Essay on A Personal Note On Credit Rating

Essay on A Personal Note On Credit Rating

Length: 1301 words (3.7 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

Terminology You Need to Know to Comprehend Your Credit ranking Report


Your credit rating is a overview of your "consumer character" and as such, can have some pretty bad effects with the wrong details. Our lives for the most aspect center around the choices we create and we are presented with those choices daily, sometimes many times a day. Poor choices, such as spending too much money or over increasing yourself from a credit viewpoint can have a lasting impact on you and your ability to continue making similar choices at a later time frame and time, sometimes, in the case of a personal bankruptcy, up to ten decades. So to an extent, your credit ranking is immediate representation of the customer independence you will enjoy or with adverse credit, it will be a immediate representation of your lack of independence.

Negative credit can affect you often, from getting housing, a car financial loan, a job, and even security approval. If you have been turned down for a mortgage, a car financial loan, an apartment, or a job because of your credit, you know from individual expertise how a damaging credit rating can shateringly impact your lifestyle. Unfortunately, there isn 't anything that can fix these issues quickly. However, there is a specific process and laws in impact that can help you to start fixing your credit. There are two methods to do this: 1) hire someone to do it for you, or 2) do it yourself and take time necessary determining it out and preparing the necessary records. When doing it yourself, you may want to seek the guidance of a professional to be sure you did it correctly.


Let 's take a look at what 's good and what 's bad. First, le...

... middle of paper ... accept your credit application. Your edition will also consist of "soft" queries made up of queries created by lenders for promotional reasons.

Initially, if you need help, try your financial loan official if you are applying for credit and see if they will take a while to explain it to you. Most of them will try to help as best they can, especially if you are trying to improve your credit ranking because the financial loan official would eventually benefit when he starts a financial loan for you. If you were not working with a home financial loan official and you are trying the DIY credit ranking improvement method, you might consider a free assessment with a agency to learn the fundamentals. They will assist you in understanding your credit ranking and should tell you some of the pros and cons of doing credit ranking improvement on your own or through a agency.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Personal Note On Debt Payment Essay

- The last time I fell behind on a debt payment, it happened waaaaay back in June 2009. In my defense, I was preoccupied: I had been laid off from my staff job at the Chicago Tribune in late April. I’d been there a long time, and was reeling from the loss of steady income and prestige. And that probably led to my missing a Chase credit card payment by just a few days. Try telling that to the credit bureaus. To this day, that blemish sits on my credit report like a big old pimple on Brad Pitt’s forehead....   [tags: Credit score, Credit history, Credit card, Credit]

Better Essays
1043 words (3 pages)

Dealing With A Personal Loan Essay

- Personal Loan Defaulters Beware Certain eventualities and dispositions often hamper an individual from maintaining a regular and a healthy financial record but lets explore what happens when you default on a personal loan. Firstly, you are immediately termed as a “defaulter” and the implications on your credit profiling are huge. However, you don’t have to remain a defaulter all your life and hence we shed light below on various ways to rectify your situation. What leads to defaulting. Personal emergencies, loss of job, death, company going bankrupt, accidents and various unpredictable calamities can lead an individual to defaulting on a personal loan....   [tags: Debt, Credit, Loan, Default]

Better Essays
864 words (2.5 pages)

Questions On The Mystery Shopper Essay

- The ‘mystery shopper’ exercise in the ASIC Report revealed the most common fee types and structures in relation to each of the main service types provided by firms as discussed above. The ASIC Report noted that the fee structures used included upfront, ongoing costs, ‘success’ fees, and exit fees. The failure of firms to disclose or adequately explain fee structures is a common feature of debt management firms. With low levels of transparency, it is difficult for consumer to know what they are getting and how much they are paying for it....   [tags: Credit rating, Interest, Firm, Credit history]

Better Essays
1011 words (2.9 pages)

A Credit Score Impacts The Credit Essay

- A credit score impacts the credit that is accessible to you and the terms investment rate, and so forth, that moneylenders offer customers. It 's an essential piece of the clients credit wellbeing. When one seeks credit whether for a credit card, an auto loan, or a home loan banks need to realize what hazard they would take by crediting cash to a person. At the point when bank lenders request a client 's credit report, they can also request a FICO rating that is focused around the data in the report....   [tags: Credit score, Credit, Credit rating]

Better Essays
1147 words (3.3 pages)

A Brief Note On Bonds And Bonds Essay

- Stocks and bonds can play an important role in personal finance as a way to diversify a portfolio. While bonds are much safer than stocks they still carry risk, albeit typically much less. Before any person invests they should have an emergency fund and be able to meet all current financial obligations, it is not advisable to borrow money to invest with, especially using credit cards considering typically high interest rates. Bonds are generally safer due to having a maturity date, paying interest and are payable upon an institutions failure before stocks are repaid....   [tags: Investment, Dividend, Finance, Bond]

Better Essays
968 words (2.8 pages)

Personal Note On Bad Credit Essay

- Bad credit can happen to anyone. Unexpected medical expenses, a sudden job loss, or even just youthful indiscretion with credit cards can quickly destroy a decent credit score. At ABC MotorCredit, we understand that there are plenty of good, responsible people who have less than perfect credit scores. Even if your credit has some problems, you still need a car and ABC MotorCredit can help make it happen. Read on to learn more about why when you shop with ABC MotorCredit, you shouldn’t worry too much about your credit score....   [tags: Credit score, Credit, Credit history]

Better Essays
700 words (2 pages)

Essay on Personal Note On Credit Cards

- Credit cards are something that are almost needed in everyday life now, as most dont have the money available to purchase a car or house and so need credit, thus needing credit cards to help build that credit. Those cards are hard to handle, and receiving applications in the mail daily, and commercials appearing on television don’t seem to make the struggle of staying away any easier. This starts to spark an interest. So people begin to think, "I think I 'm responsible enough to get a credit card, I 'll only use it for emergencies." Then the application process begins and it may take a couple times to finally be approved for one....   [tags: Credit card, Credit history, Credit score, Debt]

Better Essays
1349 words (3.9 pages)

Credit Cards And Personal Loans Essay

- If you need money for something other than your living expenses, then credit cards and personal loans may be the way to go. If you need money for your living expenses, then you need to improve your budgeting, and you may benefit from an overdraft rather than a personal loan. An arranged overdraft may be suitable if you are having money troubles. If you are having trouble making ends meet, then credit card or personal loan is not the answer because they will increase your monthly outgoings, which will make it harder to make ends meet....   [tags: Credit, Debt, Credit card, Loan]

Better Essays
1498 words (4.3 pages)

Do You Really Need A Credit Card? Essay

- Do you really need a credit card. There are many people who will claim that everyone needs a credit card, you just need to learn to use it responsibly. They will say there are many good reasons to have a credit card. They are safer than cash, or you need to have at least one for a financial emergency. You also need them to help build your credit rating, and some will tell you that a credit card is mandatory for certain purchases. There are even those who will tell you that credit cards, when used properly, are financially profitable....   [tags: Credit card, Credit history, Credit rating]

Better Essays
848 words (2.4 pages)

Persuasive Speech On Credit Card Debt

- Abylay Zhakashov Persuasive Speech Outline I. Introduction: A. Attention Getter: How many of you have credit card debt. An average American household has credit card debt of $10,000. B. Audience Relevance: Credits cards are something that most of us here use almost daily; however, the knowledge about how they work is floating on the surface. C. Credibility: Personally, I am very cautious when it comes to money and personal finance. I want to know everything about the financial tools I use. That is why I read two short books before I even applied for a credit card....   [tags: Debt, Credit history, Credit rating, Interest]

Better Essays
895 words (2.6 pages)