What to do if you have bad credit history

So what can you do if you have  bad credit history?

Some people don’t even know they have until they try and get a new credit card or attempt to borrow money.

It’s nothing to be embarrassed about very many people do and it is quite easily done.

It can however cause you problems, particularly if you need to borrow money as many people will be reluctant to lend it to you.

How do you get bad credit history?

According to Which? the kind of ‘bad’ behaviour that can affect your credit rating can be pretty wide ranging

If you fail to stick to the terms of your original credit agreement, information about this will appear on your credit report. For example, making credit card or loan repayments late, or missing them altogether, will impede your ability to borrow in future.

Likewise, being declared bankrupt, entering into an Individual Voluntary Arrangement (IVA) or having a County Court Judgement (CCJ) made against you will badly affect your credit rating.

Even making just the minimum repayment on your credit card each month can have an adverse effect on your credit report, as it may lead lenders to assume you are struggling to clear your debts

So you can see it really can happen quite easily with just an oversight or two.

So what can you do if you need to borrow money?

It isn’t all bad news though you can still get access to money that you need.

Aspire Money are an example of a company who specialise in loan applications from those with a negative credit history. Such companies take the time to understand what led to your credit difficulties and find the right kind of loan tailored for you.

Remember

As with any kind of borrow in it is ABSOLUTELY  VITAL you can see a way to repay that is completely manageable before you enter into any kind of agreement. And of course befor eyou borrow any money you should consider long and hard whether

a) it is essential that you have the money

b) You can’t earn it or sell something perhaps instead.

 

Be smart where your money is concerned and always think things through

 

 

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