what is bad credit and how to inprove it

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Bad credit uk is a term that not many people understand after all credit itself can sometimes be difficult to understand,adding the description of bad to it can make it much more confusing.
It doesnt have to cause unecesary problems , you just need to learn what it is and how to deal with it and correct it to turn your situation around.

WHAT IS CREDIT.

credit, or more specifically your credit rating,is a numerical score thats determined based upon the reports of banks and other lenders from who you have had a loan ,account,credit line,or other form of financing in the past.
posotive reports increase your credit rating resulting in good credit. whereas negative reports reduce your credit rating resulting in bad credit. of course one or two negatives will not give you bad credit it takes time and specific actions on your part.

HOW CREDIT GOES BAD.

It is usually a direct result of your failure to make satisfactory payments on a loan credit line or other financing,this may sound sever but all that means is you were either commonly or consistently late making payments or you defaulted on one or more debts . often times there are legitimate reasons for this ..illness, unemployment and legal matters such as law suits or divorce can cause you to fall behind with payments. The good thing is just because you have a bad credit rating now doesnt mean that you have to have it in the future.


HOW TO REPAIR YOUR CREDIT


A variety or repair and credit counselling have been surfacing over the years along with the usual scams and business that over charge for the service that they peform.Instead of spending large ammounts of money on these services though. you might want to consider attempting to correct your bad credit history.
it will take time it may even take a few years before you have good credit again but utilizing credit repair services also take time to recover your good credit rating.
contact your creditors to arrange a repayment plan,make sure that you dont get in over your head.
work on paying you rold debts, but at the same time try to find a bank that will issue you a secured credit card despite your credit rating these cards can usually be found easily on line and have low credit limits and higher fees than some other cards.
Begin establishing posotive reports by making payment regulary on this new card , and as you pay off your older debts your credit report will start to shift from ostly negative reports to mostly posotive.as th eolder reportsage  and gradually erase from your credit history , th ene wposotive reports will have a much greater influence and will raise your credit score upto good levels


THANKYOU FOR READING MY GUIDE/REVIEW AND HOPE IN HELPED YOU OUT IN YOUR TROUBLES


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