Improving your credit rating involves taking positive actions that demonstrate to creditors that you are a good borrowing risk. Getting a personal loan can be an effective part of the strategy, since it allows you to establish a sound record of repayment. But you may also be in the process of repairing or restoring your credit score by trying to identify and remove errors. Should you take out a loan at this time? It depends in part on how favorable the loan terms are.
A personal loan can help with overall credit rebuilding, but you need to be careful about who you borrow from and on what conditions — so that you don’t end up actually harming your credit score. Here are some things to do and not to do:
There are other ways to improve your credit rating, such as obtaining and using a secured credit card. This requires keeping a minimum amount of funds with the issuing bank, which serves as your credit line. Your credit repair attorney may also be able help you obtain a non-secured revolving line of credit.
At The Law Office of David A. Fernandez, P.C. in Houston, our attorneys help clients with all aspects of credit repair and restoration. Give us a call at 713-893-8509 or contact us online. We offer free initial consultations so it won’t cost you anything to speak with us.
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