I have been hearing about bad credit and would like to know more in this regard. I know that bad credit is related to the credit scores being down and mostly the denial of financial requirements when one has a bad credit score. Can you all please tell me something more in this regard?
Thanks in advance!
you either have bad credit or you dont .
if you are new to this country you dont have ANY even worse
It is all about credit score. If you score above a certain point, you get a loan or a better interest rate. If you fall below a certain score, you either don't get a loan at all or your interest rate is unfavorable.
I found out a great way to boost your score overnight. Buy a car with a loan and then pay the loan off within a week. Seriously, this works. I have a credit score monitoring program which came as part of one of these class action settlements and it reported a major score increase after I bought and then resold a car the same week.
I have three paid off cars and a big screen TV on my ten year US credit report and each time a loan has been paid off, the credit score has jumped substantially. I doubt it factors in that the loan is paid off early but just the act of paying the loan down to zero is worth a lot of points.
To get the very first loan when I had no credit history here at all, I took a stack of UK bank statements to the dealership and had them look them over which seemed to satisfy them.
Hi there, if you are in the USA one way to go about gaining a credit rating is, as Pilgrim says, to get a loan, another way is to join a Credit Union bank. Preferably a local one to you. You'll find they support their members, especially if you have a regular wage. They need a savings account to be opened, to cover any overspending, and a current account and they really do have loads of contacts and helpful people.
Stay away from Savings and Loan people, they've brought down more chaos on this country than it's politic to mention. Especially the ones with a Bush in them.
Bad credit is when you have low credit scores and you won’t get the financial requirements that you seek for your business or home. This is something used to describe a poor credit rating. Declaring bankruptcy, skipping payments and more of such activities can damage a credit rating. There are services available for
credit repair that can help you.
Bad credit is when you have low credit scores and you won’t get the financial requirements that you seek for your business or home. This is something used to describe a poor credit rating. Declaring bankruptcy, skipping payments and more of such activities can damage a credit rating. There are services available for
credit repair that can help you.
Credit repair companies are often scams and when they are not, they charge a lot of money for something you can easily do yourself, for nothing. In fact, they remind me that so many businesses are basically redundant middle men.
Self-repair not only saves you money but it educates you in better practices, so you don't end up in that position again. It also means you don't have any record of the credit agencies' (sometimes dubious) strategies showing up on your credit report in the future.
Bad credit is when you have low credit scores and you won’t get the financial requirements that you seek for your business or home. This is something used to describe a poor credit rating. Declaring bankruptcy, skipping payments and more of such activities can damage a credit rating. There are services available for
credit repair that can help you.
Be carefull when using some sort of *credit repair comp* they CANT RESTORE BAD CREDIT you have earned by being late in your payments ' if it is true the credit companies have a right to down grade your score .
what happensa lot of the time is the info is incorrect they get you mixed up with somebody else etc etc these things you can fix yourself by a carefully directed phone call .
there are companies who can teach you c/c management but there again you can do that yourself .
there is really no need to employ a * credit repair company* and get yourself into more debt ,
they can get the creditors to adjust your debt obligation and/or consolidate all your cards into one payment therefor allowing you to repay the loan over a longer period .
but most items tehr are no help and as was pointed out in a earlier post tthey are mostly scams .
RULE OF THUMB
no company whatever they profess to be able to do
can get you a good credit score when your record of payments proves you have been late missed payments etc etc ...
if its *true* you can only fix it over time and by using methods such as Pilgrim explained in his post .......