It is possible that you are looking for a way to improve your credit score. This will help you to gain loans or credit cards and even to secure a mortgage. There are a number of ways to get the highest credit score possible and here is a six step fix.
Get a credit card
If you do not already have one, you should get one. Contrary to popular belief, not having a credit card will not mean that you have a perfect credit score. In fact, it lowers it because there is no track record of whether you pay back the money on time. It does not matter how high the interest rate is on the card. Get one and make sure that you pay off the bill each month, even if it is just your groceries.
Take out a loan
It does not have to be a large amount but by taking out a loan you are able to show that you can make regularly monthly repayments. If you do not need the money, then simply put it into a high interest savings account and have it as emergency money. Even a payday loan can show that you are able to borrow money and pay it back.
Clear off your debt
Do not default on your payments as this can affect your credit score. If you already have defaulted on a payment, then you will need to do some work to repair the credit history damage by now staying on top of the payments. If you find that you may have to default on a payment, phone the company to see if an agreement can be made.
Keep your credit card balance down
The best thing that you can do is keep the balance on your credit card below 30% of the maximum amount. This will look like you are sensible with your money. If you can keep it below 10% this is even better. Work on your current cards to get them below this 30% threshold, starting with the one which is closest first.
Having a joint account will help you to fix your credit score. Generally, by having more income coming into the joint account, you will be viewed as more stable and as having a greater chance to pay the money you owe.
Own your own home
Stability is the key to fixing your credit rating and you can do this by owning your own home. You will need to stay on top of the mortgage payments too, so you do not lose it.