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.
Artice Source: http://www.articlesphere.com

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