Bad personal credit can really be a debilitating problem for someone trying to get by in our society. With bad personal credit you’re unlikely to be able to get any loans, or credit cards, and may have loads of difficulty trying to buy a car or put a down payment on a house. A bad personal credit rating can almost be smelled by banks and businesses, and you’ll find yourself being rejected from things you didn’t even know you could be rejected from. Yes, you may as well face it, a bad personal credit rating is the 21st century equivalence to leprosy.
The good news is, unlike leprosy, bad personal credit is usually rectifiable. Sometimes it’s a very simple matter of paying some forgotten bills, other times it may take more time, but regardless of how bad your credit might be there are likely ways you can improve it. If you’ve been getting rejected from loans or credit cards lately, chances are you have bad personal credit.
The first step in repairing bad personal credit is of course identifying that you in fact have it and more importantly, why. So a good place to start is with a credit report. There are a number of websites today that offer credit reports. While some of these sites are somewhat dubious, others can provide some valuable insights into your credit history, explaining why you might have bad personal credit. Some good examples of credit report companies include Equifax and Experian.
Often times when you get a credit report you’ll see that your bad personal credit is due simply to a forgotten bill or two you never paid. Many businesses trying to collect on a late bill will turn to collection agencies, which will in turn wreak havoc on your credit rating until you pay up. Although these collection agencies are always supposed to contact you first, they don’t always succeed in reaching you if you move around a lot and so you may have been a target for one of these companies without ever knowing it.
Of course, some cases of bad personal credit may be more complicated than just a single forgotten bill. And even in the simple cases, some amount of credit repair may be needed after you’ve settled old debts. Additionally, as I learned when I first attempted to get a credit card, having no credit history at all is the equivalent to having bad personal credit. A good way to make permanent repairs to your credit, or to establish credit in the first place, is by getting a secured credit card and being religious about your payments for it.
Have you tried to get a business line of credit or an unsecured credit card for your new startup? Do you have working capital? These are tough questions and sometimes the answers are not what you want to hear. Personal credit affects your ability to get business credit when you first start up your business. Most lenders, financial institutions and other companies want a personal guarantee in the beginning and when your personal credit stinks, this becomes an impossible task. It becomes a vicious cycle that just can't be broken. Let me help you. I went through all this agony myself. My credit was destroyed. I had to file bankruptcy, and I thought I would never be able to get my business going so I would have a reliable retirement fund. After my bankruptcy, I started reading books, going to seminars, buying credit repair programs and learning everything I could about business credit. This took several years but I finally accomplished my goal. I now have a business credit card with balances not being reported as part of my FICO scores. I have learned the secrets of applying for credit and setting up my businesses with the correct entity structure. I have met with expert IRS agents who showed me exactly how to maintain my company books so that the likelihood of an audit is almost non-existent. I decided to pass my good fortune on to others so that their struggle would not be as hard as mine. I've collected the facts concerning business entity structures, business applications, and business credit and put them all in an e-Book called ?Basics of Business Credit?. I am selling this e-Book at an amazing price and I'm also giving away free with the purchase of my book a Free Credit Restoration Guide that includes 13 letters that can be immediately used to fight the credit bureaus to remove negative entries on a persons credit report. I realize now that I have the right - just like everyone else ? to clean up my credit. The credit bureaus do not benefit from helping the individual. They are paid by big business and lose nothing if they make a mistake and report an error on your credit report. It does not make one bit of difference to them if it is right ? or wrong. The law says you have the right to fight these errors, so don't wait any longer. Go to my website http://www.susansbooks.com and get your ?Basics of Business Credit? e-Book and your Free Credit Restoration Guide today. Don't put off your dreams any longer. Act now.
Both Nicholas M Boler Boler & Susa are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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Susa has sinced written about articles on various topics from Barbeque, Infidelity and Estate Planning. Susan Carter, author of ?Basics of Business Credit,? has created an e-Book that provides instructions on how to set up a business entity correctly from the start. She has the knowledge to help anyone avoid the trap of having to use personal funds and asse. Susa's top article generates over 27100 views. to your Favourites.