How To Improve Your Credit Score Quickly?

01/09/2012 02:24

Credit score is the one most important thing that plays a significant role in your financial life. Those having poor or low credit score face a lot of hardships throughout their life. They cannot get any type long-term loan. They cannot get credit cards. They cannot apply for home loans. Things get hard for them. On the other hand, those with good credit score are loved by lenders, banks and financial institutes.


Those with extremely poor credit score can, however, get short-term loans including payday loans. Whether it be payday loan online or a traditional offline payday loan, they can get it with ease. Since pay day loan online lenders do not look at the credit score of their clients. Having said that, payday loans are not collateral loans and are short-term loans.

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So the thing is, if you have poor credit score, you can only get a payday loan and not any other kind of long-term loan. To get other types of loans you have to improve your credit score. And improving credit score is one of the hardest things to do. It takes years to improve your credit score. What make things worse, is that with poor credit score you will always find yourself short of cash. In such a situation, when you do not have cash and you still want to improve your credit score (and credit history), you will find yourself in the middle of sea without any boat.


But there is a solution. Yes you can improve your credit score quite easily but you have to follow the rules. To start with, decide that you will pay all your bills whether it be short-term loans/bills or long-term loans, you will clear them before due date at every cost. Even if you have to pay twice the principal amount, you must pay the bills before due date.


As said, you can get a payday loan even if you have poor credit score. The idea is to clear your bills before due date. Have no money. No problem. Get a payday loan, and pay off your bill before due date. You need to use payday loans, cash advances and other short-term loans to pay your long-term bills (that affect your credit score) before due dates.


Short-term loans like payday, cash advance etc. do not affect your credit score. So even if you pay these short-term loans after due date, these will not going to harm your credit score. But you have to pay heavy fees to your lender as a penalty. So try to clear all your bills (short-term as well as long-term) before due dates. If, however, you cannot clear all the bills within their due dates, pay long-term bills first. Your priority must be to pay those bills that harm your credit score. Since we are concerned about credit score improvement. Prioritize long-term bill payments.


When you will constantly keep on using payday loans to pay your bills on time, you will see a good change in your credit score. But, do not expect a change right away. A small deviation in a credit score needs months. And when we are talking about shifting credit score from bad to good, this means you have to wait for years. You have to follow the rule for years. You have to be consistent. You have to patient. You have stay on the line. Do not lose hope. Do not expect results too early. This will take a lot of time. And you need to keep on doing all the hard work for years.


When your credit score finally moves to a healthy spot, you need to keep doing all the good stuff. It does not mean that you are now free. You have to be very cautious. You still need to keep paying all your bills in time. This is a lifelong rule that you must not forget.