and home loans.

You need to take a look at your expenses to decide what you are going to sacrifice. You need to get some extra funds from somewhere! You need to take a good look at what you can potentially give up - entertainment springs to mind! Even your eating habits might give you some lee-way with regards to scraping together some extra funds - maybe you like fast foods. These are more expensive than cooking for yourself so it could be one way of saving some money. You need to take this money and put it towards paying off the credit card or loan with the shortest time period remaining.

You need to pay off the loan or credit card. If you have more cards, then close the credit card account, else you should keep it active and use it occasionally to maintain a good credit history.

Once you have paid off the first loan or card, take the full amount that you were paying off on that loan and start paying it towards the loan with the second longest term remaining. Once you have paid this loan off, once again, take the full amount that you were paying towards that loan and put this amount towards the next loan.

You will find that if you do this you get a double benefit - not only are you paying off your loans quicker than you would have, but your credit score and credit history will improve because of this. You do need to maintain some credit, but the trick is now not to be tempted to use these facilities again and overextend yourself again. - 41115

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New Unique Article!

Title: A Strategy For Build A Good Credit Record
Author: John Thackeray
Email: articles.submit@tm4y.co.za
Keywords: credit debt management, paying debt, credit score, credit history, finance
Word Count: 527
Category: Finance:Credit
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