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Struggling with Bad Credit: Here’s What You Need to Know

Are you struggling with mounting debts and loan rejections and wondering why? You probably have bad credit against your name. Rising expenses and changing lending criteria make it difficult for an individual to maintain a good credit score.

The most difficult part of having bad credit is that most people do not even realize that their credit score has plummeted till they are turned down for a loan or have calls from debt recovery agencies, bothering them through the day.

How To Know If I Have Bad Credit?

If you are not sure about your credit score, here are a few signs that indicate a bad credit:

Rejection of Loan Application

The first sign of bad credit is when you are rejected for a loan application. In such a case, get your credit report from your bank and understand what has gone wrong.

Your Credit Card Limit Cannot Be Upgraded

If you have reached out to your bank asking for a hike in the credit limit of your card and have been turned down, you should know that your credit report is not okay. Mostly, this happens when you have missed your EMI or have been paying only the minimum amount on the card for a long time.

You Are Hounded by Debt Collectors

If debt collectors are bothering you, you must understand that professionals for debt recovery have been hired. Such a situation is not pretty and you need to have a plan to fix your credit score.

So How Can You Repair Your Credit Score?

It is indeed frustrating that despite making payments, your credit score has plummeted. Here are a few simple tricks that can help you improve your credit score:

Work on building good credit

You can do this by paying your bills within the stipulated period, avoiding unnecessary credit inquiries and never taking cash advances on your credit card.

Pay More than the Minimum Amount

Most people find it convenient to pay off the minimum amount. However, paying the minimum amount is an indication to the bank that you are under financial stress, which can impact your credit report. So always pay an amount that is higher than the minimum amount, even if it slightly on the higher side.

Automate Your Payments

Late or missed payments can be detrimental to your credit health. Automating payments prevent delays and ensure that all payments are done without fail.

Hire an Agency for Credit Repair Services

The best way is to hire an agency that specializes in credit repair services. These agencies have skilled professionals who can help you identify the issues with your credit score and help you get back on the right track with their credit repair strategies and plans.

Through Credit Right, the credit repair specialist wing of ECollect, we can help you in restoring or improving your credit reports.

Let Us Help You Build a Better Credit Report!

ECollect has more than 40 years of experience in credit repair and restoration, debt management and recovery, and a host of other legal services to help you out. If you are struggling with bad credit, call us at 1300 666 585 or write to us for more information on our credit repair services. We will be happy to help!

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