As most people know by now, the ability to qualify for a credit card is almost solely dependent on your Credit Score. Many people suffer from a low credit score but simply don’t understand how to improve it. There truly are quite a few ways that this can be accomplished, but we are going to focus in on just 5 on them. If you can put your mind to working on these 5 things, your credit score will reflect it and you will not only qualify for a credit card but a quality credit card, one that will provide benefits you will enjoy. The 5 points are as follows:

1. If you fall behind in your payments due to illness, unemployment or family issues TALK TO YOUR CREDITORS. Arrange a payment schedule with them. Talking to them is a lot better than having them call you with threats of foreclosure or bailiffs’ seizures.
2. To minimize the number of inquiries on your credit report don’t apply for multiple credit cards. If your credit rating is important to you, then you also need to consider that when you shop from lender to lender, there is an accumulation of inquires on your credit bureau report, affecting your credit rating and ultimately the rate and terms of your mortgage. This isn’t the case with a mortgage broker who only does one inquiry yet can still get many competing lenders to quote on your business.
3. Pay bills on time, since any payments more than 30 days late will affect the credit score. Note that a bill issued March 15 with a due date of March 31 does not become 30 days late until April 30, but if you have the means, pay earlier rather than later. A single late payment may result in a drop of over 20 points.
4. Correct any incorrect information on your report. Credit reporting agencies are notorious for the errors they have on credit reports. If you find an error call the credit reporting agency and tell them about it. If it is the bank or store’s fault get them to fix it.
5. Keep your credit balances as low as possible. You can also ask the lender to increase your credit limit which can increase your credit score.

We know and understand that it might not be easy, but get the support of your family and friends and stick to a disciplined method, improving your Credit Score will make your life a lot easier down the road.

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