Don't Let Bad Credit Be Your Downfall

We have all made mistakes in the past, and I know of few people who have never had any scruples when it came to their credit. At one point in time, bad credit was more of a reality for most of us. It's because there were so many options available that we never really considered if a loan would do us good or pull us down even further, or if we would be able to pay for credit card purchases at all.

It could have been the lack of education, research or just bad judgment that has caused our downfall. In all honesty, there was a time when I owed so much that I had been making late payments or altogether missing payments. But bad history wasn't my first concern. In fact it was the farthest from my mind. I just wanted to finish paying off my debts, and never really thought about the disadvantages of becoming a high risk borrower.

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A lot of people don't know what having bad history means, or how they were labeled as high risk in the first place. To clear things up, bad history usually stems from not being able to make timely payments, failing to pay, exceeding your credit card limit and filing for bankruptcy. However, lenders do not automatically assume bad history on your part if you are missing your due dates for valid reasons.

But if they see a trend -- which could be based on your payment history as well as the status of your other loans or debts -- they will presume that you are unable to pay. If you are having financial difficulties, reach out to creditors instead of dodging their calls. They want you to pay them, and they will help you, surprising as that may sound. Running away or hiding from debtors is usually the first sign that you are on the verge of having bad history.

There are a lot of reasons why you do not want to have bad credit. If you have bad credit, chances are you will have a hard time applying and getting approval for a new loan or credit card. Having bad credit will also affect the interest rates that finance companies will offer you. The risk debtors take in lending you money will have to be shielded with higher interest rates. Believe it or not, bad credit also affects your employment chances, residential choices and sometimes even your insurance.

I have been there and I have seen the dark side, the humiliation of being turned down a job as well as having an apartment manager tell me that because of my bad credit history they won't be able to accept me into the building. You do not want to feel the humiliation.

Before you fall into a debt trap, consider making adjustments in your spending habits now. It is just a matter of being able to manage your funds properly as well as looking for the right lending companies. It is not as easy as it sounds. But the time and effort that you put into fixing your credit before it reaches ground zero will be worth it.

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