If you have a bad credit rating, you might have realized just how much of an impact your credit score can have on your life. It isn’t just about having trouble buying a home, getting a credit card or securing financing for a car, either. Having a bad credit score can also affect you being able to rent a house or apartment, how much it will cost for you to have your utilities turned on if you move and whether or not you can qualify for certain jobs.
As you can see, it is important to improve your credit score if you can. Unfortunately, it might seem impossible to boost your credit score once it has been tanked. Luckily, there are various things that you can do to improve your score. In fact, your family members can even help you improve your credit score. These are a few ways that they can do so.
Adding You to a Credit Card
If one of your family members has a credit card that he or she uses responsibly, it can be helpful if you are added as an authorized user on the card. In some cases, your credit can get a boost each time that the credit card is paid on time, even if it’s only used and paid for by the account holder. Not all credit card companies do it this way, however, so it’s best to have your family member inquire first.
Co-Signing on a Loan
If you are looking to take out a loan for a car — or for just about anything else — you might have a hard time getting one if you have bad credit. Having a family member — who has good credit — co-sign with you can be helpful. Not only can this help you get approved — more than likely with a better interest rate — but it can allow you to boost your credit score as well.
Helping You Get a Secured Credit Card
If a family member is willing to loan you a little bit of cash, you can use it to get a secured credit card. With a secured credit card, you have to pay a deposit that will be held in savings. Then, your credit line will be the same as what you have put up as your deposit. Paying your credit card bill responsibly each month will help you improve your credit score and eventually get your deposit back.
As you can see, your family members can help you improve your credit score in many ways. If you have loved ones who are willing to help, consider talking to them about these ideas of boosting your credit.
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