Do You Need Bad Credit Help

? Are you one of thousands with no 
credit and no collateral to help secure approval, or you just 
have extremely bad credit and no one wants to help you, and all 
you hear is stories and more stories? 

Bad credit is a term used to describe a poor credit rating. 
Common practices that can damage a credit rating include making 
late payments, skipping payments, exceeding card limits or 
declaring bankruptcy. Bad Credit can result in being denied 
credit. 

Bad credit can result in a negative rating from the credit 
reporting agencies. Many factors can contribute to someone 
getting a "bad credit" rating, among these are non-payment of an 
account or late payments over an extended length of time. 
Whether non-payment of an account is willful or due to financial 
hardship, the result can be the same, a negative rating which 
will result in a low credit score. However, lenders are more 
willing to work with individuals if the person contacts the 
lender to let them know they are having problems meeting their 
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A credit score is defined as a statistical method of assessing 
an applicant's credit worthiness. An applicant's credit card 
history; amount of outstanding debt; the type of credit used; 
negative information such as bankruptcies or late payments; 
collection accounts and judgments; too little credit history, 
and too many credit lines with the maximum amount borrowed are 
all included in credit-scoring models to determine the credit 
score. 

Raising your credit score is possible. It's a well known fact 
that lenders will give people with higher credit scores lower 
interest rates on mortgages, car loans and credit cards. If your 
credit score falls under 620 just getting loans and credit cards 
with reasonable terms is difficult. 

Here are five things that you can use to raise credit score. 

1. Correct obvious mistakes. 

Your credit score is what shows up in your credit report. Review 
your reports from all three credit bureaus for accuracy once a 
year as well as several months before applying for a loan. 
Changing a mistake on your report can take 30 days to three 
months, or more. Get Your credit report from the three major 
bureaus: Experian, Trans Union and Equifax. 

2. Pay Your Bills On Time 

Your payment history makes up 35% of your total credit score. 
Your recent payment history will carry much more weight than 
what happened five years ago. 

Missing just one payment on anything can knock 50 to 100 points 
off of your credit score. 

Paying your bills on time is the best way to get started 
rebuilding your credit rating and raising your credit score. 

3. Reduce your credit card balances. 

A heavily weighted factor in your FICO score is how much money 
you owe on your credit cards relative to your total credit 
limit. Generally, it's good to keep your balances at or below 25 
percent of your credit card limit, said Jeanne Kelly, founder of 
The Kelly Group in Brookfield, Conn., which helps clients 
improve their credit scores. 

4. Don’t Close Old Accounts 

In the past people were told to close old accounts they weren’t 
using. But with today's current scoring methods that could 
actually hurt your credit score. 

Closing old or paid off credit accounts lowers the total credit 
available to you and makes any balances you have appear larger 
in credit score calculations. Closing your oldest accounts can 
actually shorten the length of your credit history and to a 
lender it makes you less credit worthy. 

If you are trying to minimize identity theft and it's worth the 
peace of mind for you to close your old or paid off accounts, 
the good news is it will only lower you score a minimal amount. 
But just by keeping those old accounts open you can raise credit 
score for you. 

5. Avoid Bankruptcy 

Bankruptcy is the single worst thing you can do to your credit 
score. Bankruptcy will lower your credit score by 200 points or 
more and is very difficult to come back from. 

Once your credit score falls below 620, any loan you get will be 
far more expensive. A bankruptcy on your credit record is 
reported for up to 10 years. 

The reality of a bankruptcy is it will limit you to 
high-interest lenders that will squeeze out high interest rate 
payments from you for years. 

It is better to get credit counseling to help you with your 
bills and avoid bankruptcy at all costs. By getting credit 
counseling instead of declaring bankruptcy you can raise credit 
score over a much shorter period of time.