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If you find yourself with a bad credit score, rebuilding it is important if you plan to get credit and affordable financing in the future. Fortunately, rebuilding your credit is not particularly difficult – however it does take time, some money and plenty of effort.
Marble Financial Score-Up Credit Repair
Marble Financial Score-Up Credit Repair
There are a variety of ways to improve your credit score including:
You can potentially rebuild your credit using a secured credit card or a short term loan, provided you play your cards right. There are risks involved with both options and you have to be certain you’re going to make your repayments on time and in full. Before applying for a secured card or loan, find out if the lender will:
One of the cheapest ways to increase your credit score is to use a secured credit card. These products usually come with a small monthly or annual fee and a small credit limit, however these cards can help increase your credit score – as long as you pay back your balance on time and in full.
Lenders that offer secured credit cards typically report your on time payments to the credit bureaus, which can help you build up your score over a period of time.
Using a credit builder loan can be an effective way of increasing your credit score and rebuilding your financial health. While some credit builder loans have high interest rates, it’s possible to find rates and terms that are competitive – but watch out for any one-time administration or legal fees.
Lenders that offer credit builder loans will report your payments to the credit bureaus, which can help you almost immediately start improving your credit score – as long as you make on-time payments.
Short term lenders follow less stringent lending criteria, which is why they provide loans to individuals with poor or bad credit scores. When you take out a short term loan to improve your credit score, you’ll have to repay it on time in order to achieve your goal. Upon successful repayment of your loan, you can expect your lender to report your timely repayments to the major credit bureaus: Equifax and TransUnion.
While short term loans give you the ability to repair your credit rating to some extent, they can also greatly damage your score if you don’t make your repayments on time. You’ll also need to take out repeat loans since it’s going to be a long process to rebuild your score. This also means its going to be an expensive process in the short term – and probably not worth it.
Rebuilding your credit score will take a lot of time and effort – but the end result will be well worth it. You’ll be eligible for many more credit products – and with much more competitive rates and terms – which can help you reach your goals, whether that’s buying a home, purchasing a new car or applying for a premium credit card.
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