If you have bad credit, then you know how tough it can be. Bad credit makes many things difficult, impossible, or more expensive. We all know that banks check credit scores before they give you a credit card or a loan. That means the process of buying a house or car is more difficult when you have bad credit. Even renting an apartment is tough without a good credit score. Insurance companies often charge a higher rate for drivers that have bad credit scores. Utility service providers check your credit to decide whether you should pay a security deposit. As years go by, the list of companies who check your credit will probably grow instead of shrink.
When you wonder why and check your credit report, you may be surprised to find one or several negative items tarnishing your score. Or maybe you’re not even sure how to interpret all of the information listed there! Once you figure out what’s on your credit report and how it affects your score, you can start your credit repair journey. Fixing bad credit is not something that can be done overnight, but at the same time, you don’t have to wait years to see improvement.
New credit tips: Do your rate shopping for a given loan within a focused period of time: FICO Scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.
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Bankruptcies may be reported for no more than ten years from the date you initially filed. If your case was dismissed, the ten years starts from the date of dismissal. The amount of time also depends on the type of bankruptcy you filed. Chapter 13 bankruptcies stay on for only seven years, while Chapter 7 bankruptcies remain on your credit report for the full ten years.
Quick Loan Shopping – If you have bad credit and can’t find any other way to improve your score, you could consider taking a “quick loan.” These are typically loans for small amounts — $250 to $1,000 — that get repayment history reported to credit agencies, and can become a positive on your credit report. This is a last resort. See If You Qualify for a 0% Interest Card – Several companies offer cards with 0% interest on balances, but there are caveats to this. There can be a fee for transferring the balance and the zero-percent offer is only good for an introductory period, typically 12-18 months. It usually takes a very good credit score to qualify for one of these.
