Bad credit is something that haunts many of us day-to-day and can have a detrimental effect on a number of areas of our lives. For instance, if you have bad credit, it's more difficult to get a loan (or more specifically, a loan with a low interest rate) and it can even impact how competitive you are when applying for certain jobs. For these and many other reasons, it's vital that you take steps to erase your bad credit as quickly as possible.
The biggest issue that causes people's credit ratings to take a downward spiral is not paying bills on time. Now we're not talking about utilities or your Netflix payment, although not paying those can cause problems too. However, in terms of serious impact to your credit score, we're mainly focused on credit card, loan and other payments that are a result of having borrowed money from the bank.
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Repaying these bills and establishing an on-time payment history is one of the fastest ways to boost your credit score, though it still takes time. But by showing the bank or other creditors that "you mean business" when it comes to paying your bills on time, they're likely to return the favor by offering you more attractive rates on loans and other business that you do with them down the road.
Since showing an on-time payment history can help boost your credit rating, another thing you can do is start fresh with a new credit card, loan or similar offer. There are banks that will still work with you even if you have bad credit and even though the rates might be higher or some of the terms might not be as attractive as would be the case if you had great credit, that really doesn't matter all that much.
Remember, your goal is to show responsible payment history not buy a new big screen TV that you're paying off for years down the road. So, for instance, if you were to apply for a bad credit charge card, you could use that card for smaller monthly payments, perhaps groceries, gas or a few monthly bills.
The idea is to use the new card for something that you know for sure you can pay off each month. Then, it doesn't really matter what the rate is because you'll never carry a balance and at the same time you'll maintain activity on the card.
In addition to showing an on-time payment history, you'll also want to avoid any further blemishes on your credit report. Things like bankruptcies or tax liens should certainly be avoided. Collections should also be something you avoid and that goes back to the statement above about your utilities and other bills. Paying these late won't impact your credit immediately, but continued late payment that results in being sent to a collection agency can be a formula for credit disaster, so definitely try to avoid that too.
Those are just a few of the steps you can take to erase your bad credit. By continuing to pay off your current bills on time and establishing a good track record with a new account, you can expect your credit score to increase more quickly than by simply waiting for the negative marks on your report to be removed over time.
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