You can find it difficult to find a fast loan, particularly if you have a poor credit history.
Poor credit ratings can happen behind the scenes without the borrower being aware that their future credit is impaired with loan companies and banks rating them too risky to lend to. This lack of awareness may continue until it comes to light when a credit rating file is checked.
People only become aware of the problem when they apply for a loan, credit card or mortgage and their application is refused. It’s when this decision is questioned that they realise that a previous, apparently minor financial indiscretion has halted their credit application.
To add to the problem the refusal of a credit application will also appear on your file as a negative… Doesn’t seem fair does it? That’s why it’s advised, before you apply for credit you check your credit rating file.
When credit cards and loans were available in abundance, and that’s not too long ago, the lending companies were quite happy to disregard the small financial mistakes people make. They were only interested in you borrowing more and more money… Well, things have changed enormously, haven’t they?
How do you improve your credit rating? The answer is that you can apply for a credit repair card. There are a number of companies dealing with these cards.
Credit repair cards enable you to raise credit but the main benefit if you have a poor credit rating is you can prove you are capable of organising your finances and behaving responsibly. You’ll be expected to make payments on time, not exceed your credit limit and repay more than the minimum payment every month.
You will be offered a reduced level of credit but you shouldn’t be thinking of going on a spending splurge and getting into further trouble… The rate of interest charged will be higher than regular credit cards but if used carefully with all or most of the balance paid off each month the interest payments will be minimal.
Using a credit repair card well will prove you can be financially competent and you will be able to apply for a fast loans and credit cards once again.
Week 8, 52 Weeks: I’ve been running with a Fast crowd lately . . .
Image by Earl – What I Saw 2.0
The Governator and I are both glad to see you.
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