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Bad Credit Debt and Loan Consolidation Advice
Are you deep in debt and have a bad credit history? If you
answered yes to that question, finding a company who offers a
bad credit debt and loan consolidation service may seem like the
perfect solution. It is very important however, to...
Credit Card vs. Debit Card - What Are The Differences
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Credit Reports and Credit Reporting Agencies
We all know that our financial transactions are reported to credit agencies that track how well and how quickly we pay our debts and that when we apply for a loan for one reason or another, those agencies report our credit history to prospective...
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There are a variety of credit card types, each claiming to offer you the best possible deal. Finding the programs and incentives that works best for you is key to maintaining a good credit card history.
Each type of credit card offer different...
The Ins And Outs Of Bad Credit Home Loans
Owning a home is part of the American dream. It's also the biggest purchase that most of us will ever make, and because of that, almost everyone will be borrowing money to do it. Unfortunately, for many people that means a bad credit home loan, and...
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What is a Bad Credit History?
A bad credit history can sometimes seem like a curse... whenever you apply for financing or for a loan, it always seems to pop up and cause you problems.
Having a bad credit history can even cause you problems when applying for some jobs or other opportunities! Before you let it get under your skin, though, you should know that it is possible to live with (and even improve) a bad credit history.
Of course, the first step to getting past your credit and getting on with the rest of your life is understanding exactly what your credit history is and what it means.
Understanding your credit history
Fundamentally, a bad credit history is exactly what it sounds like... a report that states that in the past, you've had problems with your credit.
Perhaps it's a result of several late payments in a short period of time, or a debt that you were unable to repay.
Regardless of the reason, your bad credit history is an indication to any potential lenders that there may be a risk in lending money or extending a credit line to you.
It doesn't in any way indicate that you're a bad person… just that you've had problems with money before. And if financial problems are what caused your bad credit history, then working to correct your financial problems is the first step in repairing your credit.
Repairing your credit history
Since money is at the heart of your bad credit history, then money is also the best way to get rid of it. It will take some time and may require some careful budgeting, but it is
possible to turn your bad credit history around on your own.
The first thing that you'll need to do to correct your credit is get a copy of your credit report, which will show you which lenders have made negative reports concerning you.
These reports are what keeps your credit score low, and taking care of them will be a major step toward fixing it.
Contact the lenders and creditors that have made negative reports, offering to arrange some method of repayment. Some creditors will allow you to repay only a portion of what you owe, others require the entire debt plus interest and fees… but all of them will be more than happy to try to work out a plan to get their money back.
While working on clearing old debts, you should also make sure to keep your current accounts up-to-date; the more positive reports you can get in the present the better. As the older debts are repaid, the newer accounts will have more bearing on your credit score.
So long as you keep your current accounts up to date and paid on time, your credit score will slowly but surely start to rise… and your bad credit history will soon become nothing more than an unpleasant memory.
You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:
About The Author
About the Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.
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