Do you know, some terms on your credit report can actually make you a bad credit person? This means, you might be seen as a person who cannot be relied upon to be given credit to. This can actually affect business and people, and demolish goodwill.
Credit Reports at a Glance
Credit history deals with the record of the amount of borrowing and other such loans a person or company takes from a bank/credit card group, and how good/bad he was at repaying the dues in time. If you have a history of late payments then you should be prepared to get a bad score and refusals from banks.
Generally, these reports depend on the following:
- Control your debt. Just because you can spend does not mean you have to. Lower your cost.
- Amount paid. Let’s say you have a late game you play with your credit card payments. This would reflect on your statement.
- Re-Age. You can re-age your credit card by making a fresh start on an existing account.
- How stable are you? Bankers prefer people who are stable and have a long credit history.
- Outstanding money. Do not go over the top on your credit limit. Remember, you cannot pay over your means.
What are Negative Items?
There are certain things that would lower your chances of getting a new loan, like:
- Debts in credit card, any kind of foreclosures or repossessions or problems like paid tax liens and bankruptcies.
- Liquidation stays in your report for a long time.
- If you haven’t paid your tax liens then that stays in your record.
Want Something Done Right? Do It Yourself.
Clean up your act. Stay away from companies which can repair your credit. Actually, these will do nothing but what you can do yourself easily.
Organize Your Credit
Think of all the things you can and will get and want to get from the card, and dole out enough cash to cover them. Remember, you should be able to streamline your credit and keep it together.
If you know the fault was not yours then you can take it up with your card company. Mistakes happen, and this is no exception, so take enough evidence before you go and accuse. Get yourself a copy of your credit report and highlight the areas which you do not agree to, and then contact the bank or card company. Talk to them and write a letter to them, to which add necessary documents required so that your issue is understood and dealt with.
Keep Track of Your Finances
Remember to keep your finances straightened. You would see that with a strong, watchful gaze, your credit limits shall be kept way under control. You would be able to notice the difference easily, and your economic solvency shall be more fluid. This is how getting rid of a negative item on the report would be good for you.