DO YOU NEED BAD CREDIT HELP

DO YOU NEED BAD CREDIT HELP
BY: JEFF SCHUMAN
? are you one of thousands with no
credit and no collateral to help secure
APPROVAL, OR YOU JUST
have extremely bad credit and no one wants to
help you, and all
YOU HEAR IS STORIES AND MORE STORIES?

bad credit is a term used to describe a poor
CREDIT RATING.
common practices that can damage a credit rating
include making
LATE PAYMENTS, SKIPPING PAYMENTS, EXCEEDING CARD
limits or
declaring bankruptcy. bad credit can result in
BEING DENIED
credit.

BAD CREDIT CAN RESULT IN A NEGATIVE RATING FROM
the credit
reporting agencies. many factors can contribute
TO SOMEONE
getting a "bad credit" rating, among these are
non-payment of an
ACCOUNT OR LATE PAYMENTS OVER AN EXTENDED LENGTH
of time.
whether non-payment of an account is willful or
DUE TO FINANCIAL
hardship, the result can be the same, a negative
rating which
WILL RESULT IN A LOW CREDIT SCORE. HOWEVER,
lenders are more
willing to work with individuals if the person
CONTACTS THE
lender to let them know they are having problems
meeting their
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a credit score is defined as a statistical
METHOD OF ASSESSING
an applicant's credit worthiness. an applicant's
credit card
HISTORY; AMOUNT OF OUTSTANDING DEBT; THE TYPE OF
credit used;
negative information such as bankruptcies or
LATE PAYMENTS;
collection accounts and judgments; too little
credit history,
AND TOO MANY CREDIT LINES WITH THE MAXIMUM
amount borrowed are
all included in credit-scoring models to
DETERMINE THE CREDIT
score.

RAISING YOUR CREDIT SCORE IS POSSIBLE. IT'S A
well known fact
that lenders will give people with higher credit
SCORES LOWER
interest rates on mortgages, car loans and
credit cards. if your
CREDIT SCORE FALLS UNDER 620 JUST GETTING LOANS
and credit cards
with reasonable terms is difficult.

here are five things that you can use to raise
credit score.

1. correct obvious mistakes.

YOUR CREDIT SCORE IS WHAT SHOWS UP IN YOUR
credit report. review
your reports from all three credit bureaus for
ACCURACY ONCE A
year as well as several months before applying
for a loan.
CHANGING A MISTAKE ON YOUR REPORT CAN TAKE 30
days to three
months, or more. get your credit report from the
THREE MAJOR
bureaus: experian, trans union and equifax.

2. PAY YOUR BILLS ON TIME

your payment history makes up 35% of your total
CREDIT SCORE.
your recent payment history will carry much more
weight than
WHAT HAPPENED FIVE YEARS AGO.

missing just one payment on anything can knock
50 TO 100 POINTS
off of your credit score.

PAYING YOUR BILLS ON TIME IS THE BEST WAY TO GET
started
rebuilding your credit rating and raising your
CREDIT SCORE.

3. reduce your credit card balances.

a heavily weighted factor in your fico score is
how much money
YOU OWE ON YOUR CREDIT CARDS RELATIVE TO YOUR
total credit
limit. generally, it's good to keep your
BALANCES AT OR BELOW 25
percent of your credit card limit, said jeanne
kelly, founder of
THE KELLY GROUP IN BROOKFIELD, CONN., WHICH
helps clients
improve their credit scores.

4. don't close old accounts

IN THE PAST PEOPLE WERE TOLD TO CLOSE OLD
accounts they weren't
using. but with today's current scoring methods
THAT COULD
actually hurt your credit score.

CLOSING OLD OR PAID OFF CREDIT ACCOUNTS LOWERS
the total credit
available to you and makes any balances you have
APPEAR LARGER
in credit score calculations. closing your
oldest accounts can
ACTUALLY SHORTEN THE LENGTH OF YOUR CREDIT
history and to a
lender it makes you less credit worthy.

if you are trying to minimize identity theft and
it's worth the
PEACE OF MIND FOR YOU TO CLOSE YOUR OLD OR PAID
off accounts,
the good news is it will only lower you score a
MINIMAL AMOUNT.
but just by keeping those old accounts open you
can raise credit
SCORE FOR YOU.

5. avoid bankruptcy

bankruptcy is the single worst thing you can do
to your credit
SCORE. BANKRUPTCY WILL LOWER YOUR CREDIT SCORE
by 200 points or
more and is very difficult to come back from.

once your credit score falls below 620, any loan
you get will be
FAR MORE EXPENSIVE. A BANKRUPTCY ON YOUR CREDIT
record is
reported for up to 10 years.

the reality of a bankruptcy is it will limit you
to
HIGH-INTEREST LENDERS THAT WILL SQUEEZE OUT HIGH
interest rate
payments from you for years.

it is better to get credit counseling to help
you with your
BILLS AND AVOID BANKRUPTCY AT ALL COSTS. BY
getting credit
counseling instead of declaring bankruptcy you
CAN RAISE CREDIT
score over a much shorter period of time.

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