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How To Affect Credit Rating
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How To Affect Credit Rating

Every country in the world keeps records on their constituents via their credit report. Whether you are an individual or corporation your payment history, your character, your reputation is stored in the bureaus.

This information can have a negative or positive effect on you and your ability to get credit whether you're buying that first home, or applying for additional life insurance.

If you are ever in a situation that causes you to have to reestablish your credit you will need to start at the very beginning. When you look at your credit report you will see very pertinent information.

You will discover things such as when you took out a loan, your payment history on that loan, to whether your were an effective money manager when it came to repayment of that loan.

Have You Filed For Bankruptcy?

Your credit report will also indicate whether you've filed for bankruptcy. A lot of information that is on the net will tell you that filing a bankruptcy can be detrimental to your credit history. But the truth of the matter is, it can also be a blessing is disguise.

Now, I'm not a proponent of bankruptcy. Just know that if you are ever caught in this situation there is light at the end of the tunnel.

After you've completed your bankruptcy and all the the judge has signed off on it. It becomes a matter of public record. Creditor will look up bankruptcy filings and determine exactly when the docket has closed. After the time has lapsed they will begin to send you invitations to get new credit.

This invitation will come at a price such as annual fees, higher that normal interest rates. Creditors are aware that the need is there for your to start fresh. If you are diligent and pay this new credit on time after about six months you will be offered a credit line increase. The benefit to you if you decide to take them up on their offer to establish new credit.

They will report your payment history to the credit bureaus. And, even though your bankruptcy is on your record for 10 years, you've added some positive credit to your credit report and increased your credit score at the same time.

If you decide not to rebuild your credit after your bankruptcy has been dismissed then you will continue to be a poor credit risk.

Start A Budget and Stick To It!

If you really want to make your life better, want to take better care yourself and your family,then do what 3% of the wealthiest people on earth do, you must start a budget!

Since you've filed for bankruptcy and you are now beginning to have a breather from the collection calls on your job, at your home, on your cell phone. It would be very wise for you to start a budget for yourself. When you have a budget it will keep you on track when it comes to spending.

You've pretty much wiped the slate clean when you filed for bankruptcy. Why not take advantage of this clean slate and really begin new. You budget and tracking how much you spend and on what gives you the total picture.

Don't become a victim and get caught up in the treadmill of debt because you don't know what's coming in or out where your finances are concerned. When you have a handle on your money, you will know in an instant that you are not spending more than you are making.

Looking over your bills before they become due and allocating enough money for each of them will keep your budget in the black.

Now that you can pay your bills on time you want to continue with this new trait and build on it. If you will do a search on Google you will find just a myriad of websites that can teach you how to set up a budget, track your expenditures, and more.

The information is readily available and at your disposal. All you need to do is be consistent and determined and you will be able to get back to leading a stress free and more comfortable life.

Remember, it is all worth it when you are building good credit history and the creditors are offering you credit cards with zero interest, because they want to have you as a customer.

That's the optimum feeling, because now you can say no to their offer and not the other way around.


Street Talk

It brings back memories of when I first started, or my wife did, to look for credit, we couldn't get any. Reason being we had always paid cash so were rejected as we never had a credit rating. I well remember being boiling mad at this. Eventually one came through and when you stick to your agreements and pay them, why, your rating gets better and better and you can more or less get anything you want. I'm still of two minds as to whether this is a good thing or not? Another great article by you.

Reply
  about 1 decade ago
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