When life gets tough and you can't pay your bills on time. This can really stress anyone out. Even after you get yourself straightened out with getting your bills all caught up. You are still left with bad things on your credit report for years after that.
Late payments alone stay on your credit report for up to 7 years from when they happen. Just having one late payment on your credit report can mean the difference between having good credit, and having bad credit for a lot of people. This is especially true if you didn't really have much credit to begin with.
Credit scores analyze a borrower's credit history considering numerous factors like late payments. Amount of time credit has been established. The amount of credit used versus the amount of credit you have available. Length of time you have lived at your present residence. Negative credit information such as bankruptcies, charge offs, collections, etc. But primarily your credit score is made up of 5 main factors. Your payment history makes up to about 35% of your fico score. The amount of money you owe everyone all together makes up for about 30% of how your fico score is calculated. The length of time your credit accounts have been established. Having accounts for a long time helps your credit a lot.
Having bad credit is just something that a lot of us just deal with. You figure that you do the best you can but sometimes ends just don't meet and money doesn't grow on trees. Well when you can't pay bills on time you need a cash reserve to pull from. That is where your credit comes into play. You need to change the way that you think about money and your bills. When things can't be paid with money that you do have. You can just use money that you don't have to at least get the bills paid. Pulling from a credit line is one way to pay bills you don't have the money for. We just have to help get you good credit now right?
Anyone can fix a bad credit rating by using a bad credit repair service. This is a group of people who work with you to restore your credit. They can get your credit score to increase 50 points or more in a matter of a 6 months or less for most people. There is a one time start up fee of $69.95. Then it cost $59.95 a month till your credit has been completely restored.
You can get a bad credit visa card to pay for these fees if you can't afford the fees out of pocket. All you need is a few hundred dollars of available credit and you can pay for having your credit fixed with your new credit card. The minimum payment should be no more then $20 a month.
Getting a bad credit visa card can be the first step to fixing your credit. They report your payment history to the credit bureaus every month. This alone helps your credit a lot if you pay your minimum payments on time every month.
My name is Matt Sciotti and I help people fix problems with their personal finances. Helping people save money on their bills and fix problems they have with their credit is what I do best. I help provide people with the free debt management advice [http://www.mymoneymechanic.com] they need to improve their financial wellbeing.
By Matt Sciotti
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