Good credit rating, credit score, credit history - no matter which of these terms you use, they are very important terms referring to your ability to buy something.
A good credit history is a definite plus for you when you are planning to make a major purchase.
When getting a car loan, or buying a house, or you need a large amount of cash - the interest rate will be based on your credit score.
Even for what seems to be the most basic task like applying for a local telephone service in your area, you need to pass the credit testing provided by the company.
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When renting an apartment, or leasing a car - all these activities would require you to pass a certain credit score.
Having an impossible credit history or a bad credit score may seem to be the end of the world for you, but that is not so.
With a little organizing and a lot of patience, you can still straighten out your finances before it's too late. Here's how:
1. Poor credit can be caused by a number of things.
- delayed payments on your utility bills
- arrears on your credit card bills
- low credit score from a bad credit history
- no credit history
- loan defaults
- bankruptcy
To counteract this, you need to have a general overview of your finances. First, review your credit card statement from the last six months.
Check out any discrepancies and review your receipts from major purchases if you have to.
2. If things look really hopeless from your end, do not be afraid to get professional help.
There are credit-counseling establishments who can help you slowly crawl your way out of your debts.
These financial advisors might give you the most basic solution - which is to consolidate your debts.
It is based on simple mathematics, which is by adding debt A to debt B and C. Once they are added all together, there will be one amount that you would owe rather than paying different amounts for three separate debts.
This way, there will only be one interest paid, rather than having separate interests for debts A, B, and C. These interests which add up usually cause most debtors to go bankrupt.
3. Never use a new loan to pay off an old or existing debt.
This is another trap that most lenders fall for. They think that by getting another loan which is supposed to pay off the old loan, they can finally be debt free.
What they do not know is that the interests might pile up to such an astounding amount that it will be impossible to pay off.
4. Cancel any credit card account that you do not need.
5. As soon as you have repaid your debts, you can get apply for a new credit card to have a clean slate.
This time, take care of your money and control your spending. Make sure that you do not overcharge the card and always pay your monthly credit card bills on time.
There is always a way out of a debt, if you will just learn how to spend responsibly and monitor your expenses closely.
In no time at all, you will get back that glowing credit score that most companies are looking for.
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