Need to build your credit score so that you can get a loan or a credit card? Here’s what you need to know.
Tips to Build your Credit Ratings Fast
One who have zero credit history, i.e. they have never taken any credit from the market in the past, and second, those who have earlier taken credit from the market in some form or the other.
While it may seem that the people who have never taken any credit from the market are entitled to qualify for a new loan from the lenders quite easily, it is just the reverse case. People who have never taken credit from the market in any form will have more problems in getting a new loan. This is because of the absence of any past record of the person applying for the loan. The lenders have no way to analyse and determine the credit repayment capability of the new applicant.
There can also be instances, when you have developed due to some reason, a bad credit history due to a bad repayment status. All these problems can be dealt with a build credit fast credit card, which entitles you to apply for loans by improving the credit rating you have in the market. Once you apply for these credit cards, you steadily and easily, both in the case of bad credit history or starting fresh. Here are some of the points that you need to keep in mind to build credit fast:
• Keep your savings account balance enough to apply for a credit card.
• Try and seek out for a stable source of income by getting a stable job or a stable source of income. You must have a stable source of income in order to improve your credit rating.
• Apply for credit cards from three different sources. Do not apply from more than three sources, lest it affects your credit rating.
• Go through the pre-qualifying rounds of the service providers so that you can find out your eligibility to apply for the credit cards. If you apply for a credit card directly, and if you do not qualify due to some reason or the other, then it might affect your credit rating and will have a direct impact due to it.
• Analyse your credit limit that you are entitled to get from the service provider and always apply for the highest credit limit.
• Always keep all your credit accounts transferred into one account and try and pay off your debts as early as possible before the due date. Also try to keep the credit account balance as low as possible below the credit limit on your card.
Here are some of the tips that you must follow while building credit fast:
1. Always try and apply for cards with the minimum interest rates.
2. Transfer all the credit accounts into one account with the minimum interest rates.
3. Always keep the credit account balance below twenty percent of the credit limit on the card.