Autoloanscalculationtips - Are you one of thousands with no credit and no collateral to assist secure approval? or you just have very poor credit and no one wants to help you, and all you hear is stories and more stories?
It’s important to understand that there are many different credit scoring models out there and each may use a different scale – or numbers – to convey information. Bad credit can result in a negative rating from the credit reporting agencies. Whether non-payment of an account is willful or due to financial hardship, the result can be the same, a negative rating which will result in a low credit score.
Bad credit is a term used to describe a poor credit rating and that can result in being denied credit. Many factors can contribute to someone getting a "bad credit" rating, among these are non-payment of an account or late payments over an extended length of time.
Common practices that can damage a credit rating include making :
1. Late payments
2. Skipping payments
3. Exceeding card limits
4. Declaring bankruptcy.
But don't be panic bad credit no means set in stone! just remember how to repair your bad credit, because each and every lender is different and will choose for itself how it will use credit scores to make decisions. Also, what will be considered poor credit by one lender may be perfectly acceptable to yet.
You can also read this article to know how to fix bad credit : 5 way How to get a good credit scores with free
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