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Rely On Short-Term Unsecured Credit Like Payday Loans And Keep Your Credit Score Growing

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Online Payday LoansMany consumers have had to turn to alternative solutions for finding short-term unsecured credit through short-term unsecured credit lenders, also known as payday lenders,  for their immediate cash needs while their credit is still recuperating. For those consumers, short-term loans, such as payday loans, are a workable solution and the best alternative available to them and their recovering credit rating.  That's because you can't spend more than the cash you receive and you get to pay it back within a few weeks. It's a good way to keep your nose clean. Lots of information has been written about ways of boosting a recuperating credit history like the do's and don't when it comes to those two important words - "credit score". Most of us have been told not to apply for a lot of credit, pay your bills on time, don't overuse your credit cards, stick to a budget, only buy what you need, and the list seems to go on and on with someone telling us what to do.  It's true that it takes time to ramp up your credit history, but in the meantime there are ways to keep from hurting your score even further without you even realizing it.

Have you gotten a parking ticket in another state? Or a speeding ticket, or other citation? Citations are considered to be debts to the government and in reality governments are not known to ignore any kind of debts. A debt like this, even though it does not appear to be hurtful, can easily wind up with a collection agency that will tag on additional fees and penalities before referring it to all of the credit bureaus. Much like other debts, a report to a credit bureau about an outstanding violation will certainly shatter your credit score. And much like unpaid parking or moving violations, communities that find themselves in a pinch to raise funds for needed local services have begun to report overdue library fines for unreturned books to collections agencies. Those agencies tack on their own penalties and report the debts to the credit bureaus. These might sound like strange ways to cause pain to your credit score, but they do exist even though they do not seem pretty obvious.

Closing one of your credit cards continues to be another way to slam your credit score. That is because when you close a card, your credit limit decreases, and that increases your credit utilization, also known as bad credit or the amount of credit you are using. This action can cause the average age of existing accounts to fall, so it is better to keep an older account alive with a minimal payment than to fall prey to a damper on your credit score. Remember that FICO takes into consideration the length of time you have had credit, so think about that when you are gearing up for some financial house cleaning. This could make a difference between a good credit score and a bad one that falls short of your goal.

Don't forget to fill out a moving form if you change your address so you don't risk receiving important mail such as monthly utility bills or credit card bills. To restate an old adage, the last thing you need is to have your account fall into bad standing because you did not receive monthly bills. It might sound like a good escuse, but that is not how it works. A good idea is to notify your credit card and utility company of your change of address by writing it directly on one of your monthly bills when you send in your payment. And if you are going on vacation for a while, don't forget to tell your post office to hold your mail. You wouldn't want anyone to steal your mail and your identity along with it.

One of the last things to think about is paying less than what you owe. Sure you want to get that debt off your neck, so you made a deal to pay for a large percentage of the debt. In that case, the balance that's left over and not paid for can be reported as a new charge off on your credit report if you don't make sure to negotiate with the debt holder ahead of time. If not, the debt will be considered paid off, but the bleep on your credit history will continue to be there.

While you are getting your financial house in order, consider the advantage of short-term payday loans. To make your efforts for financial fitness pay off even more, you can have your cash direct deposited to a prepaid credit card and avoid interest charges, overdraft fees, and over the limit fees. There's only a small fee to join up. And you can keep on track by checking your spending habits and cash balance. So, step up and keep your credit score growing by relying on Florida payday loans to get by when you're in a bind and you want to get out of your bind fast.

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