Bad Credit Score: How to raise it?

Bad Credit Score: How to raise it?

Bad Credit Score: How to raise it?

Many people ask different kinds of questions about credit status. The most common question is what is exactly a bad credit score? Credit score is the most important thing of your financial life. Missed payments on mortgage, late payments on credit card, late rent payments, CCJs, arrears, defaults, bankruptcy, IVA are some main factors responsible for bad credit score. Credit ratings affect you a lot as far as financial deals are concerned. Rate of interest, monthly payments and APR are decided by the credit ratings. If you got success to avail finance in past in spite of poor credit ratings, you can consider yourself lucky enough. Most banks, lenders, and financial institutions are not ready to provide a loan to someone with adverse ratings.

Poor credit score can create a massive problem in front of you, if you are planning to take a big financial step of your life such as first home or dream car. It could be a huge risk for lenders to provide home loan to someone with poor financial history. Individual could face embarrassment in society, if banks refuse to lend the cash. Even companies have also started to check the credit ratings before hiring the employees. It is possible that you could be face disqualification immediately due to poor ratings.

Another problem you could face due to bad credit tag is admission. Education loan has become the primary need to pursue higher education. You have to reveal your credit score while applying for student loans. And no lender will be interested to provide financial aid due to credit ratings. Experts advise people to make good financial decision because your financial decisions affect the score immensely. Credit repair is possible, if you start making the payment on time.

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