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Ten Tips To Get Credit
By Neil Faulkner
Debt breeds more debt, which can spiral out of control. (Um, I'm supposed
to put a little humour into my articles, but I'm not sure how with an
opening like that. A comedy thunderclap perhaps? I'll get the sound-effects
team on it...)
But there's another credit spiral that can be equally bad - one where
you can't even get credit when you need it.
This second spiral happens when you apply for credit several times in
a short space of time. The more you apply for credit, the more likely
you'll be declined for it. I have four tips to help you with this, plus
Experian has given me six more bonus tips on improving your credit rating:
- This first tip is rather subjective, but, I think, a useful exercise.
You need to use your best judgement about whether you'll be accepted
for a personal loan or credit card. I call this 'tactical credit applications'.
If you know you're not the very best customer, apply for slightly worse
deals.
It can be difficult to know how far to go though. If your credit rating
is not good, you shouldn't apply for the worst loans, as the
interest rates can be a phenomenal 30% to 177% interest! So...
- With a little effort you can improve your chances of being accepted;
get a helping hand by asking other people for their experiences. Find
the details of your credit history. You can get this for free online
by applying for a 30-day trial of CreditExpert.
If you're shopping around for credit, ask companies for a quotation
before making a formal application, so that it's not recorded on your
credit record. It's a lot more effort, but it could increase your chances
of getting a decent loan.
- Rate tarts (people who hop between 0% credit cards) still manage
to get credit, despite making numerous applications. The trick is to
keep down your number of open accounts and to keep a low total credit
limit. Even so, rate tarts get turned down more often than not, so
the other tips still apply.
- Make sure your credit report is up to date and accurate. If it isn't,
contact the lender and/or Experian to amend it.
- Check your report regularly to make sure you have not been a victim
of identity fraud, which can impact your credit score.
- Your credit report lists anybody with whom you have a joint account.
So that you don't suffer from your ex-partner's diabolical credit history,
ask for your record to be updated.
- Don't lie on an application form, as lenders usually find out. Any
inaccuracies on your application will tell against you, and cause difficulties
in future applications.
- Avoid credit repair companies. These are not credit reference agencies
and do not have the authority to amend your credit report. Don't be
tricked into paying for services you don't need or that you can get
elsewhere for free.
- Your credit report is not frozen in time. Check your report regularly
to ensure it's accurate. That way, you can ensure there are no nasty
surprises the next time you approach a lender.
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