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Credit ratings are incredibly important for so many reasons.  By having bad credit, we’ll be limiting how much we can loan. It’ll prevent us from purchasing property, and even affects small things like being able to take out a mobile phone contract. While it makes a significant impact, it’s also difficult to repair when it goes wrong. However, that doesn’t mean you should give up hope.  There are many ways to improve your credit, so let’s look at a few ways to do it. Pay On Time It goes without saying that if you want to have good credit, you need to pay for everything on time. By missing out on required payments, your credit rating will continue to drop. Making them on time shortly probably won’t make your credit shoot back up anytime soon, but it’ll prevent it from falling any further. Keep paying on time, and eventually, you’ll start to see some results. Stop Applying For Credit To get a better credit rating, you need to stop applying for things. Every time you get rejected...

Credit cards are a booming business. While credit cards offer convenience, they also have a dark side. The average household has $15,191 in credit card debt, which translates to Americans owing $854.2 billion to credit card companies. Nearly 50 percent of those with credit cards carry a balance on at least one of their cards each month. Failing to pay off the balance each month leads to interest accruing on the balance due. This interest, which can easily exceed 20 percent, makes it more difficult to pay off the balance leading some consumers to spiral down into a hole they can’t climb out of. In these cases, debt settlement can be an option. Debt settlement is generally defined as making a one-time offer of a substantial sum of money toward an outstanding credit card balance in exchange for the lender forgiving the remaining debt. For example, an individual has an outstanding balance of $10,000. They offer to pay $7,000 in a lump sum with the issuer forgiving the remaining $3,000. If ...