3 Signs That You Have Bad Credit

Are you aware of what your credit score looks like right at this very moment? If not, then I would advise getting into the habit of checking it out on a regular basis. If you ask anyone who is experienced in matters of debt, the first thing they will always tell you is to check your credit file. And, because so many people don’t bother, they often pay severe consequences.

 

Of course, some people sail through life without checking their score at all. But, there are other signs that you have a bad credit score, which you have to look out for. If you experience any of these, you should check your report with one of the major reference agencies, and see where you are.

 

The main thing to remember is that everything can be sorted out one way or another. Being in debt is not against the law. Until, that is, it gets to the stage where someone takes you to court, and you lose your case. So, watch out for the following scenarios, and if they happen to you, make sure you act quickly.

 

Credit Refusal
The first sign that something is up with your credit report is a rejection of a loan or credit card. Or, it could even be for something like a mobile phone contract or a store card. If you have never had any problems before, this should set off alarm bells. It’s vital to look at your credit report, identify the issue, and deal with it. It may be a bill you missed by accident, or it could even be someone taking your identity. Neither scenario is doing you any favours – so deal with the problem as fast as you can. There are alternatives if you need that money while you repair your credit, however. For example, you could take out a secured homeowner loan if you have a mortgage. If it’s only going to take a minor fix, you may not need one – but it’s good to know that services like this are around.

 

Higher Interest Rates
Another issue to watch out for is the interest rates you get from loan companies. If you have sailed through your life and have always had great interest rates, it will come as a shock if you aren’t. And, there is usually a good reason for it. Make sure you check your credit report and see if anything is amiss. Clear those debts as quickly as possible if you need to The worse your score is, the more interest you will be charged. Of course, it might not have anything to do with your score, and it could just be a computer error. But, it’s far better to be safe than sorry.

 

The Debt Collector Calls
This one can put the most relaxed person into a blind panic. But, don’t be too frightened. Although debt collectors can talk a good game, there is little they can do other than to ask you to pay up. However, it’s a worry, so check your credit report and find out what the issues are. It’s also worth speaking to a registered debt charity for advice. Dealing with debt collectors isn’t easy for most people – and you should always take professional advice if you have concerns.

 

Good luck getting your credit back in order!

 

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