What should I do when I have a bad credit history?

It is the inevitable fact of life that most of us will once be evaluated by our credit history. This tasteless, undoubtedly without odorless about our expenditure and installments, which is kept in secret by three intelligence agencies, can literally do or break us financially. Starting with the first application for fees for the fees issued by trade or request for a student loan, the credit history monitors the timely payments of individuals, slow payments or non -payment. The non -fulfillment of the credit obligation, no matter what financial or personal circumstances, can lead to a very negative credit rating. This information remains active for many years, which means that a closed account from the store six years ago can adversely affect a loan application for a car.

So what can be done with a bad credit history? There are good news and bad news. Because credit history reflects your own expenses and repayment of habit, you have to live with the consequences of your actions. Fortunately, negativinformation about credit historiThey are not forever active and a large number of creditors are willing to cooperate with those who have a low credit rating. You may need to take higher interest rates or stricter repayment conditions, but your bad credit history should not prevent you from purchasing in some major purchases such as car car.

One option to overcome bad credit history can depend on the kindness of friends or relatives. Agencies for reporting loans do not examine debt details; They do only do what the creditor reports. Once this debt has been satisfactorily repaid, the original negative information can be changed therefore. If you find a financially friend or relative willing to lend you enough money to repay your previous debts, you may be able to rehabilitate your credit history. Lending money from close friends and relatives is not always a great idea, but it is also more likely to spreadRome credit based on your current circumstances, not your previous history. Make sure you get all the conditions of repayment of this personal loan in writing and faithfully observe the conditions.

Another option is to learn to live in your resources. Forget about getting a new credit card or a high -level loan for several years, allowing some of your negative credit information to be based on the reporting system. Save money from your wages for the purpose of the main purchases. Resist the temptation to buy items with large rental tickets to your own equipment with simpler credit arrangements. Use only cash or debit cards for everyday needs such as food or gas. For some people, loan expenses can become very addictive. If you accidentally have several credit cards despite your bad credit history, leave them out of sight and out of mind.

those who want to rehabilitate their credit history without external help mthat to find the advice of non -profit credit card advisors. It may be possible to consolidate past debts into one affordable monthly payment. Many creditors ask their customers to close their accounts at the time of repayment, but will stop the collection procedure. The use of the credit consulting service appears in the credit history, but will usually leave after seven to ten years. Some people looking for an improvement in their credit rating will apply for small loans from private credit institutions and immediately repay them. These creditors often charge excessively high interest rates, but timely repayment generates a positive credit report evaluation. This may be enough to qualify for charging cards issued in stores. Quick payment to them The cards together with a large amount of cash savings may be enough to qualify for a new credit card issued by the bank. Restoring the wrong loan and the weak repayment history is never easy, but it can be done with some patience and a sense of responsibility.