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My Credit Worth in my own hands

If you have ever been denied credit, it is unlikely you can blame anyone else. Your financial heath is up to you.

 

My Credit Worth in my own hands

This problem can be overcome in many ways the first and foremost being by getting the secured credit card issued which is a card where in you deposit some kind of security with the bank so that the bank offers you a credit card. Based on the amount deposited with the bank as security the limit to the card is allowed. Upon the usage of the credit card and its repayment are you building your credit history either in the positive or the negative.

Always make sure to charge your card on the spending that you can easily pay off. The creditors will be able to view the responsibility level by keeping a tab on the way you spend and make payments. It would be unwise to hold the card and not make any purchases as the creditors won’t be able to judge your credibility like this. At the same time you should be aware not to go beyond 50 percent of your credit limit as it might affect your rating.

Apart from making the regular payments you have to make these in time as well. Even a single default in making these payments can slide down your scores and you will not be able to build your credit properly.

Make sure you do not apply for numerous credit cards until it’s not proven that you can repay the credit on one card on time. It also dips down your Credit Worth. The more the number of cards you hold the low is your credit rating. So, it’s wise to hold just one card and make its regular payments.

Always make sure to keep a tab on your credit ratings and scores as it will keep you updated and well informed about your Credit Worth.

After proving your worth for around a year with the secured credit card the creditors and the banks will be able to switch your secured card to the unsecured card. An unsecured card will not only be higher in limit but you will also be able to get perks like reward points etc. Not only have you got your deposit released after showing your Credit Worth.

Ways to create your Credit Worth:

1. Get a secured card issued.

2. Make sure to make regular payments and on time.

3. Always keep a tab on your credit rating.

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About Professor Savings Finance Writer

Professor Savings Finance Writer
HI. I'm Professor Savings. I teach daily money saving videos. Thanks for checking us out.

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