Do you know that the credit rating of more than 61 million US consumers is “secondary”? According to the three major credit reporting agencies, the secondary FICO score is below 640. The reason why the credit score is not perfect [not even good] may be due to various reasons: unemployment, health problems, divorce or poor financial management. For many people, this is the last choice, which is a direct result of over-borrowing and overspending budgets.
Direct payday lenders know that for whatever reason, a person has subprime credits and we make mistakes. They also know that bad credit can bring a price, which may mean paying higher interest rates for credit cards, mortgages and car loans, and being denied credit or even losing jobs. That's why they don't look at a person's credit score when applying for a payday advance payment. Short-term loans are possible in an emergency and will not affect your credit, but you still need to consider how to rebuild your credit score and get rid of the sub-prime loan category in order to provide yourself with more financial lending opportunities in the future.
The first step is to understand your position on the FICO score. You can do this by ordering a copy of the credit score from three major credit bureaus [Transunion, Experian and Equifax]. Every American consumer has the right to receive a free report every year. You can request a report online or directly. Unfortunately, you have to pay to get a FICO score in your report, but it's worth it because it's the basis for determining your credit. These three reports may vary from bureau to page and will change over time as your credit history changes. Once you have received all three messages, check them one by one to check the report and make sure everything is correct. Mistakes in the report can be costly and affect the future of credit, so be sure to check everything to make sure it is correct. If you find something that you think is incorrect, it is important to immediately challenge the specific office. The form provided with the report should allow you to do so.
Assuming your credit score needs some help, it's important to take steps to rebuild the score and correct any errors in the report. It won't happen overnight, it can actually take months or years, but be patient and remember that you are working hard to ensure future credibility. And from
Pay off your payday loan from
It won't make your scores up, it will prevent you from paying extra interest and fees, and it will free you to start paying off any other high interest loans or credit cards. Once you start doing this, your credit score will increase. Keep in mind that although the payday lender will not repay your credit limit, it will not be reported when you repay, but if your loan defaults, the third party payee may take over your account. This means they have the opportunity to report to the credit bureau. If you are unable to pay, please call your lender immediately.
Also, keep checking your credit report to make sure your efforts are reflected in your score. If you find something that is incorrect, be sure to report it. Not only do you have to pay attention to debt-related mistakes, but you also need to make sure that you are not a victim of identity theft or fraud.