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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » How Do I Improve My Credit History?

How Do I Improve My Credit History?

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With the continuing economic crisis that we are having right now, it is becoming more and more difficult for us to manage our finances. Most of us have cut down on our expenses and made sacrifices just for us to get by. And because of this crisis, we are not able to pay our dues on time. We default on our loans, and at a point some even filed for bankruptcy thus giving us a really bad credit history. This makes it even more difficult for us to borrow money that we need in the future.

So, how can we renew a bad credit history?

It would not be easy for us to just remove a bad credit history. The negative reporting that lenders made to the credit bureaus about us no being able to pay, will stay on our credit reports for seven to ten years.

Will I need to wait seven to ten years for me to be able to borrow money again?

Not really. There are lenders that are more understanding than others. They can consider your application if you have proven yourself worthy for the credit. Of course, for you to be able to do that, you may really need to wait a few years to build up your creditworthiness again.

I had a recent negative report. What can I do now to avoid it from happening again?

Always pay on time. Due dates are very important. If you were given a due date which you have a difficulty of paying on then communicate with your lender to negotiate to move it to a date you are comfortable with.

I still can`t pay right now. What should I do with my debts?

Well, if that is the case then contact your lender and see what your options are in postponing payments. Some lenders do have postponement of payment plans that you can take advantage of. All you need to do is to call them and let them explain to you how these plans work so you would know what the best option is for your situation.

Some lenders on the other hand do not have those kinds of perks. What you can do is to ask them if they have lower payment plans. They can give you a minimum amount that you can pay for now and the balance you can pay later when you are able to do so already. This way you can still pay on your debts and not amplify your bad credit status.

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