It’s a fact that unexpected things will happen to you in your lifetime. Your car could break down, you can lose or job or — even worse — your home could catch fire and ruin everything. Anyone who has been through these situations could tell you that while insurance can help, there are some situations where an extra cash source could come in handy.
Enter the world of credit. Loans, credit cards, cash advances and many more situations depend on your personal reliability as an individual, or as it’s called in the business world, your creditworthiness. An individual’s creditworthiness is a mixture of one’s credit history — which includes a record of credit card and loan payments and debt — and a credit rating (or score), which is a three-digit number that gives individuals an “at a glance” summary of one’s credit.
But mistakes can happen and things don’t always go as plan. Loans can go unpaid, cars may be repossessed and homes are foreclosed upon. These types of actions cause a person’s credit score to go down, making it harder for that person to have future loans and credit cards. Worse still, some landlords and employers will consider a person’s credit score when dealing with them, marring one’s potential for employment or housing.
Getting a low Credit Rating isn’t a death sentence. There are plenty of ways to fix it and help bring yourself back to a good score.
The first thing you need to do is have an updated copy of your credit report handy. In the United States, everyone is entitled to a free credit report once per year, and sites like Equifax will allow you to do so. After you see who is giving you bad credit and why, you can take the following actions:
Dispute Bad Reports
Everyone makes mistakes, even creditors. You can dispute bad reports through Equifax, Experian or TransUnion and quite possibly quickly fix some of your bad credit.
Try to Negotiate Terms
As for the bad reports that are not mistakes, there is no harm in trying to make some deals, especially if your debt is from a long time ago. Many creditors will jump at the opportunity to get at least some money back as soon as possible, even if it means setting extremely low payment amounts or forgiving some debt (or interest) altogether.
If you think you can do it better this time, get some low line credit cards and use them responsibly. Make small purchases and pay them off on time to start building your credit back up. If you’re having trouble getting a card by yourself, you could always try becoming an authorized user of a friend’s or relative’s card. If you’re doing well, try to keep those credit cards open. Closing cards can impact your credit score.
Pay Bills on Time
Utility payments and cable TV/internet costs can have just as much (or more) of an impact than your credit card debt, and unlike credit cards, you can’t go without them. Don’t bite off more than you can chew, and automate your payments if you’re forgetful.
The Impact of Covid-19 on Commercial Property
The lives of people all over the world have been completely altered as a result of Covid-19, with businesses struggling...
3 Of The Best Foods and Drinks To Aid Your Sleep
Getting a good night’s sleep is hugely important for your overall health and wellbeing. Studies have shown that having a...
Why You Should Consider Volunteering
Volunteering has many benefits both to you, your community, and your CV. Whether you do it alone, or with a...
Investigating The Important Factors In Legal Software Testing
Fulfilling the digital transformation objectives with QA testing services has become an important phase for all industry verticals. Today, every...
Multiply Your Magento Store’s Sales With Affiliate Program
Are you struggling to boost your sales and expand your customer base due to the significant increase in marketing expenses?...
How COVID-19 Is Changing Plastic Surgery
There’s been changes to practically everything in our everyday lives, including industries such as plastic surgery. With practices having to...
Benefits and Drawbacks Of Getting A Taxi and Renting A Car
If you’re planning a vacation or business trip, you must decide whether or not to rent a car ahead of...
8 Killer Tips to Make Your Portfolio Website Standout
A portfolio website is one of the easiest and most straightforward ways to showcase your work. Although you have a...
3 Reasons You Need A Mobile-Responsive Email Marketing Platform
Repeat after me. Creating email interfaces with mobile-first ethos and UI is key to the success of email marketing campaigns....
Mother and Nature Active Maternity Wear, How It All Started
5 months pregnant and very happy about it, not much to complain about. Everything was going ok (famous last words). ...
How To Make Sure Your Toddler Has A Balanced Diet
As your baby grows into a toddler, they go through a period of intense mental and physical development, as their...
The Top 3 Vitamins and Minerals To Support Your Fitness Goals
You can spend hours in the gym, but without fuelling your body properly, it will be hard to see the...
Best Cities To Invest In Real Estate Across The UK
If you’re looking to invest your money, real estate has historically offered a safe investment with good returns. You gain...
7 Ways You Can Power Your House
In case you are remodeling your home and are considering a more eco-conscious approach, you are probably looking into various...
The Pro’s and Con’s Of Chemical Peels
A chemical peel is a non-surgical cosmetic procedure that resurfaces the skin to give it a refreshed, soft and smooth...
- Tech6 years ago
Creating An e-Commerce Website
- Tech6 years ago
Design Template Guidelines For Mobile Apps
- Business5 years ago
The Key Types Of Brochure Printing Services
- Travel8 years ago
Who Else Wants Also Nfl Hat
- General5 years ago
Kobe Bryant With His Unique Nba Jerseys
- Tech6 years ago
Why Small Businesses Can't Ignore Mobile Technology
- Tech6 years ago
Climb Google Using These Checklists
- Health7 years ago
Health Supplements For Sports Activities Nutrition