Bad Credit History
Bad credit history is a major source of problems to many people. If you suffer from bad credit history you can make yourself financially hobbled and unable to make any transactions which cannot be made with cash.
Making any major purchases, such as buying a car or a home theatre system or especially trying to get a loan from a bank can be almost impossible with bad credit. Most of the time, the first thing most stores will do is a credit check on you so you will not get passed the first step.
You can be stuck in a catch 22 situation. Ironically, it seems that you actually need good credit to be able to obtain good credit!
There a many good places where you can receive help. You can check your yellow pages or local directories for credit counselling services. They have seen it all before, you are not alone in your situation at all. The counselling service can take you through a plan to get your finances back on track.
It is actually quite easy to get yourself in a situation where you have bad credit. All it can take is a small forgotten debt to ruin your credit rating. Generally collection agencies will attempt to contact you before it escalates to this level but sometimes they cannot get hold of you. You may have moved house and changed phone numbers.
The collection will try a few times to contact you and then when they give up you will get a mark against your name.
This can all happen without your knowledge. You will not find out until the next time you to attempt to get credit.
Clearing up these old debts are the first step to cleaning your bad credit history.
Contact the institutions involved and see if you can make arrangements to pay off the debt in small instalments. Try and get them paid off quickly but don't get yourself in a situation where other bills can suffer. Some banks offer services where you can group all of your debts into one. This way you will just be making one payment a month at a fixed interest payment.
The will take all of your existing debts, such as car loans, store cards, & credit cards and put them into one loan which is much easier to manage.
This is a great way to keep track of what you are paying. The fees and interest rates will vary between lending institutions so make sure you shop around
Some banks and lending institutions will have a debt consolidation calculator on their websites. This will show you just how much interest you could be saving in interest.
They will usually have a one off setup fee and a minimum loan amount so be aware of this when you do your research.
Once you get a Bad Credit History it can be hard to eliminate. But if you persevere and don't expect it to be fixed instantly then it can be done.
Remember, you are not alone. Act now before you get yourself deeper in debt.
Making any major purchases, such as buying a car or a home theatre system or especially trying to get a loan from a bank can be almost impossible with bad credit. Most of the time, the first thing most stores will do is a credit check on you so you will not get passed the first step.
You can be stuck in a catch 22 situation. Ironically, it seems that you actually need good credit to be able to obtain good credit!
There a many good places where you can receive help. You can check your yellow pages or local directories for credit counselling services. They have seen it all before, you are not alone in your situation at all. The counselling service can take you through a plan to get your finances back on track.
It is actually quite easy to get yourself in a situation where you have bad credit. All it can take is a small forgotten debt to ruin your credit rating. Generally collection agencies will attempt to contact you before it escalates to this level but sometimes they cannot get hold of you. You may have moved house and changed phone numbers.
The collection will try a few times to contact you and then when they give up you will get a mark against your name.
This can all happen without your knowledge. You will not find out until the next time you to attempt to get credit.
Clearing up these old debts are the first step to cleaning your bad credit history.
Contact the institutions involved and see if you can make arrangements to pay off the debt in small instalments. Try and get them paid off quickly but don't get yourself in a situation where other bills can suffer. Some banks offer services where you can group all of your debts into one. This way you will just be making one payment a month at a fixed interest payment.
The will take all of your existing debts, such as car loans, store cards, & credit cards and put them into one loan which is much easier to manage.
This is a great way to keep track of what you are paying. The fees and interest rates will vary between lending institutions so make sure you shop around
Some banks and lending institutions will have a debt consolidation calculator on their websites. This will show you just how much interest you could be saving in interest.
They will usually have a one off setup fee and a minimum loan amount so be aware of this when you do your research.
Once you get a Bad Credit History it can be hard to eliminate. But if you persevere and don't expect it to be fixed instantly then it can be done.
Remember, you are not alone. Act now before you get yourself deeper in debt.
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