Raise Your Credit Score! - Can a Loan Help Do That?
Get a Credit Repair Loan to
Raise Your Credit Score!
LOAN AND DEBT
A key component of your credit score is what's called by industry insiders the credit
utilization score. This is merely a ratio of the total amount of revolving credit you
have used over the amount of revolving credit you have available. With your credit
utilization score, the lower number is better. This is the opposite of your credit score
as a whole, where the higher your score is, the better.
There are two ways to lower your credit utilization score. You can lower the amount
of outstanding credit your have, which basically requires you to pay down your
credit cards or store accounts. Simple to understand, but not necessarily easy if you
don't have the money to do so.
The other way is to raise your credit utilization score is to raise your aggregate, or
total, credit limit. There are two ways to get your total credit limit raised. One is
simple and fast. You just place calls to your existing creditors and ask them to raise
your credit limits. If you're in good standing with them and you have made your
payments on time, most will have no problems doing so. You having a higher limit
benefits them because you represent more potential business for them.
The other way to raise your total credit limit is to get an additional loan or revolving
credit account. The limit of the new account will be added to your existing accounts
when calculating your credit utilization score. This will, as with getting your credit
card companies to raise your credit limits, create a larger total credit limit. Again the
larger total credit limit will lead to a lower credit utilization score.
If you have mediocre to bad credit your options for getting an additional credit
account may be limited. You have two choices; get a secured account, or find a
creditor willing to give you an unsecured account. A secured account will require
you to put up some security, or collateral, for your credit card or credit line. If you
don't have the money or other collateral, this may not be an attractive option for you.
Your other option for getting an additional account is to find a creditor that will give
you an unsecured account. In most cases, because of your low credit score, you will
have to pay a higher interest rate than someone with very good credit, but you can
actually use the new account to help you raise your credit score.
Some creditors are willing to give you a credit account . They specialize in helping
people in bad credit situations who want to rebuild their credit and raise their credit
score. They will give you an unsecured credit account, and you cannot be turned
down. If you are looking to raise your credit score using this technique, this is just
what you need. You are guaranteed a credit lines to use however you see fit, all they
require is that you make the payments.
Something else that can hurt your credit is when a prospective creditor checks, or
pulls, your credit report. That is called a 'hard pull' and will ding your credit score.
First Platinum doesn't even check your credit, so getting a new account with them
will not carry the traditional ding your credit score will take when you apply for new
credit. You can apply for your new credit line online right here.
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