4 Tips To Raise Your Credit Score If You Have Poor Credit

What You Can with What You Have: Tips for Living with Poor Credit

When your credit score starts to decline, it seems like there is no hope in bringing it back to a level where you can survive in the financial world. There are things that you will likely need in life, such as a house or a car, that you might have trouble securing if your credit score is lower than average. Fortunately, there are a few ways that you can bring your number up so that it's easier to get the loans that you need or even the basic necessities that shelter your family. 

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Make More Money

One of the ways that your credit score can be impacted is if you don't have a high income. Any income that you do make is reported on your credit, so try to move up the career ladder or find a side job so that you're making more money each month. When the higher income is reported, you'll begin to see that there are more credit offers available. 

Buying a Car

If you have poor credit, you might think that it's impossible to buy a car. While it's going to be harder, some car dealerships have programs specifically designed to help finance individuals with bad credit. Companies like these will work with you to get you in a vehicle. Usually an arrangement like this will be able to help you raise your credit score at the same time. Most of the dealerships you'll have to look at are buy here and pay here, meaning that you'll make a down payment and make the payments each week or month to the lot. If the payments are made on time, then the dealer will report them to credit agencies, raising your score. 

Start Small

There are a few companies that offer credit solutions that will build your credit each month. An example would be a secured credit card. You would put a small amount on the card, spending only what you need each month before making the payment. Another option is to go through a company online that sells furniture or other items that offers a credit package. Make sure the payments are made because not paying will only lower your score. 

Ask For Help

At times, you might have to ask a friend or family member for help when trying to get a credit card, buy a car or secure a loan. If possible, add your name as the primary lender instead of the other person. This will show that you are trying to do everything you can to take responsibility for the payments that are made. After a certain period of time making the payments, you can usually drop the cosigner from the loan. 

Good credit can be ruined in a short time by only missing a few payments. If your credit score has started to drop, you need to monitor it to see what needs to be fixed to bring it back up to at least a good rating. With a little planning and payments, you can begin to see your credit improve.

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