Bad Credit Help Without More Loans and Debt
October 10, 2008 by Michael
Filed under Bad Credit
Do you have Bad Credit ? Is your credit as bad as you think it is?
More often than not, when you think you have bad credit, it’s not actually as bad as what you think. Many peoples first instinct is that their credit is so bad that they’ll either never get credit again or that there is nothing they can do about having bad credit.
But that’s not always the case.
There are many things you can do about bad credit and I don’t mean applying for high interest loans to pay off your bad credit thinking that is the only option. If you have bad credit now, by borrowing money to pay it off, that bad credit will cost you so much more due to the high interest rate of the loan you’re applying for and then you’ll be stuck with that loan for years.
So if you have £5,000 of bad credit now and you take out a high interest bad credit loan to pay it off, if that loan costs you £8,000 to pay back, then all you’re doing is increasing the amount that your bad credit is going to cost you in the long term.
Borrowing money when you have bad credit is never a good idea and you should avoid doing this. Instead, your first step should actually be to look at what this bad debt is. Now this is an easy step as you can find this out by getting your credit files.
When you have your credit files you can see just how bad your ‘bad credit’ is. It may be that you’re just a few payment behind on a loan. If that’s the case then getting rid of your bad credit is easy. All you need to do is catch up on those missed payments. Contact the company to whom you owe the money to and explain your situation to them.
When you have caught up with the payments you will find that your so called ‘bad credit‘ won’t be anywhere near as bad. Keeping up with your repayments will help to put that bad credit behind you until you reach the point where lenders will no longer consider you as having bad credit.
When you’re at that stage, borrowing money becomes much cheaper thanks to the lower interest rates. You see, having bad credit is never as bad as what you think. There are so many ways to improve your credit rating without having to borrow money. Remember, borrowing money when you have bad credit will cost you so much more in the long run.
Take the cheaper and easier alternative and actually improve your bad credit BEFORE you borrow any more money.
Fixing Your Credit Score With A Credit Card
June 25, 2008 by Michael
Filed under Credit Repair
Fixing Your Credit Score with a Credit Card
It is time to fix your credit score when you begin to find it hard to get your credit applications approved. In fact, the best thing that you would have done is by trying to maintain a good credit score. But if you end up with a low credit score, it is not the end of the world. There are ways in which you may still be able to fix it up. But doing so would take a lot of effort and may take some time.
The reason why a credit score is important for lenders is that it provides them with an assessment of how you have been doing on your past credit. Your credit score may show them how responsible you’ve been on your finances. It is a way for them to ensure that their own business in terms of providing credit to borrowers would not end up badly. It would also help them determine if you are worthy enough for the loan that you have applied for.
This will give you a pretty good idea on how a good credit score will affect your credit standing. A high credit score would provide some benefits to an individual. For one, a person with a high credit score would be able to get the best deals on a home or even a car loan. High credit scores may also even give lenders the option of offering loans with lower interest rates on their mortgaged homes or cash loans.
But when you have a low credit score, the biggest disadvantage is that most of your credit applications will end up being rejected by most credit institution that you come to. They will see you as a risky prospect to lend their money to. And if ever you do get approved for credit, oftentimes it comes with a higher interest rate. This means that you will have to pay off higher amounts than what is usual. This can also become a burden in the long run.
The best option that you have is to correct the information on your credit file as much as possible. This is generally known as credit repair but just that simple term alone can cause many people to be skeptical. The thing is, credit repair is possible, it IS legal and it is your RIGHT to be able to have only correct information on your credit file.
Remember, credit repair may sound impossible but it is easy to understand how to do this and even easier to actually take the action required to repair your credit so that you can enjoy your life by paying less interest on your mortgage and loans.
In fact, one of the fastest ways to repair your credit file is to actually have some form of credit. By actually having credit it, and using it responsibly which means keeping within the credit limits and making payments on time, you can actually boost your credit rating faster. But obviously there is the ‘catch 22′ situation whereby – how do you get credit if you already have bad credit?
Well there are a few easy answers to that question – find a lender who will give you ’some’ credit, even if it is just a low amount such as a Visa credit card with a £200 limit. Now here is the secret to using these types of card to repair your credit. First, do NOT go over your credit limit – Secondly, ALWAYS pay the amount in full, each month, that you owe!!!
By playing by these two rules the credit card will not cost you a penny in charges or interest yet the longer you use it then the better your credit score will become. What you are showing on your credit file is that although you have had problems in the past you can now manage credit responsibly and can be trusted.
This will make a massive difference to your credit rating very quickly. Within 6 months you will find that your card issuer will offer to increase your credit limit too but remember, NEVER go over your limit and never spend more on the card than you can afford to pay back when your statement arrives.
In fact, if you use the card for things like shopping or regular household expenses which you would either normally pay by cash or debit card and keep the actual cash in your bank, when your statement arrives you will have enough money to pay the balance outstanding and never have to pay a penny in interest.
There are a number of Visa credit card issuers who will give you a credit card if you have bad credit and the one I can honestly recommend is
Capital One Classic Visa Credit Cards
Capital One offers you the following features
- No Annual Fee
- Up to £2,500 in spending power
- Credit Limit Increase – Manage your account well and they’ll increase your credit limit on your 4th statement.
- A FREE choice of card design
- Spread your payments
- Free Identity Theft Service
Capital One Classic Visa is Suitable for People needing to strengthen their credit rating
- I have had little credit in the past, for example: I have an overdraft but no credit cards
- I have had credit problems in the past, OR
- I have no credit history, for example:
OR
- I have never used credit in the past
- I am a student
- I am new to the country
Don’t forget to check out our Payday Loans section
Credit Repair Report Secrets
March 2, 2008 by Michael
Filed under Credit Repair
This is short post to highlight an important video that you need to watch that will openly show you how you are lied to when you apply for credit. Your credit file is used against you without your knowledge – in fact, you are told a big fat lie but in this video you will get to see this lie revealed.
Knowing this will help you to repair your credit report in a way you never thought possible and yes, it is very easy too 
Here’s a link to the video; Credit Repair Video
Or watch it right here in this blog post by clicking the play button on the video screen below
[youtube:http://www.youtube.com/watch?v=jwCmKE-_a8k]
Enjoy,
Michael Sherriff
P.S Don’t forget to check out our Payday Loans section
Avoid Common Credit Repair Myths
February 12, 2008 by Michael
Filed under Credit Repair
I am no longer amazed by what some people want to believe when it comes to credit repair. So many people really believe that it’s not possible to repair your credit report and increase their credit score. But I guess the subject of credit repair has gained a bad reputation because of the cowboy companies who offer to repair your credit report yet actually do little (if anything) to repair your credit file and increase your credit score.
So let’s clear up these credit repair myths shall we… Here is a dedicated page that looks at how credit repair actually works and some of the crazy credit repair myths that exist today. Use this link to read “Credit Repair Myths, How To Avoid Them“
How To Recover Your UK Bank Charges
February 11, 2008 by Michael
Filed under Bank Charges
Since it became public that you are now able to claim back your bank charges for the past SIX YEARS, more and more companies have ’sprung’ up to offer you their services for a modest fee!!
Now, as with anything that is new and not fully understood, there will always be a company of two who will offer your their sales patter and services to ‘help’ you with things…
OK, there may be some people who are so pushed for time that they need someone else to help them but honestly, you really do need to be pushed for time not to be able to claim back your own bank charges, especially when you work out just how much you could end up paying one of these companies to recover your bank charges for you.
You see, the method used to claim bank your bank fees for the past six years really isn’t that hard. In fact, all you need is a little info and the right letter templates and your bank starts handing back the money they owe to you – quite simple and straight forward really.
But here is the madness part of using a company that does this for you -
THEY CANNOT DO EVERYTHING FOR YOU!!!!
Because of the Data Protection Act, these companies can only advise you on what to do and supply you with the letter templates and this is all you are paying them for – a bit on info and a few letter templates to help you reclaim your bank charges.
So, consider that most people are owed around £1,000 in bank fees over the last six years, based on that, you’d end up having to pay at LEAST £100 of that to a company that did no more than give you a bit of advice and a few letter templates!!
£100 just for that?!?! Please, this is shameful because you can easily do this yourself and quite often quicker too.
You see, I claimed back all of my bank fees for the last six years and not only did I recover £700 in bank fees, I also had a default removed from my credit file because I reclaimed my bank fees!!!
Now, if I can do it then so can you which is why I decided to release the exact same information for reclaiming your bank fees as well as the templates of the exact letters that I used but you won’t have to pay me a percentage of the money you claim back from your bank 
For a very limited time, the you need to recover your bank fees is part of the UK Credit Repair Secrets System available at http://ukcreditsecrets.co.uk
See just how easy and quick this is to do and smile knowing that you will get to keep 100% of the money you claim back from your bank.
Recover Your Bank Charges Today and Keep 100% of The Money You Are Owed
Don’t forget to check out our Payday Loans section
