Why bother fixing your credit? If you're debt free, just stay that way. Forget the credit card; all that will do is put you back in debt. Just save up for things you want. If you absolutely feel you must have plastic, get a debit card, which is tied in to your checking account. That way you can't charge more than what's in your account. You don't really NEED credit. You can purchase a car and even a house without it.
You can qualify for a mortgage with a bad or poor credit rating at your local bank or credit union. You may have to do certain things such as eliminate all other forms of debt you currently have or finding a co-signer first though.
The credit card company will pursue you for the unpaid debt, usually they will get a court order which will give you a very poor credit rating for several years
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Often previous bad debts can have a huge impact on receiving a poor credit mortgage. It is worth having an official credit rating carried out to determine your rating, as this will also inform you as to why you have a good or bad rating.
There are very few actual dangers, however inconveniences of having a poor credit rating when one is applying for a loan are that the lower one's credit rating is, the less chance one has of gaining the loan one wants. Another inconvenience is that if one has a poor credit rating, one does not attract the more favorable interest rates that someone with a good credit rating will attract, and the amount of credit one is offered may well be a lot lower than a person with a favorable credit rating.
a poor credit rating would be 0
You can qualify for a mortgage with a bad or poor credit rating at your local bank or credit union. You may have to do certain things such as eliminate all other forms of debt you currently have or finding a co-signer first though.
The credit card company will pursue you for the unpaid debt, usually they will get a court order which will give you a very poor credit rating for several years
Standard & Poor's
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An individual's credit score can affect all aspects of life. Having a good credit score, or improving a poor score, can be accomplished by several ways, including paying off debt, never submitting late payments, and not having a high debt to income ratio. http://money.msn.com/credit-rating/9-fast-fixes-for-your-credit-scores-weston.aspx
When you have poor credit rating, you might have to be prepared to pay higher down payments and maybe higher monthly dues. But be prepared in all cases to be paying higher rates because of the poor credit rating!
Often previous bad debts can have a huge impact on receiving a poor credit mortgage. It is worth having an official credit rating carried out to determine your rating, as this will also inform you as to why you have a good or bad rating.
There are very few actual dangers, however inconveniences of having a poor credit rating when one is applying for a loan are that the lower one's credit rating is, the less chance one has of gaining the loan one wants. Another inconvenience is that if one has a poor credit rating, one does not attract the more favorable interest rates that someone with a good credit rating will attract, and the amount of credit one is offered may well be a lot lower than a person with a favorable credit rating.
Poor credit rating means the person has received negative feedback from lenders in his/her past. This can be because the person did not pay back his/her loans in time, or at all.
A person's credit rating can be improved by paying off old bad debts or unpaid bills that may be affecting your credit rating. Some companies will give people with poor credit a credit card to clear all old debts and consolidate their debts into one payment.
Standard & Poor's