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Getting Yourself A Credit Record

Most people will know that in order to obtain credit you must have a good credit rating, but what they don’t know is how to get one. The hardest times will be when you first start out or when you have had problems and have managed to trash your rating. When you first apply it seems that no one wants to take a chance, so you need to begin setting up a history and before long you will be able to build up your score to allow you to apply to the main providers.

What Do Lenders Want?

If a lender is not able to find a credit score, they will look for other factors that can help them come to a decision. You should have no trouble opening a bank account and just because it will not be included in official ratings does not mean it will be overlooked. Where you live can also help – more in regards to how long you stay on one place rather than the actual area. If you don’t move around to much it will go in your favour. Being on the electoral roll will help as well, as this shows them that if you do move, they should still be able to help you.  Lenders want people who work and the length of time you stay in a job can be just as important as how much you earn when it comes to making the decision to lend, even if it is not as important when it comes to the amount.

Build a Relationship With the Bank

Some people have found that by having an account with a bank gives them a better chance of getting credit with them. If the bank they are with sees that they are running their account well, they may go to the next phase and agree a loan or a credit card. They may not be offering the best interest rates but at the moment you will have to accept that. Run this account well and you can try elsewhere in the future.

Anything Else That Can Help

It may not be the sort of credit that you wanted, but a store card can add to your rating. You won’t get a massive amount to spend and you are limited to where it can be spent. Again you need to run the account well, but you are now starting to build your record. This may seem to be a slow process but there are a few other things you can do to get a higher score. Secured credit may not be the ideal way to get money but credit is credit and it can be just what you need. Here you will need to have some sort of asset to link to the loan and this will be at risk if the repayments are not made, so it is doubly important that this sort of credit is used sensibly. If you don’t own anything you may have to make cash the security, but it will be worth doing if there are things you need to pay by card.

As with anything that is not easy to get, a credit rating needs to be look after. You don’t want to go to the trouble of getting one and then losing it.

Justin Kerr is the author of today’s informative guest post. He is a prominent financial journalist and an ardent blogger who shares tips on frugal living. He says to learn more about how binary options work you can visit Binaryoptionsexplained.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.

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