Avoiding and Fixing Bad Credit History

 By: Rachel Schwartz
The recession that happened less than 2 years ago has affected thousands of Canadians. Many people were laid off and almost everyone had to change their lifestyle. They became more aware of their consumption and spending on products and services. A little downgrade here and there is needed to survive every day. As people are trying to keep up with expenses, they keep on purchasing on credit. Sometimes, with the many expenses juggled daily, weekly and monthly, people tend to forget to pay their dues. Late payments and missed ones both contribute to a bad credit history. This is a serious thing especially if you are someone in need of much credit just like everybody else.

There are things you can do to avoid bad credit if you don't have it already. Pay your bills on time and make sure you're not missing out on any bill. Make a list of all your dues to make sure everything is covered. Pay your credit card bills in full come the end of the month. Since identity theft is very common, you have to closely monitor your account. You may not know it but someone may already be taking advantage of your credit card and you are getting nothing more but credit, and a bad credit history. Have a fixed address for your credit cards - your office address is a good example so all your bills go to the same place. A frequent change in address also has an effect in your credit history. Lastly, manage your finances carefully to avoid bankruptcy. Watch your spending and start living within your means.

If you were not able to keep a good credit standing but need to borrow money, you will not likely get a chance by going to the bank. For this reason, many financial institutions lend a hand to those who need loans, especially those with a bad credit history. Bad credit loans are offered by many companies in Canada and these organizations have helped countless clients in getting back on track. A bad credit loan is simply a type of loan given to people with a bad credit history. It is much easier to apply for this kind of loan with very few requirements.

There are generally two types of bad credit loans, the first of which is a secured one. A secured bad credit loan is secured by collateral, usually an asset owned by the applicant or borrower. If you own a house, you can use this as your collateral. There are also car title loans where you can use the car title to obtain a loan. An unsecured bad credit loan on the other hand is without any collateral. With greater risk to the lender, this kind is harder to apply for.

The good thing about getting a bad credit loan is that you are given the chance for credit repair. Credit repair is simply fixing your bad credit history by finally paying your bills on time. This may just be the avenue for someone who wants to write a good credit history.
loading...
Author:
Artice Source: http://www.articlesphere.com

Related Articles in Loans


People interested in the above article are also interested in the related articles listed below:

Tired of making rounds between the dealership lot and your lender for purchasing your new car? With dealership financing, you can attain both under the same roof. Learn some benefits of dealership financing before you set out to make the purchase for your next car.
Are you military personnel? Are you thinking of buying a car? There is one easy way to fulfill your car dream. And, the answer is military auto loans. Military auto loans give you benefits which no other regular loans provide. The loans are specially designed to cater to your financing needs.
Are the lenders not ready to lend you money at affordable interest rates? With the rising delinquencies, one thing is sure, the lenders have become skeptic about lending money to people with credit issues. Don't worry! Provide them with guarantee of regular monthly payments with the help of a cosigner. He will make reasonable interest rates a reality for you.
loading...

More in Loans

Excellent, Larry. Thank you for taking the new article directory technology and making it work to the max. I encourage everyone to keep contributing and contributing regularly. I can attest to the fact that this site is already a strong directory in a field of many. Kudos to Larry!

Matthew C. Keegan
The Article Writer

 

I find it a delight to use both as an author and a publisher. It is full of nice little surprises that make the whole process of writing, reading and publishing articles a complete delight. This is one that comes out tops and beats the rest hands down.

Eric Garner
Managing Director
ManageTrainLearn

 

I did a Google search and came across your site. It was exactly what I was looking for and was elated to find such a broad range of articles. As I am launching a free magazine in a small town in Florida, I wanted to be as resourceful as possible while still being able to provide some content that is interesting and well written. Your site has all the variables in the mix. Excellent Site hitting all the notes in the scale sort of speak.

Mo Montana
Florida, USA

Article Topics

 
Copyright © 2005 - by Larry Lim, Singapore - Article Search Engine Directory at ArticleSphere.com™
All Rights Reserved Worldwide. All Trademarks and Servicemarks are the property of the respective owners.
ArabicBulgarianCatalanChinese (Simplified)Chinese (Traditional)CzechDanishDutchEnglishEstonianFinnishFrenchGermanGreekHaitian CreoleHebrewHindiHungarianIndonesianItalianJapaneseKoreanLatvianLithuanianNorwegianPersianPolishPortugueseRomanianRussianSlovakSlovenianSpanishSwedishThaiTurkishUkranianVietnamese