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Credit Card Company Tricks
Don't let them fool you. All those solicitations you receive in the mail for credit card applications are meant to reel you in and hook you. Big time. In addition, new bankruptcy laws in the US and higher monthly minimum payment requirements are in...
Make Money With A Cash Back Credit Card
Cash back credit cards are a fantastic way for you to make some cash while spending on your credit card, although it does only suit the customers who pay their bill in full at the end of each month.
A cash back credit card will give you the...
Protecting Your Business From Credit Card Fraud
Credit cards are used as forms of payments now more than ever. There are also more online businesses and most of these businesses accept credit card payments. Therefore, protecting your online business from credit card fraud is vital. For businesses...
Signature loans: a signature can relieve stress of no collateral and bad credit
The dynamics of loans borrowing procedure has brought new ways of borrowing in the forefront. Signature loans are remote from traditional forms of loans borrowing which requires collateral to be placed as the guarantee of the loan borrowed....
The advantages of consumer credit counseling
Many individuals have been helped by consumer credit counseling to take control of their finances and to eliminate debt. Consumer credit counseling can work for you by teaching money management skills which can help you throughout your lifetime. ...
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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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| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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