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Professional Advice to Boost Your Credit Score By Kelli Grant

By Sally Maison
Published: Sunday, April 4th, 2010

KABLRM-00003570-001These difficult economical times makes getting credit plain hard luck! Here are a few suggestions by Kelli Grant, a Senior Consumer Reporter, to boost up your credit score.

The first step to a high credit score is to be aware your credit score. In these trying economic times, a credit score of 750 seems to be the ideal. Grant states “Anything less than a 750 is a great miss or hit”. But not to worry he says, the little changes applied over a period of time would deliver a huge difference. A whole year of good payments and brilliant purchasing decisions over the years will grow your plant touching a big credit score. And surprisingly small little changes can be seen in just four weeks.

Usually when your credit score is not as big as you want it to be, Grant gives a few tips to make you score higher.

The first step is to obtain a secure credit card. A secured card is a credit card which requires a deposit unlike the regular credit cards where a credit limit is given based on risk. This deposit you put in is your money which forms the credit limit. Grant states “Because you’re borrowing against your own money, lenders are a little more willing to take on an applicant with a lower credit score”. Only if you prove a good use of your secured credit card will your lender upgrade it into a normal credit card.

Only when you make on-time payments to the bank a good credit is built. The bank will then let you take out your installment loans. Local banks and Credit unions can be considered for best rates. These hold higher competences than the large banks.

You can also start saving from other people’s good credit. For starters you can ask a family member or close friend to become a licensed credit user with them. Grant mentions “Look for one that’s got a long history of on-time payments, low balances”. He points out that you don’t have to have an authorization for purchases to be made, as long as your name is in the account. Not just that, the person who you share the credit with isn’t even in risk because they are still in control over their purchases and payments. And you win benefits from their credit.

Another way of increasing your credit score is by storing your credits while shopping.
“Because you’re only using the card in that one place… they’re often willing to accept borrowers with a lower credit score,” says grant. But he asks to remember to pay your full dues in the month. Storing your credits for up to 30% can get your interests to calculate at a fast rate.

But always keep options open. He asks to keep alternative scores. Lenders usually see your checking account records, the on time payments, and the utility payments to trust a risk on you. Don’t forget to ask your lender if he is willing to see your payments from your payment reporting bills of credit. This clears their doubts of regular payments at a small fee and it also lists as an alternate credit bureau.

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