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Credit Card Reward Programs: Getting The Most Out Of Your Credit Cards
Credit cards can earn you cash, airline miles, or rewards. To
get the most out of your credit card company, you have to choose
the right program and use your card often.
Pick The Right Program
Do you want a free trip to Hawaii or cash at...
Easing Your Financial Burdens With Credit Counselling
It is a well-publicized fact that more of us are getting ourselves into greater debt, and this may be true for you. The embarrassment of your financial situation can mean you are unlikely to seek credit counselling or other credit management...
Need to Repair your Credit? 5 easy steps
Five Easy Steps to Repairing Your Credit
Have you damaged your credit rating, and now need to repair it?
It can be a long, tedious process, if you aren't sure of exactly
what to do. And if you decide to work with an agency that
specializes...
Tips For Finding A Motorcycle Loan With A Better Credit Score
It is common knowledge that motorcycle financing companies' base high importance on your FICO credit scores when approving motorcycle loans. However, what many people overlook is that their FICO credit score can dramatically impact the term on their...
Understanding Credit Report Score
Understanding credit report scores is important when you see your credit report because you need to be able to make some sense of it. Your credit score is used by anyone loaning you money such as credit card companies, home loan lenders, auto...
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What is Bad Credit UK?
Bad credit UK is a term that many people don't fully understand. After all, credit itself can sometimes be difficult to understand… adding the description of “bad” to it can make it that much more confusing.
But bad credit UK doesn't have to cause unnecessary problems… you just need to learn what it is and how to deal with it so that you can correct it and turn your bad credit UK around.
What is credit?
Credit, or more specifically your credit rating, is a numerical score that's determined based upon the reports of banks and other lenders who you have had a loan, account, credit line, or other form of financing with in the past.
Positive reports increase your credit rating (resulting in good credit), whereas negative reports reduce your credit rating (resulting in bad credit UK). Of course, one or two negative reports won't cause you to have bad credit UK … it takes time and specific actions on your part.
How credit goes bad
Bad credit UK is usually a direct result of your failure to make satisfactory payments on a loan, credit line, or other financing.
This may sound severe, but all that it really means is that you were either commonly or consistently late making payments or that you've defaulted on one or more debts (meaning that you didn't pay it). Often times there are legitimate reasons for this… illness, unemployment, and legal matters such as lawsuits or divorce can all cause you to fall behind.
The good thing is that just because you have bad credit UK now doesn't mean that you have to have it in the future.
How to repair your credit
A variety of credit repair and credit counseling services have been surfacing in recent years, along with the usual scams and businesses that overcharge for the services that they perform. Instead of spending large amounts of money on these services, though, you might consider attempting to correct your bad credit UK yourself.
It will take time, and it may be a few years before you have good credit again, but utilizing credit repair services take time to recover your good credit rating as well.
Contact your creditors to arrange a repayment plan (making sure that you don't get in over your head).
Work on repaying your old debts, but at the same time try to find a bank that will issue you a secured credit card despite your credit rating (these cards can usually be found easily online, and have low credit limits but higher fees than some other cards).
Begin establishing positive reports by making payments regularly on this new card, and as you pay off the older debts your credit report will start to shift from mostly negative reports to mostly positive.
As the older reports age and are erased from your credit history, the new positive reports will have a much greater influence and will raise your credit score back up to good levels.
You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:
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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| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
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| The FTC's web site on Credit |
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| AnnualCreditReport |
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| Springboard - Non-Profit Consumer Credit Management |
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| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
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| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
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| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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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, ... |
| credit.about.com |
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