4 signs that you may have bad credit

Your credit score is calculated by what’s on your credit report. This score is very important, because it’s what lenders consult to decide whether you are a risk for a loan. Your credit score can affect your ability to get credit, such as a home or car loan or a mobile phone contract and could even affect a job application. Many people don’t even realise that they have a bad credit history until it’s too late. Here are some warning signs that your credit report is in need of repair:

1) You get turned down for a loan application
This is one of the most sure-proof signs that you have a problem, which may be due to your credit report If you’ve applied for, say, a car loan or credit card and been rejected, there may be issues on your credit report that have led the lender to believe you’re a bad credit risk. When this happens, it’s essential that you get a free copy of your credit report as soon as possible to find out what may have caused your application to be denied.

Get a FREE copy of your credit report here!

2) You can’t get a higher limit on your credit card
If you’ve asked your credit card issuer to increase your credit limit and they have refused, this is another big red flag that there is a problem. It could be that you’ve only been paying the minimum repayments due or missing payments or that your debt-to-credit ratio is too high. Another cause may be a negative listing on your credit report. Whatever it is, it’s best to know sooner than later so that the problem doesn’t keep getting worse.

3) You’re getting calls from debt collectors
This is a definite sign that things are amiss with your finances and likely with your credit history. Once unpaid debts get turned over to debt collectors chances are that they are appearing as black marks on your credit report. Fortunately, there are things you can do; if you’re currently struggling to keep up with your debts seek help to get a plan place to get you back on track. Once you’re back in the black you can look at repairing your credit history, so you can move on financially. The key thing here is, the sooner you address it the better.

Contact us to find out how Credit Repair Australia may be able to help.

4) A utility provider asks you for a deposit
It’s not just banks and credit card issuers that look at your credit history. If you apply for a mobile phone contract or utilities with a new provider, they will also look at your credit to decide if they want to give you an account. If they ask you to put down a deposit to open an account this suggests that they think you are at risk of not paying your bills due to a poor credit rating.

It’s never too late to repair problems with your credit score. To find out exactly what’s in your credit history, get a free copy of your credit report today.