Over the weekend I decided to try my luck once again in the credit card lottery and to my surprise, I was instantly approved for an Overstock.com credit card with an initial credit limit of $550. It is stated that a credit score of about 620 is required for approval but there are always outliers.
This approval is especially satisfying because I had been denied the last time I applied which was about 3 years ago. What I’ve learned from this experience is that as long as you continue to make payments on time and pay your debt down, you will improve your credit standing by default without the need to do anything special.
The problem that most people have, including me, is that we get too anxious and want great credit today and not six months from now. We have a burning desire for instant gratification but that’s just not how the credit industry works. With credit, slow and steady wins the race.
Hiring a reputable credit repair company will speed up the process but if you’re patient, you can improve your credit organically just by consistently paying your bills on time. Now, it might take a bit longer depending on your current financial situation but the reality is that this time will pass anyway so you might as well just wait it out.
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