Commercials that advertise ways to obtain a free credit report often emphasize the importance of doing so because of the serious problems you can run into because of having a negative credit history. A person with a negative credit history will have an impaired ability to borrow money, get a good interest rate, and sometimes even get a good job.
Fortunately, a negative credit report is not permanent and thus can be made better. After seven years, the majority of the undesirable contents of a negative credit report will automatically be removed.
Even though financial mistakes that damage your credit report can be fixed, it will require seven years. In order to avoid waiting seven years to have better credit, you need to take good care of your credit history now.
Your credit history will be negatively impacted by late payments on rotating credit and loans. For that reason, paying such debts in a timely manner is very important. Having proof that you have been able to pay bills on time for one entire year is important when you meet a lender to borrow money. Some people are not organized and thus have a hard time making on time payments. If this is the case for you, be sure to pay off your bills as soon as possible.
Some credit card companies and retails stores that distribute credit cards will allow you to make a special payment arrangement with them if you are unable to pay off the debt that you have incurred. This could be a wise decision, but it will put a negative mark on your credit history. This effect will only be short term, though.
Bankruptcy is definitely a negative on your credit history. It is one of the few negative financial situations that could remain in your credit history for more than seven years.
Keep in mind that this is the picture the lenders are looking at to see how reliable you are at paying your debts. Chapter 13 bankruptcies will remain on your history for seven years, but a Chapter 7 bankruptcy (where you don't have to pay money back) will remain for ten years.
Loans are often offered to people with a negative credit history at interest rates three or four percent higher than normal. The financial decisions you make now can potentially affect you for the next seven or even ten years, so make sure that you take care when it comes to your finances. - 16036
Fortunately, a negative credit report is not permanent and thus can be made better. After seven years, the majority of the undesirable contents of a negative credit report will automatically be removed.
Even though financial mistakes that damage your credit report can be fixed, it will require seven years. In order to avoid waiting seven years to have better credit, you need to take good care of your credit history now.
Your credit history will be negatively impacted by late payments on rotating credit and loans. For that reason, paying such debts in a timely manner is very important. Having proof that you have been able to pay bills on time for one entire year is important when you meet a lender to borrow money. Some people are not organized and thus have a hard time making on time payments. If this is the case for you, be sure to pay off your bills as soon as possible.
Some credit card companies and retails stores that distribute credit cards will allow you to make a special payment arrangement with them if you are unable to pay off the debt that you have incurred. This could be a wise decision, but it will put a negative mark on your credit history. This effect will only be short term, though.
Bankruptcy is definitely a negative on your credit history. It is one of the few negative financial situations that could remain in your credit history for more than seven years.
Keep in mind that this is the picture the lenders are looking at to see how reliable you are at paying your debts. Chapter 13 bankruptcies will remain on your history for seven years, but a Chapter 7 bankruptcy (where you don't have to pay money back) will remain for ten years.
Loans are often offered to people with a negative credit history at interest rates three or four percent higher than normal. The financial decisions you make now can potentially affect you for the next seven or even ten years, so make sure that you take care when it comes to your finances. - 16036
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Thinking of trying to lower your payments or the balance owing by negotiating credit card debt yourself? Make sure you visit the Debtopedia website at http://www.debtopedia.com to get some helpful information & advice first.
