Improving Your Credit Rating (Visit this link)
Businesses evaluate individual credit applications by rating or measuring how a person has handled credit over the past seven years, but often consider information from the past one to three years more important than older information. If you have a low credit rating, you can improve it by adding new, positive information to your credit report, which will help you qualify for additional credit in the future.Repaying debt and/or obtaining and using a secured credit card are effective ways to start rebuilding your credit rating. A secured credit card is backed by money that you leave on deposit so that if you don't make a payment each month, the creditor or bank is paid from the deposit.
Before you apply for a secured credit card, shop around to find the best deal by asking the following questions:
- What are the basic terms and conditions, i.e., annual interest rate, annual fee, late and cash advance fees?
- Is credit extended to people with low credit ratings?
- Can you qualify if you have declared bankruptcy in the past?
- Will your payment history be reported to all three credit-rating agencies?
- What interest rate will be paid on your deposit?
- What will your credit limit be?
- How long will it take to qualify for an unsecured credit card?