Credit-Land.com is an independent, advertising-supported web site.
Credit-Land.com receives compensation from most 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.
The content is accurate at the time of publication and is subject to change.
Many people are faced with a crisis when it comes to their credit scores. When they took the credit card, they did not consider that things would get so bad. But when the credit card payments were done late or missed altogether it resulted in very poor credit scores and eventually affected every area of their life.
Having a bad credit history can be a real pain. It is something a person is stuck with making a mistake having to bear with the mistake for seven years can seem like a horrible problem. When your credit score goes down you cannot fix it or repair it until a long period of time. When opting for a credit card, you must be careful that you can afford it. It gives you greater spending power, but spend wisely or else you may find that you have too many bills and no money.
People with bad credit histories experience trouble with every area of their life. They cannot pay their bills and are considered as unreliable and their credit worthiness goes down. This means the chances that you get a mortgage deal that is good or that your vehicle loan gets sanctioned gets even lesser. It also creates problems in getting insurance or even to get a good job.
Companies will of course check your credit history and see what you can afford and how well you sort out your bills. If you are seen to be someone who has a lot of bills and spends thoughtlessly you will not be considered for that better job as you are not capable of managing things well. However when any denial occurs for a product or service, it is important as per fair credit regulations that the individual is told on what counts they are denied access to a facility or a job.
The older your credit history the better it is. But it is not necessarily always good. If you have not been paying on time, your FICO scores will have taken a dive to the bottom and you will find it difficult to have most transactions done and to be eligible for many things. When you use your cards, don't use every card you have.
Many people think having multiple cards is the best way to fix a situation and have things working perfectly. But this is not so. Having multiple cards often makes it more difficult to settle your accounts and sort out how much you owe to various creditors. It also becomes difficult to figure out the different interest rates on the cards and if you are forgetful it can be more of a problem remembering payment due dates.
Make your monthly payment regularly. Make sure that if you have multiple cards, you have a checking account set up by which you can pay off your monthly dues through an automated system. If you can sort out your various bills and receipts and be regular in your payments you will not experience any trouble in maintaining a good credit history.
Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
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.
Citi, a Credit-Land.com advertising partner, offers the Citi Premier® Card, which gives elevated ThankYou points for your travel expenses and, with the recent update of the rewards program, for purchases at restaurants, supermarkets, and… Continue reading
Many travel credit cards come with tempting perks, requiring some effort bonuses, a complicated rewards structure, and steep annual fees. The Discover it® Miles is probably the best Discover card for travel, especially if you do not travel… Continue reading
The COVID-19 pandemic has made significant changes not only in people’s lives and their financial standing but also in the entire financial sector of the U.S. We have collected the best secured card offers from our partners so that you can… Continue reading
You've successfully subscribed!
Please specify the following:All these fields are optional
Your Credit History
Themes you are interested in:
By providing this information you help us make our news letters more useful
and informative. Thank you!