How You Could Fix Your Bad Credit History

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
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.

Credit Card Applications » Research » Guides » Building Credit History » How You Could Fix Your Bad Credit History

How You Could Fix Your Bad Credit History


Updated: December 26, 2012

The content is accurate at the time of publication and is subject to change.

It could be very stressful living under a bad credit history. There are times when immediate cash is needed to answer for some emergencies but you get denied for the loan- the only possible option that you have. But does a person incur a bad credit history?

When a person has a lot of unsettled dues or a most of his debts are paid late, it could affect his credit score or reputation. For businessmen, they could have a bad credit history when bankruptcy is declared or filed. This would mean to say that a company is already unable to pay its dues to its creditors.

The worse effect of having a bad credit history is as mentioned earlier the loss of trust financial institutions to finance you die to your reputation. But you can`t be in the scenario forever. It usually takes seen to ten years before the bad history is eliminated from your records but this should not despair you that much for there are some ways on how you could fix it.

Have a copy on your credit report. Sometimes there are erroneous entries on it so it is better that you regularly monitor then so in case disputes are fond, they could be acted upon the soonest possible before farther damages are made. When an error is found, waste no time contacting the credit bureau for immediate fix.

If you have a lot of unsettled dues, repay them as long as you can. The better way to do it is paying off the ones which has the highest interest so it would not be incurring more.

If you think that you can`t fix the problem all by yourself then there is nothing wrong having the help of a non-profit credit counselor or organization. Credit experts will help you consolidate all your existing debts by contacting with your creditor to eliminate or at least lessen the charges. Doing so can help you reduce your monthly repayment amount by up to forty percent.

It might not be the easiest thing to do but close some of your cards and cut out on your spending. Also, you can try to sell or liquidate some of your properties to help you repay for your debts.

But above all this, be it a lesson to everyone at how bad things can go wrong when money or business is not handled properly.

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

Related Research:

Top 5 Secured Credit Cards: November 2020 – Experts’ Choice

Top 5 Secured Credit Cards: November 2020 – Experts’ Choice

Posted: June 22, 2020

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

Top 5 Soft Pull Credit Cards: November 2020 – Experts’ Choice

Top 5 Soft Pull Credit Cards: November 2020 – Experts’ Choice

Posted: June 3, 2020

When applying for a credit card, you definitely don’t want your credit score to go down. Here, you will find the best credit cards with a soft pull from our partners. An application for such cards won’t make changes to your credit history… Continue reading

Top 5 Store Credit Cards: November 2020 – Experts’ Choice

Top 5 Store Credit Cards: November 2020 – Experts’ Choice

Posted: May 30, 2020

We evaluated store credit cards offered by our partners to find the best store credit cards. They are often loaded with perks that will allow you to save on purchases at your favorite retailer. Plus, many store credit cards are available… 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!