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A Bad Credit Rating- What to do about it

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A Bad Credit Rating- What to do about it Powered By Docstoc
					                                                Presented by Daniel Toriola


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                                                 person’s credit score.
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                                           A Bad Credit Rating? What to do about it.
                                                               By Molly Wider




A Bad Credit Rating? What to do about it. Something that many individuals with bad credit have in
common is that they do nothing about it. They accept that they have bad credit and live with the
consequences. Many don't realize that it is actually not that difficult to fix a credit score. It does take
patience as it can take a year, or many years depending on how bad your score is, but it is possible.
The key is taking action and being consistent. The following are steps that you can take to improve
your credit rating.

- Request your credit report. In Canada this means contacting Equifax Canada and TransUnion
Canada. In the US this means contacting Experian, TransUnion, and Equifax. Many people are
unaware that a poor credit rating could be due to clerical errors. Typos and duplicate entries on a credit
report are not uncommon. Once you have your reports, review them closely to ensure that there are
no errors. If there are errors, dispute the charges with the reporting agency and you could be back to
an acceptable credit rating sooner than you think.

If you have established that your credit report is accurate, and would like to improve it, the following
should be your next steps:

- Pay all of your bills on time. If you can't pay the bills on time, call the company(s) you will be late in
paying and let them know when you will be paying. Some companies will note these calls in your
customer file and it may prevent them from reporting a non-payment. This will not always work, but it's
worth a try.

- Don't cut up your credit cards. Many think that if they don't use credit for a while their score will be
fixed and this is not the case. You must use credit to gain credit. Reduce the amount of available
credit on each card and reduce the number of cards you carry. Don't just cut up a card, but call to have
the account closed. Call or write to your credit card companies and ask them to reduce your interest
rate. Paying a yearly fee for a lower interest rate on a card on which you carry a balance may be well
worth it in the end. Again, if at all possible, be sure to pay your bills on time.

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Learn How To Save Time and Money When Paying Bills. Improve FICO, credit rating and increase your financial savings.
                                                                                                                       Page 1
                                                 Presented by Daniel Toriola


- If you have no cards, try to obtain a secured loan, or a secured credit card to re-establish your credit.
Asking a friend or family member to co-sign on a loan or credit card is another method, but beware, if
you don't pay this debt, you may lose a lot more than a good credit score, so this should be a last
resort.

Fixing your credit score is not impossible, but it does take patience, persistence and commitment.
Following these steps should help you to improve your credit rating.



Molly Wider is a Loan Officer at BHM Financial Group.  To find out more about car repair
financing and car-title loans, visit http://www.bhmfinancial.com .




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                                              Presented by Daniel Toriola


                                         Learn How to Repair a Bad Credit Rating
                                                             By Hanif Khaki



Learn How to Repair a Bad Credit Rating

You may have discovered that if you have a bad credit rating, it is extremely difficult for you to get
financing, loans, and perhaps even employment. And having a bad credit rating often leaves you
feeling helpless and feeling like there is nothing much you can do about it.

However, that is simply not the case and it is very possible to not only get by with a bad credit rating
but actually repair your bad credit rating. And it doesnt have to be difficult. You first need to understand
exactly what your credit rating is and what it says about you to your potential creditors. Your lenders
and creditors report your payment history, which is used to determine your credit score. Your credit
score is a numerical value based on the number of positive and negative reports submitted by your
creditors. A high number indicates a good credit rating, while a low number indicates a bad credit
rating. Your credit rating may change depending on the reporting periods, which may be monthly or
quaterly. This means if you take positive action, a change for the better can and will be reflected over a
period of time.

Where do you start? Well, if you want to repair a bad credit rating, start by obtaining a copy of your
credit report.        Your credit report will show the lenders who made negative reports and reported
late payments and missed payments. These are likely the causes of your bad credit rating. You will
want to contact the creditors who have reported you for non-payment and arrange a repayment
schedule with them. Make sure that all your current accounts are up to date, so as not to invite any
more negative credit reports. In other words don't continue to fall behind on your payments!
Consistent repayment of your debts over a period of time will gradually lead to positive reports of your
debts being paid, while the rest of your accounts will continue to be in good standing since you are now
making your payments on time.

Over a period of a few months, you should have more positive reports and less negative reports which
will help tremendously with your bad credit score. Although to completely eliminate and get rid of your
bad credit score, you will have to ensure that you do not miss any more payments and that you
continue to make your payements on time. This strategy is a surefire way to repair a bad credit rating.

Hanif Khaki is the sought after author of numerous finance related articles and the founder of the
popular Credit resource site www.credit-repair.extra-information.com.




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                                          Presented by Daniel Toriola




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Learn How to Repair a Bad Credit Rating
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Patricia Johnson Patricia Johnson Management Consultant
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