Manage your money and cards wisely to stay out of debts

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 » Manage your money and cards wisely to stay out of debts

Manage your money and cards wisely to stay out of debts


Updated: December 26, 2012

By
Add to Favorites:
The very word 'credit' means recognition or approval, so when you have a Bad Credit History, it quite logically implies, that you are recognized as 'not approved'. While talking about this subject here, the reference goes to borrowing money and not returning it, as mutually decided between the two or more that are involved. This could be an individual and an institution, or it could also be two or more institutions borrowing from or lending to each other. The time frame of returning the money borrowed and the terms of repayment of loan availed, have to be honored, failing which the lender marks, the borrower in the list of Bad Credit History. How a person or a company has been borrowing in the times gone by and what were their repayment pattern versus the mutually agreed upon arrangement, is something that is considered automatically by the passage of time, in anyone's credit history. The credit bureau has made it mandatory to receive all applications that are filed by the individuals or the companies at the time of applying for loans. Whether it is the bank, or the credit card company, all have to forward this information to the 'Credit Bureau'. The data that these money lenders file with the credit bureau must be as precise and accurate, so that correct information about the applicant can be retrieved from the details retained by the credit bureau in their records. Bad Credit History cannot be camouflaged by any means. This information is used by these money lending institutions, credit card companies, etc., to evaluate the credibility of the applicant and how willing he is to payback the credit that he avails. There are certain moneylenders, who would give you some bonus time, but the promise thereafter, has to be kept. You may apply for loans and re-loans without paying off as terms decided, but your Bad Credit History, can quite almost disqualify you from this facility. Most of the times all money lenders, prefer repayment of loan given, along with rate of interest attached to it, on a monthly basis. There are many ways, to correct the damage done to your credibility, provided you are willing to take the time to fix the problems. There is a possibility of undoing the harm done by ways of discussing your case with a financial advisor or Advocate. In fact, you must contemplate reducing the number of credit cards in your wallet. Your repayments must be on time. You could request help from any of your family members to co-sign for you. This would improve your credibility with your lenders. Any superfluous account, not required should be requested closed immediately. With Bad Credit History, there is a chance that you might have to keep something as collateral to secure a loan for yourself. The rate of interest could be higher than normal too. All said and done, if you have availed a loan, you are bound on many grounds, including, ethical and moral, to repay it.

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

Related Research:

5 Reasons to Get the Capital One Venture Miles Rewards Card

5 Reasons to Get the Capital One Venture Miles Rewards Card

By Herbert Moore, Posted: January 18, 2017

If you’re looking for a great travel rewards credit card—one that offers unlimited earning opportunities, flexible redemption, and lots of perks—look no further. This card from Capital One has you covered. Continue reading
Credit Card Tips For Holiday Shopping 2016

Credit Card Tips For Holiday Shopping 2016

By Herbert Moore, Posted: November 23, 2016

November and December are the busiest months as gift shopping reaches its peak. People rush around looking for the best gifts and the best deals leaving a lot of money in the shops. Holiday season may force you to go over the household ... Continue reading
Credit Cards to Save More on Holiday Shopping

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