This is where your credit history will come into play. Your credit history is a record of all your past financial transactions that were recorded or reported to the major credit agencies. This often includes loans, credit cards, and other debt.
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If you want to get approved easily for things like credit cards, mortgage loans, cell phone plans, or car loans--then it is absolutely imperative to maintain a solid credit report. Lenders will review this report, and calculate a credit score based on your history.
If you find yourself with a blemish on your credit report, then here are some simple tips to boost your credit score as quickly as possible.
1. Pay Down Credit Card balances
If you owe more than 50% of your credit limit on your credit card, it could be dragging down your score rating. Instead, try to pay it down to lower than 50%. This can have a positive impact on your credit rating. Also, try to keep cards active that you have a long established relationship with. Banks love to see a good financial relationship on your report.
2. Report Any Inaccuracies
If you find any errors on your credit report, report them to the company immediately. In some cases, you can have the error corrected or removed completely. This can give a nice boost to your FICA score, and will help lenders understand that it was just an honest error (it happens!).
3. Get a Secured Credit Card
If you are struggling to build your creditworthiness, then don't hesitate to get a secured credit card. Secured credit cards help you establish your credit. And since you can only spend the amount of money you deposit, you are all-but-guaranteed to improve your credit score.
Just make sure that the secured credit card will post to a credit agency. This is a tried and proven way to help repair bad credit.
4. Pay Off Any Collection Agencies
If you have any outstanding collections--
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