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Number of Americans Suffering from Bad Credit or Late Payments? Almost 45%!
One’s credit history is among the major factors that are looked in to before he or she can successfully apply for a credit card or any kind of loans. If you are planning to get a new credit card or apply for a housing loan, auto loan, or study loan, better check your credit history. And if you are among the number of Americans who are suffering from bad credits, better fix it now.
According to the myfico.com, an average number of American citizens are paying their bills on time. Half of all the consumers are paying their bills 30 days later than the due date. Moreover, three out of 10 (30%) consumers are paying bills more than 60 days after the due day. 10 percent are paying bills 90 days after the due date. You may be included to the lesser number of Americans or you may be included to the more Americans who pay their bills early.
If you are among those unfortunate individuals with bad credit history, don’t despair. You can still fix that through simple instructions and tips (contact us) and read the following:
- Make sure to pay all your bills on time. Remember that a late payment incur a bad reputation on your credit rating.
- Have only the number of credit cards you need. Close your other excess credit cards so you will not have to worry on paying them. You can simply inform your creditors about your plan to close your credit card line.
- Prevent having bankruptcies, collections, and tax liens. These records will stay to your credit report until 10 years unless you learn to challenge them. Lower the credit limit of your accounts so you will have a lower available credit and in time can control the way you spend your credit limit. You can request to your creditor to lessen the credit limit of your accounts.
- A friend or a family member can also help you in fixing your bad credits. Co-sign on a credit card or small loan. However, be sure to make your payments on time.
- To help re-establish your credit history, there are many ways that this can be done including small unsecured and secured loans to show that you can make payments on time and much more - contact us for help with this. With this, you need to keep a certain amount so you will have sufficient money to cover all your charges.
- Make sure to get a yearly copy of your credit report so you can assess any credit errors and fix them in time.
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