Be Warned Of A Skipped Repayment Hurting Your Credit Score

There are, I would say, 3 different stages of credit score problems. Obviously there is also the stage where your credit score allows you the loans that you want, but that is not a problem stage.

Where are you?
The first stage is actually not having any history at all. If you have never had any credit then you have not proven to banks that you might manage the responsibilities of having access to someone else’s money. The next problem stage is where you have missed a few payments, but not gone really bad. Here you are proving to the building societies that you cannot handle loans and are a worry to them. But with both of these stages there is still hope.

The problem stage is the third stage, where you have missed loads of repayments and behaved badly with the cash that has been lent to you. Your credit score will be showing that you cannot be trusted and it is going to take a lot of effort to get to the point where you might get a loan.

There is hope yet
Getting out of the problem stages is not out of the question. It is quite clear that anyone with credit has got past the first problem stage and if you are in the second stage then you are on the company of plenty of people who are correcting their credit and practically back on track. And we have all heard the stories of the big name businessmen that failed on their first attempt, lost all of their money and are now ideal credit targets. So all is not lost, you just need to want to get back on track.

Getting back on track
Getting back on track with your credit score is quite simple – just prove to the lenders that you might handle the responsibility of a loan. For those new to loans taking out a credit card and making sure it is paid off in full is all that is needed. Even go as far as cutting it up rather than actually using it – your credit card company will still report back that it is clear.

For those slipping into difficulties speaking to building societies and arranging realistic payment schedules will help. If you stick to these new schedules then that will show as positive news on your rating. Move your current loans to cheaper loans, if prospective, and keep up to date with payments.

And the future
A credit score is just an indication of how well you are repaying your loans. So by constantly keeping on top of payments and telling lenders of your worries you could maintain a healthy credit score.

New to credit, just missed an odd payment or a bad history, all problem stages an be fixed if you start paying on time. You could’t hide your past, but you could be sure your future past is better than now.

Written by Keith Lunt of Compare Mortgage Rates. If you want to know more about how to compare current mortgage rates, call in!

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