| In todays hard economic times it is getting more | | | | your credit limits than this can have a negative affect |
| difficult to be approved for any type of credit. By | | | | on your credit score. You should always try to |
| following these simple suggestions you can help to | | | | maintain balances of 30% or below on all of your lines |
| increase your credit score making you more likely to | | | | of credit. |
| be approved the next time you apply for credit. | | | | 3. Add yourself as an authorized signer on |
| When trying to increase your credit score consumers | | | | another person’s credit card. If you know |
| must realize that there is no legitimate way to boost | | | | someone who would be willing to add you as a signer |
| your credit score overnight. It takes time and patience | | | | on their account than most credit card companies will |
| to build a solid credit history which is the best way of | | | | also start reporting that account under your credit as |
| obtaining a high credit score. | | | | well, helping to improve your credit rating. |
| There has been an increase in the number of | | | | 4. Don’t close any accounts that are |
| companies that claim they can do just that, boost your | | | | currently open. You may have heard this before and it |
| credit score by around 100 points or more in a very | | | | is certainly true that your credit score can drop by |
| short period of time. Consumers must remain very | | | | closing accounts. The longer an account has been |
| cautious when dealing with such companies as many | | | | open the better it is for your credit. |
| of the tactics they use can backfire, causing your | | | | 5. Open a secured credit card. This works |
| score to decrease and damage your credit rating. | | | | best for someone who is just starting to build up their |
| But there is still hope for the many consumers out | | | | credit. There are many lenders that offer these so |
| there who have been hard hit by the declining | | | | make sure to shop around. All secured credit cards will |
| economy. With foreclosures and credit card defaults | | | | have some sort of fee associated with it but some |
| still on the rise, lenders all around have tightened up | | | | are much lower than others. |
| their underwriting guidelines making it much harder to | | | | 6. Contact your creditors. If you are |
| be approved for a loan or line of credit. But there are | | | | currently behind or having trouble making all of your |
| still many ways for you to start building a higher credit | | | | minimum payments than it wouldn’t hurt to try |
| score, making it more likely for you to be approved the | | | | and negotiate with your creditors for a lower interest |
| next time you apply for credit. | | | | rate or see if they can lower your monthly payments |
| 1. Make payment arrangements to get | | | | making it easier to pay your bills on time. |
| current with any delinquent accounts you may have. | | | | 7. Monitor your credit reports. In many |
| Being behind on your payments can make it nearly | | | | cases you may find inaccurate information being |
| impossible to be approved for credit even if you have | | | | reported on your credit reports that can damage your |
| a high credit score. | | | | credit. A simple dispute letter to the credit bureaus can |
| 2. Pay down the balances on your credit | | | | correct any false information and get you back on |
| cards. If you carry an average of 50% or more of | | | | track to building your credit. |