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Healing your Credit Rating

Mar 25, 2021

Healing your Credit Rating

Failing to pay your bills on time, having multiple credits and loans hurt your credit score.
  
And what does it mean to have a bad credit rating?

If a person has a bad credit, they will find it difficult to borrow money especially at competitive interest rates for the reason that they are considered "high risk" compared to other borrowers. It goes the same for all types of loans, including both secured and unsecured varieties, though there are options available for the latter.

TAKEAWAYS
• A person is considered to have a bad credit if they have a history of owing too much money, not paying their bills on time or not paying their debts at all.
• A bad credit is often reflected as a low credit score--typically above 670, on a scale of 300 to 850. A score between 580 and 669 is considered fair.
• People with a low credit score typically find it harder to get a loan or be granted a line of credit.

How Do I Fix or Improve a Bad Credit Score?

Many would settle for their current fair or bad credit rating because they do not know what to do. Listed below are some ways you can improve your credit rating.

1. Keep your unused credit card open. 
Do not close your unused credit card accounts and do not open new accounts that you don't need. Either ways can damage your credit rating.

2. Set auto-debit payments.
This way, you will not forget your loans and credit card due dates and won't miss a payment.

3. Pay above the minimum.
Make your payments above the minimum amount due, whenever possible. Set a realistic repayment goal and gradually clear your credit.

4. Seek help from a claims management company.
Many people are unaware that when they file a claim against a lending company or a bank, it may bring them back to the position when they had not taken out the loan/credit. This means reversing your bad credit rating.

Start improving your credit rating now! You might need a good credit rating soon.

Click below to file a claim.

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