Author Login | Popular Articles | RSS Feeds | Sitemap

Home | Finance


What Are You Doing About Your Bad Credit History?

By: Jona

There are many different types of bad credit history, but the two most common are that you know you have bad credit and you could care less and don't want to do anything about it. While in this day and age where a decent credit score can do more than effect just your ability to get a decent rate on a loan or mortgage, or even disqualify you for landing that new job and paying higher rates on your car insurance, that perspective is difficult to understand, but that is your right and you are entitled to feel that way if you want to.

The more common type of bad credit history comes from consumers who know they have bad credit but really want to do something about it. The good news is that the ability to do something about it is within their grasp, and they only need to take action to get on the path to having that corrected.

The first thing you need to do is to understand where your money is going. Yes I am going to use the "B" word - Budget. You cannot just deposit your paycheck and then pay bills until you run out of checks because you are going to be paying horrendous fees in bounce charges from your bank. This is not good and will further reduce your credit score, as well as being illegal, so you first need to understand how much money you have coming in, what your bills are that you need to pay every month, and then figure out how much is left for food clothing, entertainment, etc.

Truth be told, if you are not willing to take this first very fundamental and elementary step, then it only follows that you are not really serious about changing your bad credit history. Changing that so you can get a good credit score is a process, and step one of that process is putting yourself on a budget that you will follow religiously. It's really not hard and think of how good you will feel at the end of the month when you have followed your budget and all your bills are paid that month.

The next step is to get a copy of your credit report from the three major credit bureaus and go over them with a fine tooth comb. The majority of consumers have errors in their credit reports. These errors do not correct themselves over time, but are only corrected if you dispute it. So your credit history may not be as bad as your credit score indicates, since if you have errors that are dragging down your credit score, it may be calculated as lower than it really should be.

The next thing you need to do is pay your bills on time, all of them, every one of them, on time with at least the minimum payment. If you have a lot of credit card debt, make extra payments and pay more than the minimum on the ones that charge the highest interest rate because that high interest is just money going down the tubes.

If you can establish a good payment history on your accounts, it is actually to the benefit of your credit score to keep those accounts open. Remember, this is a credit history, and to have history, you need a length of time to establish that history. Keep those accounts open if you can. If you cannot afford to pay them off, keep your balance to about 25% of your credit limit, which shows you are using credit responsibly.

You can change your bad credit history if you put some effort into it. It's not going to happen overnight, but if you never start, you'll never get there.

Article Source: http://www.articlesnatch.com

About the Author:
For more insights and additional information on what you can do to change your Bad Credit History as well as viewing possible resources to help you and getting free copies of your credit reports, please visit our web site at http://www.credit-help-center.com

Tags: , , , ,
| Print | Ezine Ready | |

Recent Finance Articles

  • Buying a Car? First you need your Free Credit Report By: John Rasor - Ordering your free credit report is probably the last thing on your mind when you're yearning for a new car, but unless you're going to pay cash for that new car, it is something you should do before you start to shop. You know that at least 25% of all credit reports contain errors. Making sure that your credit scores aren't being pulled down by some stranger's negative information is reason enough to take the few minutes to order a free credit report.
  • Sources of Income that Qualify for a Payday Loan By: Michael Hankook - А раydаy loan funсtiоns а bit differеntly than оther types оf lending. Whilе most typеs of lending are long-term and requirе а credit сhеcк, a pаyday loаn wоrks off а much simрler model. It's еssеntially the equivаlеnt of borrоwing mоney аgainst one's рaycheck, with interest added, from аn individual. Think оf thе сlassic "borrо
  • Some Lenders Offer Savings Account Payday Loans By: Michael Hankook - While somе peoplе find that a рayday loan is thе оnly way to get out of a finаncial emergenсy, mаny are finding it difficult to reсеive a loan without a checкing account. For thеsе реоple, however, thеre are now many рayday lеnders whо аrе willing tо wоrk with consumers who have a sаvings accоunt to ensurе that they, too, are able to rе
  • Secure a Payday Loan without Faxing By: Michael Hankook - Mаny рeoрle in today’s eсоnоmy live pаychecк tо payсheск and оf thosе, most have trоuble kееping mоnеy in a savings account. Unfortunately, this mеans when an emergеncy or unexpectеd bill arisеs, some type оf sоlutiоn has to bе found, one that is cоnvеnient, safe, and fаst. Аn excellent sоlution is with a payday lоа
  • Search for Treasure with a Payday Loan By: Michael Hankook - Мany рeорle regulаrly watch thе differеnt antiques and “junк сollector” shows оn television, аnd are often shockеd tо seе sоmе of the incredible treasurеs that peoplе have found аt yаrd sаlеs and in quirкy shops all аround thе country. When watching suсh рrograms many pеоple еxрress a wish tо spеnd sоme time prowling flе
  • How Real Estate Investment Software Benefits Serious Investors By: James Kobzeff - In this article we'll consider why individual investors who are seriously seeking to achieve the highest returns possible use real estate investment software to evaluate each investment opportunity. 1) It's fast. Good real estate investing software makes it possible to analyze cash flows, rates of return, and profitability of rental properties in minutes. This allows individual investors to quickly and easily collect the data required for smart decision-making. 2) It's precise.
  • Beware the Hype in Options Trading By: Kerry Given - Selling education on options trading is a big business. We see infomercials on television and receive emails advertising free trading software and foolproof trading systems. Unfortunately, there are many "snake oil salesmen" operating in options education. They are busy selling the dream of instantaneous riches without effort - and their price tag isn't cheap. I recently came across the following statements on option education web sites or advertisements for those web sites: Make all the money you ever dreamed of trading options!
  • Gold: Why Doesn't Your Financial Advisor Ever Recommend It? By: Doug Digger Eberhardt - When it comes to your investments, diversification hasn't worked. The "Buy and hold" strategy has become "buy and hope." The one asset that could have helped stabilize your portfolio isn't ever recommended by CNBC or your financial adviser. That asset is gold. One cannot rely on CNBC or conventional financial media advice as they are misinformed. Continually CNBC bashes gold as gold is the enemy in their book.
  • Do You Need a Free Credit Report? By: John Rasor - You're not thinking of making any major purchases in the near future, so do you really need to get your free credit report? Can't you just wait until you're ready to buy a house or a car? Yes you do need that free credit report, and no, you really can't wait. There's too much at stake. In 2008 over 10 million people were victims of identity theft.
  • Can In-House Financing Help Trigger the Next Baja Real Estate Boom? By: Alejandra Esquivel - With a slow housing market trending the real estate world and economic uncertainty glooming over millions, Baja real estate developers may yet attract buyers with purchasing plans very much within their affordable grasp. The number of housing and condo developments in the Baja California coast increased significantly in these past years;

Comments

Still can't find what you are looking for? Search for it!

Custom Search
Add to Google
ArticleSnatch Authors:
Member Login Sign Up Submit Articles FAQ Submission Guidelines Top Authors
For Publishers:
Most Popular Articles Ezine Notifications Article RSS Feeds Terms of Service
For Everyone:
Blog About Us Link to Us Contact Us New Stuff Link Directory Privacy Policy Sitemap Resources
Our Sites:
Free Magazines Book Your Hotel Stay Free MySpace Tools Massive Video Collection Broadband Speed Test
Click here to submit your free, permanent ads to TheFreeAdForum.com!

Submit Your link to the Open Link Directory Project

Copyright 2005-2008 MJE Sales, LLC. All Rights Reserved.
Proud member of the ArticleCkr Search Network Search Network!
ArticleSnatch.com is free for both publishers and authors to use and is supported entirely from advertising revenue.
Use of our service is protected by our Privacy Policy and Terms of Service.