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Improve Your Credit Rating
If you have come from a history of bad credit or bankruptcy and are now looking to improve your credit rating, there are a few things that you can do to give your credit rating a boost.
- Setup A Monthly Direct Debit
- This one is extremely simple and can be arranged easily. Simply logon to your bank account, call your bank's customer services or arrange a meeting at the bank. Create a new monthly direct debit that sends the minimum payment to your credit card. As long as you don't miss a payment, you will see your credit rating getting better.
- Don't Ignore Bills
- When you get your monthly bills for the electricity, phone etc open it! Do not let it sit unopened as you will not pay it. Instead, open the bill and set aside the amount required. Put the due date on the envelope and set it somewhere safe so it won't be forgotten. When the date is approaching, send through the payment. This will show you in good light and the utilities companies will send your payment information to the credit bureaus. Not only will you be more organized, but you will also boost your credit report over time.
- Controlled Spending
- Nobody is going to live on fresh air alone, but you must discipline yourself to spend in a controlled way.
- Set a budget for yourself and stick to it.
- Allocate money for what you need and don't overspend.
- Resist the compulsion to spend.
- Think longterm - this will help you.
- Set money aside if you need new clothes, accessories etc.
- Above all, don't be tempted!
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