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REBUILDING YOUR CREDIT BY ADDING POSITIVE TRADE LINES
Rebuilding credits has been a challenging feature. But not anymore!!
Our clients enroll in a debt settlement program for one basic reason.
That’s because they want immediate relief from the requirement of having to pay a very high monthly minimum payment with their credit card.
The requirement to make minimal payments with a credit card that has reached or is approaching its limits, or is virtually useless due to high interest rates, has proven to be a heavy burden on the public.
In essence, when the people are suffering from some financial difficulty, they will not be able to pay and will be reported to each credit bureau as delinquents.
Late payments of 30, 60, 90 and 120 days can cause significant damage to your credit score.
At some point, things usually change better over time, especially after enrolling in a debt settlement program that lowers your monthly bill.
Then it’s time to find a way to repair your credit. This article will show you how.
HOW TO REPAIR YOUR CREDIT
The way to build credit is essentially to prove to future lenders that you are a valuable borrower.
As they say, past performance shows future results.
Below are ways by which you can easily rebuild/repair your credit
- Making monthly payments by always paying invoices on time, without excuses.
- Maintaining a good/excellent payment history. This is one of the most important things you can do to increase your credit score.
Positive payment history will be reported to the credit bureau, which will greatly help improve your score.
HOW TO ENSURE GOOD PAYMENT HISTORY
One of the easiest ways to ensure a good payment history is to apply for and open a secure credit card.
With a high quality secure card, you can deposit a certain amount of money on your card, just like a prepaid or debit card.
For example, if you deposit $ 200 on your card, that’s the limit.
Every time you participate in a transaction with your own cap, it will be actively reported to the credit bureau by the creditor.
It’s a great way to start repairing your credit.
Another way to get a positive trade line and increase your credit score is to request that you be added as an Authorized User Tradelines.
Find family and friends who you trust and trust you.
Build their trust by demonstrating your ability to take responsibility in other areas of your economic life.
When that person contacts their creditors and adds you to their credit card as an authorized user each time they make payments on time with that card, it will also be actively reported to you.
FINAL NOTE
Rebuilding ones credit does not only help you when financial crisis and needs may arise, but it also helps to build trust between yourself and credit bureau.
This strengthens your credit score and qualifies you for higher credits.
Thereby upgrading your financial status when purchase or needs are to be met
