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Repair your credit rating

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If you find out that you have a low credit score impeding you from taking out any more loans, it’s time to repair your credit rating. Failing to do this causes other banks to reject your application for another loan (personal, car, home, another card) or cause them to charge you higher interest rates. There really is no such thing as a “quick” way to repair your score, but you can gradually improve your score over time. Here are some tips:

1. Make regular monthly payments on time

If you’ve been delinquent in paying off your credit card, it’s time to get your act together. Simply paying at least the minimum amount due before the due date for 6 months straight can repair your credit rating.

2. Don’t spend too much

Did you know that maxing out your credit card can lower your credit rating? The rule is simple: If you can’t pay it off in one go, don’t spend it. And while you’re still paying off the balance on your card, try not to charge any more purchases on it. This will make repayment more manageable. You savings account will thank you, too.

3. Use a balance transfer

If the current interest rate on your card is really too high for you to handle, maybe it’s time to take advantage of zero-interest transfers. Scout for a new credit card that has significantly lower interest charges, and then transfer all your balance to that.

4. Pay as much as you can

There’s always extra money in your life somewhere. Maybe it goes to that daily latte or that unnecessary gadget upgrade. Maybe you have too many shoes. Maybe you eat out too much. Cut out whatever it is that is putting a strain on your cash flow. Save that money instead and use it to pay off your credit card as fast as you can. The sooner you get rid of that debt, the sooner you can repair your credit rating.

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<li>No collection of annual fee for the first year.</li>

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With all the offers you get form credit card companies, you may feel a little overwhelmed about what kind of credit card suits you best. Here, at, have a few tips for you in choosing the appropriate credit card for you before you say the big “yes” to any credit card company or get carried away with solicitations over the phone or via mail.

Find out your basic goals. Ask yourself; Why do I need a credit card? You can’t just go and apply for a credit card just to be “in” with another crowd.

Next, determine how much you are prepared to pay for the annual fees and how much you plan to spend every month. This will help you start selecting a credit card that is within your budget.

Now do the research. Go to online resources (like to find out everything you need. If you have free time, drop by at the banks to inquire personally about all the things you need to find out. These should include the following:

  • The annual fee
  • Required minimum period
  • Finance charges
  • The credit card issuer providing the credit line and its size
  • The extension period (interest free days) before the payment should be made.

Review all the credit cards your have researched. Base your choice of credit card to the one that bests suits your lifestyle and personality. Always remember to choose the credit card that proposes the BEST DEAL for you. For example, don’t go for a credit that offers you free miles if you don’t have any plans of traveling abroad! Get the point?

Now that you know what to do, start looking up your resources and find out the best credit card suited for you.