Credit Building Solutions

When you have a poor credit score you are going to find it is extremely difficult to deal with your debts as well as get new finance to help make your debts a little easier to deal with. When you find yourself in this position there are a few things that can be done. Of course with the current credit crisis that has been affecting the UK has made it even more difficult to deal with debt and find better solutions for those who have a damaged credit report.

The lenders in the UK are making it more difficult to find mortgages. This means that the application process is more difficult to get through because the banks are unwilling to lend more than 75% to 80% of the loan to value on a home, and they are making the inter- bank lending costs higher because of the many defaulted loans. It is important in the current state of things that one has an option when they have bad credit. There are a few things that can be done to help rebuild credit. First of all there are times when there are things on your credit report that are old or inaccurate. These items can severely affect your ability to get a loan, and they are not your fault; however it is up to you to get them fixed. Once the errors are fixed you will find that it is easier to get loans.

In cases where there are mistakes made you must report them to the credit referencing agency. These agencies are then going to research the information to determine if you have a valid claim. You will find that it is very important to pay close attention to your credit report on a yearly or perhaps even monthly basis. This way you are able to prevent a problem from becoming a real issue later on.

You will also find that your credit rating can be affected through your own errors. This means that you have missed a payment, made late payments on a regular basis or defaulted on a loan completely. In these cases there is little to do, but try and rebuild your credit in some manner. You will find that until you have rebuilt your credit the companies are going to be unwilling to loan you any financial assistance.

There are a few ways that you can fix your credit rating. One of those methods is by choosing a bad credit credit card to help you re-establish a regular payment scheme. In other words with credit cards as long as you pay on time the minimum monthly payment or more importantly pay off the current balance you will find that your credit score will rise. The more good credit items on a credit report the more you will see the score rise. It is important to only use the credit card as a means of showing that you can make regular payments and not as a supplemental financial source.

Back To January 2008 Financial News
Purchasing with Credit Cards
Traps with Credit Cards
Understanding Credit Scoring
What Is A Credit Reference Agency
Testing Your Debt
10 Ways To Save Money
Benefits of Savings
How To Save of Invest Your Money
Individual Savings Accounts
Sainsbury’s Bank Internet Savings Account
Product Types For Savings
Saving with Child Trust Funds
Savings and Investments Advice
Trouble Ahead with Free Banking
Warning: Savings Rate Change
What Makes Consistent Savings Account?
Credit Building Solutions
Britain Needs to Protect Itself
Free Banking or Unfair Bank Charges
Reintroducing Child Savings
How To Get The Most From Reward Credit Cards - Part 1
How To Get The Most From Reward Credit Cards - Part 2
UK Economy Growth
UK Rate Cut
US Recession and Britain