If you're always getting turned down for credit, it's because your credit report has bad information on it. It's time to do something! Your credit file is the information that credit reporting agencies keep about how you have paid your bills in the past. There are three major credit reporting agencies that do this work for companies that want to know if you are a good or bad risk. You can be sure that your credit report is looked at whenever you apply for a loan, try to rent an apartment, or even apply for a job. If you have bad credit and get turned down for any of these, it's time to do something about your money.
Credit reporting agencies keep track of all of your bills and how often you pay them, which goes into your credit file. If you have a history of missing payments, paying late, or just forgetting to pay, all of these things will hurt your credit score. Your credit score will go down as a result, and if your credit score is low, you won't have a good chance of getting a loan or other things you might want, like an apartment or a job. On the other hand, if you always pay your bills on time, you can be sure that a lender will give you a car loan, mortgage, credit card line, or just about anything else you want.
Lending companies lose money because so many people file for bankruptcy or use debt management programmes. So they don't want to take chances with people who might go bankrupt. If you file for bankruptcy, the decision will stay on your credit report for ten to fifteen years. Debt management companies can help you in the short term, but they make it harder to get out of debt because they make you pay more fees and extend your debt.
You are protected by the law in some ways, but if you have bad credit, you won't really be able to relax until you clean it up completely. In addition to a bad credit report and a low credit score, we will also have to deal with judgements, foreclosures on a home or goods, and maybe even lawsuits. No one wants to take the chance of being homeless and broke. You know you have to get out of this situation.
What if you can't make a living, like if you are on welfare or if you have a disability? Check out all the ways you can to fix your credit. If your car costs too much, find one that costs less. If your home costs too much, you might have to move to a smaller one that you can afford. Once you get rid of these big expenses, you can start to pay down your debt and fix your credit report. This is the only way to stop getting credit turned down.
