How to Repair a Bad Credit Rating

If you have a bad credit rating, then you might find that your ability to get financing, loans, and even some jobs is greatly diminished.

Once you have a bad credit rating, it might seem like there's nothing that you can do about it? but you don't have to believe that. It's not as difficult as you might think to get by with a bad credit rating; with a little work and time you can even repair it! Of course, before you do that it's important to realize exactly what a credit rating is.

What your credit rating says about you

Every time a lender or other creditor makes a report concerning your payment history to them, this report affects your credit score.

Your credit score is a numerical indication of the positive and negative reports that you've received from creditors and lenders; if the number is high then you have a good credit rating, and if it's low then you have a bad credit rating.

Since many creditors and lenders report either monthly or quarterly, the overall score is very fluid and can change over time? a fluidity that allows you to change and improve your bad credit rating as time goes by.

Basic credit repair

If you're looking to repair your bad credit rating, the first thing that you need to do is obtain a copy of your credit report.

Once you have your credit report, you'll be able to see the creditors and lenders that have made the negative reports for late payment and non-payment that caused you to have a bad credit rating.

Contact the lenders who have reported you for non-payment to arrange a repayment schedule, all the while making sure to keep current accounts up to date and not falling behind on your current payments.

As you gradually repay your old debts, they will be reported as being paid satisfactorily? and at the same time your current accounts will continue to report positively as long as you make on time payments.

Within six months to a year a definite change should begin to show in your credit score as the positive reports begin to outnumber and encompass the old negative reports.

It may still take a while longer for your bad credit rating to disappear entirely, but as long as you work to maintain your credit and make your payments on time you'll find that the day will come when having a bad credit rating is nothing more than a memory.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About The Author

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

---

Ten Steps To Building A Good Credit History

Are you thinking of buying a house? Do you want... Read More

How To Establish Great Credit

Building a good credit history is important. If you have... Read More

Credit Card Dirty Tricks

There are many of us that have been badly stung... Read More

To Repair Credit Is No longer Satisfactory - Learn How To Earn A Millionaires Credit In 30 Days...

To repair your bad credit does not necessarily mean that... Read More

What Does Your Credit Score Tell You?

When you apply for a loan or a mortgage, the... Read More

Four Tips How Homeowners Can Rebuild Their Life After a Foreclosure

Let's face it, if you are facing the possibilities of... Read More

Understanding Credit Report Score

Understanding credit report scores is important when you see your... Read More

Harassment of People in Debt by Creditors

HarassmentHarassment of people in debt by creditors or their agents... Read More

Your Guide On Choosing a Credit Card To Suit You

Reach into your wallet or purse, pull out a card,... Read More

Credit Repair Services vs. Do-It-Yourself Credit Repair

Millions of Americans suffer because of bad credit these days,... Read More

Defeating Credit Card Debt With Self Control

Credit card debt is a major social problem in some... Read More

Two Things You Need To Know About Prepaid Debit Cards

According to the September 2004 issue of the Nilson Report,... Read More

Credit Card Debt: How To Control It

A lot of people spend more money than they can... Read More

Five Debt Negotiation Facts

These five debt negotiation facts along with a few debt... Read More

How To Eliminate Credit Card Debt

There is almost nothing more troublesome than having too much... Read More

Cash Back vs. Rewards Credit Cards

Ah, the sweet rewards of using credit!Not only do you... Read More

Credit Card Companies Are Out for Your Money

You're probably thinking "Tell me something I don't know" but... Read More

Top 7 Factors to Consider While Reviewing Credit Card Offers

Credit cards have migrated from being hip or convenience product... Read More

How To Choose Your Credit Card Application

The articles and tips provided on this site are intended... Read More

Credit Traps Snag Consumers

Nearly 20 years ago I worked for a small consumer... Read More

Credit cards

If gold medals were awarded for marketing consistency, the credit... Read More

Looking for that Low interest Credit Card?

If you have been shopping around for a Low Interest... Read More

Bad Debt Recovery

Bad Debt IdentificationIdentifying bad debt is not as easy as... Read More

Building Business Credit

Most businesses want to be able to borrow money when... Read More

Credit Report And Correction Techniques

The three major credit bureaus, Experian, Equifax and Trans Union... Read More

Types of Credit Cards

There are a whole variety of different types of credit... Read More

Fixing A Credit Report

Fixing a credit report starts with seeing what's on it.... Read More

10 Dirty Tricks Credit Card Companies Play

The credit card companies make billions each year in legitimate... Read More

How To Use Your Credit Cards Wisely

Are you one of the thousands pulling your hair out... Read More

Avoiding College Credit Card Traps

Congratulations college freshman! You're about to embark on one of... Read More

Good Credit Is Not A Good Reason To Borrow More Money After Youve Achieved Financial Freedom

The most important thing for you to remember is that... Read More

Know Your Credit Card Rights

When you apply for a credit card, the application that... Read More

A Cure for an Ailing Credit

Credit has become a much-used word, thanks to the various... Read More