(ThyBlackMan.com) Most people reading this will already have a good credit rating. Did you know, however, that you can turn your credit rating into a great, or indeed excellent, one? It can be a straightforward thing to achieve, and help is at hand to help you get it.
Paying bills on time gives you a good credit rating. Paying them in advance, both of the due date and for future services, means that you get an even better credit rating. This simple method of boosting your credit rating will serve you in good stead in the future when you look to make major investments in homes and vehicles.
A number of companies, in particular energy and telecommunications ones, set a payment due date before most people get their salary. This is then a case where you (might) strategically be better off using an overdraft
(or -gasp- even these guys) if the alternative is being delayed in your utility payment then the damage to your credit rating can actually trump what you’re paying in interest for your loan. Of course the ideal is to have enough forward planning that you can comfortably handle your out-goings while staying firmly in the black.
Using the examples above, if you pay for your telephone line rental for at least a year in advance, or make a quarterly payment on your energy bill, not only are you likely to get a discount for the payment but you will give a tremendous boost to your credit rating history. This will give you the good name and reputation you should have, not the one assumed by just paying accounts on time.
Many, due to misleading media reports, will assume that a payday loan will have a negative effect on a credit rating. Time and again, however, through proper and agreed terms a company like Wonga has been shown to give a fair and beneficial service that has been used and approved by millions of people. For all the scare stories and inflated, exaggerated fees mentioned in the media, the reality of a payday loan is that an amount of £300 borrowed over seven days would incur interest and charges below 20%, assuming all repayment terms and conditions are met. Not many other banks or financial institutions offer either the flexibility or low charges of this.
Taking a payday loan to settle your accounts in advance and pay for future services is a cost effective way to improve your credit rating. The low interest and administration fees from making sure you stick to the payment arrangements agreed gives you the freedom to do this with a payday loan.
Your credit rating is like a silent witness for your name and reputation. Actually, it’s somewhat better than a witness, as you are the one who controls how it reflects on you in an entirely objective way. Obtaining a payday loan that you ensure you repay when your salary hits your account is a smart way to let you do this.
A bad credit rating can be difficult to improve. As you can see, however, a good credit rating can be turned into a great or even excellent one by taking some fairly simple and straightforward actions. Acting today ensures your future is assured.
Staff Writer; Jim Jones