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Improving Your
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Title: Credit Ratings: How To Obtain a First Class Credit Rating
Author: Andre Vas
Article:If you have no cash at all, as ever, life can be difficult, andyou will need some cash to prime the pump, between $500 and$1,000.
Look amongst your possessions for what you can sell byclassified ads in your local newspaper, carboot sale etc andturn those assets in cash.
Go to your nearest bank and open a high interest savings accountwith, say, $500.
Remember, you are not asking the bank for credit or currentaccount facilities that might lead to them making a loss on youby default: you are putting down hard cash - no risk to them.
After a week or two, apply to the bank for a personal loan usingyour savings account $500 as security. Once again, the bank istaking no risk, so that a loan of $500 should be forthcoming.Once granted, you should take this loan of $500 in cash. Keepthe repayments of the loan to a minimum by going for as long aperiod as you can get, say, 2 years. This should cost you lessthan $1 per day to satisfy the regular repayment plan.
Repay these loans as fast as you can and on repayment of eachloan, the savings account used as security will then beavailable for your use.
What has this excercise cost you at the end of the day?
Remember, your savings account at each bank is earning interest,so the cost to you will be the interest earned minus theinterest charged on the personal loans, and the original $500you started with will return to your pocket.
The next stage of this project is to go to the original firstbank and arrange another loan of say, $500, this time secured onyour home. If you rent your property the bank may want some formof security, in which case use the savings account with the sameamount you wish to borrow deposted in it. The bank just mightmake you the loan without any security; after all you have justproved to them that you can handle and satisfy a loan.
Do the same with the other five banks in the original set-up,repay the loans as soon as possible, and you will have on yourcredit rating the information that you have had 12 differentloans, all of which have been repaid in a satisfactory manner,and repaid well before time...
This whole excercise could take you 6 months toachieve; as little as 2 months if you have no previous bad debtsor County Court Judgements (CCJ's) recorded against your creditrecord.
If you do have CCJ's, see our guide on how to removeCCJ's.
Having established a good credit rating and good relationshipwith the banks, apply for their credit cards.
To begin with, the credit limits will be low, but by borrowingmoney off them and repaying it, up to the given limit of yourcredit card each month, you will be able to request that they upyour limit. As you can see, this excercise is similar to youroriginal plan: borrow small amounts of money, pay it back fullyand on time. The credit card company can then see that you areable to handle the borrowing of money and will increase yourcredit limit.
Over a period of time you could find yourself with credit limitsof up to $5,000 on each credit card: these money borrowingexcercises will speed up the process.
Do protect your hard earned credit rating.
Some people may think this whole programme is a lot of effortjust to aquire a basic credit rating, in which case only thefirst half of the excercise should be considered. By going through the whole excercise to enhance your creditrating will allow you to enter the next stage of the overallstrategy, to be able to borrow tens of thousands of pounds fromyour credit cards or banks.
Why would you need to do this?...
To be able to get your hands on large amounts of short-term cashto help you make serious money in a programme to increase yourpersonal wealth.
Here's a GREAT FREE resource with everything you'll EVER need toknow about credit/debt management, credit cards, and applyingfor the BEST one:==> http://www.Direct-Credit-Card.com
Check out tips on protecting your credit
from credit ratings to online-loans-pro.com home
