The rise of bad credit history and eliminating it

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 » The rise of bad credit history and eliminating it

The rise of bad credit history and eliminating it


Updated: December 26, 2012

Add to Favorites:
Using credit cards wisely is not something everyone is good at. People often make mistakes and it is from these mistakes that they learn valuable lessons about using it well. It is important when it comes to credit cards to be extra careful about the choices you make. Once you have a bad credit history listed against your name, convincing banks to trust you can be quite difficult. However, it is important to also understand that you must not give up. There are many people from various walks of life struggling with their credit scores every day. Now that the economy is recovering there are enough and more opportunities like before but playing safe is vital. When you want to avoid bad credit history, it stands to reason that you would want to know what can create such situations. The first and foremost reason for bad credit is when you miss a payment and accumulate late fees on them. Make sure that you pay at least the minimum amount due well before or on the due date. Not all credit cards offer a grace period before reporting a late payment to the credit bureau so make sure you do not take chances. Ensure that you have the payment set up automatically in your account so that you do not miss it ever. Reduce the number of credit cards you have. Most people do not find it easy to keep track of multiple cards and payments on them. Linking it to a single salaried account is an easier way to keep track of it and if you have a really old credit card don’t close it. The older the account is, the better it is to keep open in order to keep your credit scores at a good number. If you want you can also opt for a lowered credit limit on the cards you carry. It is a wise decision to spend less on the credit cards as it will allow you to clear the bills and improve your bad credit history. When you have taken these steps to keep your credit scores reasonable then you need to focus on improving it. Once you have a high credit score, everything becomes easier. From loans to insurance, all your financial transactions will be affected positively by a good credit score.  If you want to improve it then think of taking a secured credit card. This is a surefire way to get your credit scores to improve. In addition co-signing with a parent or friend with a good credit score also helps. However be careful who you opt for on this deal; it can cost you both dearly in more ways than one should something go wrong. Make sure you keep a track of your credit reports. You are entitled to free credit reports from all the three credit bureaus once a year, so take a look at it and make sure all entries are correct. When you have done these simple steps you will be able to improve your bad credit history and eventually gain very good standing with all your creditors and banks.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

Posted: June 21, 2017

Whether you are married or not, we all agree that marriage is incredibly important for a person. It signifies the beginning of two people as a team, as a family, of a long commitment. It is a newly born union and the sign of your choice, ... Continue reading
How to Save Money. Best Credit Card Deals and Tips.

How to Save Money. Best Credit Card Deals and Tips.

Posted: June 20, 2017

We all've been through or may find ourselves in such an emergency when money is needed immediately. Lucky you are if you have savings for unexpected expenses. If not, it's never too late to start saving money. There are different ways to ... Continue reading
Cashback Match Lets You Double Your Discover Rewards

Cashback Match Lets You Double Your Discover Rewards

Posted: June 7, 2017

Discover has always been a leader in the cashback rewards game; with their generous 5% cash back in rotating categories offer, you can earn up to $75 in cashback rewards each quarter. But their latest card takes credit card cash back ... Continue reading