Our calculator will help you to decide whether an IVA is right for you.
There are a number of reasons for which you cannot get credit. One of the most prime reasons for why you can’t get credit is that you have bad credit score. A person gets bad credit scores in case of not paying off the current credits on time. So what you can do if you can’t get credit? Here are some steps that you can follow in case you do not get credits-
Debtors must avoid rate tarting frequently as it can irritate the lenders. Rate tarting can be expensive for the lenders and so they avoid giving money to those involved in rate tarting.
Learn budgeting- you must learn budgeting in case you are finding difficulty in getting credits for your emergency expenses. Lenders make a thorough check upon the spending pattern and savings account of the applicants before lending money. So, it is essential for you to spend less and earn more in case you can’t get credit.
Opt for beginner’s card- this card can be a good option for those who are facing trouble in getting credit from mainstream lenders due to the bad or no credit history. These cards include low credit limits and high interest rates. But make sure to make timely payments of the loan borrowed by these cards because the lenders can impose heavy late fees in case of late payments.
Increase your income- your capability to borrow money depends severely on your capability to earn. Hence it is essential for you to raise income in case you are planning to borrow hefty loan in future.
Check the credit report- you can face difficulty in getting credit if you have bad credit history. So you must have a check upon your credit files by taking help of credit reference agencies like Experian, Callcredit and Equifax.
Close the dormant accounts- closing the dormant accounts are the best solution to get credits in future. Having too many dormant accounts will leave a bad impression before the company in which you have applied for credit.
Credit unions- these unions offer unsecured loans to those having less income and who are denied for loans by mainstream lenders. These unions offer loan to only those having common background, having same occupation or living in same area.
You must follow these steps to combat the situation in which you can’t get credit. You can also take professional guidance from financial advisors for getting solutions for solving bad credits.