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Why You Need Good Credit

[ 0 ] March 1, 2009 | admin

Until recently many people were not aware of just how important it was to have a decent credit history and rating, but since the onset of the global credit crunch, which has resulted in tighter credit conditions and increased difficulties in the financial markets, more and more people have realized that having damaged credit can make life extremely difficult in terms of finances. If your credit is damaged your chances of getting any form of finance are very slim, and even if you do get finance you will pay a very high rate of interest compared to those with good credit

It is vital that you try and maintain good credit, as once your credit rating has been damaged it can be very difficult to get it back on track. Having good credit can make a huge difference to your financial future, so the cleaner you can keep your credit the better it will be for you. With good credit you can enjoy plenty of choice when it comes to getting finance, you can improve your chances of success when you are looking for finance, and you can enjoy better rates of interest on your borrowing

If your credit is already damaged then you should take steps to try and repair your credit. Again, ensure that your bills and debt repayments are made on time and for the required amounts, and do not miss any payments. Also, if you apply for credit and are refused because of your credit rating avoid making further applications within three months, as this can further damage your credit and will further reduce your chances of getting finance in the future

Whilst there are lenders that cater for people with damaged credit even they have their limits, and those with severely damaged credit may find that they are not even able to get this sort of finance. You will also find that lenders that offer finance to those with bad credit will charge very high rates of interest, and this means that you end up paying way over the odds on your borrowing simply because of the state of your credit history and rating

Another thing that you should do is check your credit report regularly, and you can easily do this by ordering it online or via the post or apply online for a copy of your credit report.

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Category: Fix Credit Report

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