Financial Mismanagement Leads to Poor Credit Reputation
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » Research » Guides » Building Credit History » Financial Mismanagement Leads to Poor Credit Reputation

Financial Mismanagement Leads to Poor Credit Reputation


Updated: December 26, 2012

By
Add to Favorites:

Yes, right we work to earn so we can buy things that we wanted and we needed. While it is true is it not also right that we work and be able to save a part of our paycheck for emergency uses? Most of us are guilty of this: we spend and use up all our credits but when paying time comes, all we have are piles of bills with too little cash. It is a sad fact but true.

Maintaining a good credit history might not be seen as a very important thing for some people until they get rejected of a loan, mortgage or credit card application. Credit card history is the number one factor that tells whether you'll get a loan or not.

A good credit history is one where it shows a record of a good paying pattern and no record of bankruptcy. Declaration of bankruptcy and red marks on your record ( like non-payment of debts) stays on the record for long years and needs to be fixed with a great deal of time and effort and yes money as well.

It might take long years but there are steps that you can do to fix it. You could get started by repaying all your debts starting from the ones with the highest interest. It might be the most difficult but most effective. Now, if you think that this step is almost impossible for you to do then you may want to contact a non-profit credit organization to give you some advice on how you could consolidate your debts.

Debt consolidation is a process wherein debts you have incurred from several creditors will be merged as one and that the monthly payment will be made lighter. It still involves a monthly payment but at least with a lower interest and a lower monthly amortization.

Credit card thieves are among the most common crimes that burdens a lot of consumers; you'll never know you've maxed out your credit without even using it. Anyone can fall as a victim of this crime so have a regular check of your credit report. When discrepancies are seen, report it immediately. Taking those errors for granted with the belief that it is a system errors that the company will have to deal on later will only make worse things worst.

Isn't it a comforting feeling knowing that when emergency comes, we can always take out a loan to help us get on our feet again but with a poor credit reputation, not a lot of lenders would be willing to invest on you. Be wise and manage your finances wisely.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Credit Cards to Save More on Holiday Shopping

By Herbert Moore, Posted: November 22, 2016

Discounts and special offers are available all year round. Werther you are a bargain hunter or an impulse buyer, make sure you check online discounts and special offers. Also, if you are a cardholder, see if your credit card opens the door ... Continue reading

How to Get Free Wi-Fi in the Air

By Herbert Moore, Posted: September 28, 2016

Sometimes in-flight Wi-Fi is the bare necessity when you travel abroad or within the country. However not all airlines offer free in-flight Wi-Fi. There is only a couple of airlines that will allow you to use Wi-Fi ... Continue reading

Amazon Credit Cards Review

By Allison Martin, Posted: May 30, 2016

When Amazon.com was launched 20 years ago, few could have envisioned how far the company would come. What was once an online specialty bookstore is now an Internet juggernaut that sells nearly anything and has made major inroads into ... Continue reading