Skip to main content

Improve Your Bad Credit History And Get Better Interest Rates, But How?

Why Credit History Is Important?
You are in need of an urgent loan and the bank is reviewing your application. Well, that's procedure and every lender will do the same thing. But what they are also going to evaluate is how your past history has been, regarding the payment of loans. Have you paid your bills on time, how long have you been using credit, how many credit cards have you obtained in a specific period of time and what is the current amount of your credit? These are some common questions that your lender might ask you when you apply for a loan.
The lender will then use your credit background and the credit scores to help determine whether you are eligible for a loan or not. So having a good credit background is critical if you plan on applying for a loan in the future. You would need to work on your habits to ensure that your credit background remains good but if there are some flaws in your credit background, there's no need to worry. Although they cannot be completely erased; but with time, your good credit scores will cancel out the negative aspects.

But what should you do to ensure that your credit history remains untainted?
Review Your Credit Reports
The credit reports can be changed once they have been made so just go through the whole document and look for any errors. There are chances that some information might have been missed. Rectify any errors by notifying the authorities.
Get Rid of Bad Credit Habits
Some of these habits affect your credit more than others, but it's better that you avoid them all. Indulging in these activities is going to do nothing but lower your credit scores. So Beware!
Delinquent Payments even only for a few days will reflect badly on your credit history.
Missed Payments will lower the FICO Scores and it'll take some time increasing the scores, so it's better to set up payment reminders to keep you from missing any payment.
Using credit cards will ultimately increase your debt and if you are not able to pay it off on time, the scores on your credit history will become quite low. So avoid using credit cards. Instead use cash or debit cards for purchases. Cancelling them will only decrease the amount of available credit, so it's better to just keep them safe at home.
Changing your money habits might be tough work but you'll need to distinguish between the things that you really need and the things that you just want. Adding expenses into an already crammed budget will only increase your debt. So keep your unnecessary expenses to the minimum so that it doesn't reflect negatively on your credit history.
Building good money habits will surely change your bad credit history and put you out of the financial depression that you were sinking in. So improve your credit history and get better quotes for your loans. Best of luck!
At CardsCreditCards we've partnered with leading banks and issuers in order to bring you credit card offers online.
Labels:

Comments

Post a Comment

Popular posts from this blog

Hidden Truths About Catfish Business!!!

Fish farming like other business has its proms and cons.. And truthfully its a very lucrative and yet a money draining business..  I have read articles about how lucrative the business is and how to invest and reap millions.. All I do is just to laugh on reading such article.. All they want is just for u to buy their manual and make money.. Surprisingly most of them don't have a farm of their own, they are computer farmers who don't have any experience whatsoever in the business.. I know of farms within my area who have shut down their farms due to frequent loss over the years.. I was also considering shutting down myself after I lost close to 2 million naira, yeah u heard me TWO MILLION NAIRA, but after diligent study which took about a year I decided to give it my last shot.. I had to seek help from other farmers, but every farm I went to I noticed they where all also running at loss.. That was when I decided heading to songhai farms at benin repurblic.. At songh...
Post a Comment
Read more

My Noiler Farm Experience (hybrid Of Broiler + Cockerel)

I ordered for 50 noilers online from www.poultryplaza.com and received my order the third day after the order. It was due to my booking late on Wednesday 26th. Everything was smooth. Total cost for 50 noilers including transportation to Lokoja cost N4,400 and N65 for access bank gateway charge for using the atm platform. Grandtotal=N4,465.00 Though the cost of noilers rose sharply on friday to N120.00 Attached are some pictures of the poultry house. I will be summarizing the cost so far outside the housing and hope to see the performance of noilers over the next five months.
2 comments
Read more

5 Reasons You Need To Save Up Money for Your Future

At the end of every month, it's always the same question - How much did you manage to save? But then, the thought also crosses your mind... Why the need to save, when you earn to spend? If you find yourself cash strapped, there's the always the option of borrowing some money. Different people save for different reasons. We've discussed 5 reasons you need to start setting aside a few dollars each month. 1. Emergency Funding - Emergencies are unexpected and uncalled for. A family member might take ill, your roof might start leaking or your drain pipes might get clogged, your car might be involved in an accident or you might have to make an emergency trip. It's worse if you get laid. It is impossible to tide over these unexpected expenses if you don't have any savings to fall back on. So, that's one reason you need to start saving money.
Post a Comment
Read more