Thursday, November 19, 2009
Category:
Consolidation
According to a survey by Confused.com, 40 percent of people will not contemplate applying for a credit card due to concerns that a refusal will adversely affect their credit score.
However, this finding coincides with the discovery that 12 percent of the people surveyed have actually seen an improvement in their credit score during the past year.
Confused.com has offered advice to credit card holders who don’t have a great credit rating. Check your credit record for accuracy and request for any errors to be put right; register on the electoral role; be sure to completely pay off any County Court Judgments; arrange to make repayments via direct debit to avoid missing any; cut up any unused cards and close any credit accounts that are no longer used; refrain from moving home too often and install a landline; do not embark upon too many applications; if you are refused credit, attempt to establish the reason for this in order to find a solution prior to your next application.
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Homeowners who are looking to re-organise their finances, particularly if they have accumulated several credit cards in the past, could consider taking out a secured loan. One of many finance options available, a secured loan for debt
consolidation could allow the borrower to tie up their existing debts into one manageable monthly repayment. This approach could leave the borrower with a single monthly repayment that could even be lower than current outgoings. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
