Entry

What is the quickest way to improve my credit rating?

Jun 7th, 2007 18:52
Mark Gomelli, http://www.breadmarket.co.uk/credit/bad-credit-credit-cards.php

Before making a decision, lenders need to know whether you, the 
borrower is capable of paying back the debt, this is commonly known 
as ‘credit worthiness’. To make this judgement, lenders rely on a 
credit rating. 
As you may know, your credit rating is based on passed borrowing 
habits whether on credit cards, loans or mortgages. Credit history 
data is collected by Credit reference agencies such as Equifax and 
Experian, from whom most lenders will get your credit rating.
If you’ve had bad experiences with credit in the past i.e. bad credit, 
you can improve your rating by exercising good debt management, in 
other words, making payments on time. However, this process may take 
years to improve your rating.
A quicker way would be to ‘piggyback’ off someone who already has good 
credit.
You can do this by asking or ‘begging’ a family member or spouse to 
add you to their credit card. If you are unable to get a family 
member, there are credit repair agencies online that would link you to 
another member of the public who’d add you to their credit card for a 
monthly fee. This is also further proof that this method works much 
quicker than normal credit rebuilding.