Do you have bad credit?
Surprisingly some people are not aware of the reality that they need credit repair. Its best to know what your credit report is saying about you BEFORE you apply for a loan or credit card. But not doing anything to improve your credit can lead to far worse problems. By the time you need to apply for a car loan, mortgage or a personal loan, your application may get declined because of bad credit.
So when should you start repairing your credit?
Your credit card application has been rejected.
Was your credit card application decline? If it was, then you should probably take a look into your credit report to see what the problem is. In fact, consumers are advised to order their credit reports FIRST before submitting application to a credit card company or lending company.
Creditors are calling you about your debts.
Have you been getting calls from creditors to remind you about past due debts? This is a strong sign that your credit is in trouble. You may have missed your due dates a couple of times so that your debts have began to build up. If you don’t take action right away, it could even be more difficult to manage.
You need a co-signer to get approved.
Creditors would often require a co-signer if they are not so happy about the applicant’s credit history. Do you have to rely on someone else’s good credit just to get a credit card or a loan? If this is true in your case, then obviously your personal credit needs repair.
Your credit rating works against you with your job search.
Don’t forget that even employers check credit reports to evaluate a job applicant’s background and credibility. If your credit report shows past due debts and defaulted accounts, do you think a potential employer would be confident to hire you? Yes, a bad credit rating can be a major disadvantage when you’re looking for employment.
You can’t rent the apartment you want.
Aside from employers, landlords also check credit reports. A landlord may not accept you as tenant if your credit report shows frequent late payments and a poor credit standing. Obviously, it sends out the impression that you may not be able to pay your rent on time
You’re afraid to know what’s in your report.
When was the last time you checked your credit report? Are you afraid to know your real credit score? If you feel this way, you should definitely take the first step in credit building right now – check your credit report. Remember that the sooner you begin improving your credit, the sooner you will regain good credit.
Creditors refuse to give you a low rate.
Do creditors refuse to offer you a low rate? Creditors reserve their best deals to customers with impressive credit so if you have bad credit then it only follows that you will not get the best offers from creditors as well.