Credit - understanding genesis of bad credit.
Itâ€™s very obvious that we now live in a credit world. There are lots of banking institutions offering different forms of credit from credit card to personal loans. The amount of people with credit cards is rising very fast. Apart from that, lots of people can hardly do without credit.
Because of lack of enough financial education and discipline on the part of most of these consumers they often find themselves in bad credit situations like court judgment, bankruptcy, and loan default which often make it difficult for them to get any credit at all in the future. You may now want to ask â€“ what exactly is credit?
Credit means that you are getting a service or cash grant to use for your own purpose. You are often bound with a contract or agreement to repay in future as agreed with lender or service provider. Credit exists in different forms like loan, mortgage, or credit card.
Before you can get credit from any financial institution or lending agency, they will first check your credit history. If you have default on loan before or have bad credit history you will find it almost difficult to get credit any time you apply for it.
However, itâ€™s possible for you to improve your credit history or build a new good credit history by repairing your credit, thus re-establishing your credit-worthiness. This process is called credit repair. Itâ€™s the process in which consumers with unfavorable credit histories attempt to re-establish their credit-worthiness.
Though there are lots of credit repair companies nowadays that promises repairing your credit for you, if you can follow a simple guide, itâ€™s very possible for you to do it yourself â€“ after all - itâ€™s your credit.
If you repair your credit it will make it easy for you to get low interest credit, car or home loans. However, with a poor credit rating, you may not be able to get a loan or be subjected to high interest rates and several other unnecessary conditions. So itâ€™s very important that you repair your credit if you have bad credit. You will get lots of tips on how to do this easily in this book.
Credit rating: - how you are scored.
Getting approval for any type of loan depends on your credit rating. If you have average credit rating, you will find it almost impossible to get approved. Itâ€™s possible to get good rating or even improve you credit rating. Most companies almost use same rating system and if you are able to know more about it you should be able to have better credit score.
Your age is the first factor which itâ€™s almost impossible to do anything about. Yes itâ€™s possible to lie, but donâ€™t because it will make things more difficult for you in future if the creditor get to know. If you are between 24 to 64 years of age you will get one point. Any age bellow or above that will score you zero point.
If you are married, you have chance of adding extra points to your score. If not, you still score zero as most creditors see you as a higher risk. Also if you have no dependents you will score zero. But if you have between one to three you will add to your points. Here is how it works â€“ if you have no dependents, creditors believe you can skip town and not pay off your credit.
Creditors will also want to know more about your roots. They will want to know where you live. Owning a home with a big fat mortgage or even without mortgage will give you more points. How long you stay in your present or previous residence also adds more points to your score. If youâ€™ve move so often you will score zero points. However, if youâ€™ve stayed up to 5 years before moving, you will surely get more points. It shows you are a good risk to them.
Other factors that will add to your point are your years on job (the longer the better), kind of job, your monthly income, present debt status, previous credit history and your saving or checking account.
You credit score is usually rate between 350 and 850. The lower your score the more difficult it will be to get loan. Scoring 800 or above should be goal of every consumer. Bellow is list of short tips on how to achieve 800 credit score or above.
Limit the number of credit card you sign up for at a time. The more card you carry the debt will have to live with. If one card is not enough for you make sure you donâ€™t sign up for more that three cards. Also make sure that you donâ€™t go out with more than one card in your pocket. That way you will limit your purchases when you are outside.
Make sure that you make your payment on time, if possible before the end of grace period if itâ€™s part of the service. Late payment will affect your credit score adversely.
Whenever you want to apply for credit make sure that you donâ€™t apply for too much credit often. Credit reporting agency may score you low as it means that you canâ€™t live without credit.
Another thing that reporting agency consider in scoring you is outstanding balance on your credit account. If you are the type of consumer that often exceeds their limit you are risking your credit score. So make sure you donâ€™t exceed 30-35% of your available credit. It doesnâ€™t make sense financially to always spend all your credit at a time.
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