Maintaining a good Credit Score is a matter of patience

Recently, you may have applied for a loan or a credit card and seen your application getting rejected again and again. You must be given the reason frequently that you are denied a loan or a credit because of you low cibil score. In such situations what would you do? You do the obvious! You get your free cibil score, Start researching on how you will get your credit score up in no time and get your credits approved. It seems simple, right? No, it is not that easy, once you end up in the loan defaulter list, it is really a struggle to get your cibil score up any time soon.

You explained this situation to someone in your office and asked for their suggestion. Your colleague had no clear answer for you which you can bank on and start amending your credit score from negative to positive. Your research continues and you run out ways to get your score up in quick time and now you are in a situation where you need a loan, but you are getting it denied due to the reason being, you low cibil score.

There is no shortcut for you when it comes to appreciating the credit score. It is a slow and gradual process. Once you default a payment, you see a sudden dip on the score, but on the other hand, you will have to make regular payments before you see your score to be stable and growing. Do not mistake that the defaults will vanish from your credit report. Every financial transaction you make is recorded on the report and it stays on the report for a very long time.

There are some tips and tricks which can help you get started,

Make all payments on time

This is the first and foremost thing which you need to do when it comes to amending your score. You will have to make all your payments on time so that you do not default your loan as well as see a dip on your score. If you make all your payments on time, the score remains steady and constant.

Stop making credit inquiries

When you know that you lie in the lower side of the credit, stop applying for loans and credit cards again and again. This will hamper your score even more. A credit inquiry is one of the components which decide on your cibil score. The more inquiries you make, the more your chances are to get a dip the score.

Keep an eye on your credit report

There are high chances that your credit report may contain a mistake made by the credit bureaus. This is a frequent drill where the bureaus make mistakes on the report. What you need to do is check your report frequently and report any mistakes to the credit bureaus if found. The dispute will take up a lot of time, but will help you get a healthy resolution and get your score up in no time.

Don’t exceed your credit limit

Your credit limit is an important thing and you do not realize that until you have completely exhausted it. Minimum usage of credit limits shows that you are responsible spender and do not spend on unwanted luxury. Less usage of limits mean, less to pay back and less pay back will lead to a healthy credit score.

Building up your credit is indeed a slow and gradual process, but what is important is that you need to be careful with your payment patterns to avoid such mishaps.

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Getting a credit report is easy, but reading the report can be tricky

Your credit report is the very first thing the lender will check if you are applying for a credit line. You will have to make sure that you are up to the mark when it comes to the credit score while applying for a loan or else there are high chances that your loan plea may get rejected.

But, is it always your fault that your credit score is on the lower side. Let us take this scenario that you are in urgent need to cash and you apply for a personal loan. You are confident that your loan will be sanctioned within the given time frame and you will be able to fight the crises you are facing. You get a call from the lender stating that your loan plea has been rejected, reason being a low cibil score. You are shell shocked that you have always maintained financial integrity and this is something you never expected to happen on your part.

You get the cibil report and find a lot of information in there. You do not know how to analyze and see where it all went wrong and you ended up on the lower side of the score. This is the trickiest part of every person who is accessing their credit report for the first time. There is a lot of information which you need to analyze and check if you are in the right path.

We, today will sight you what to check and how to check your credit score,

Credit Score

Immediately after you open your credit sheet, the very first thing which you see in bold letters is your credit score. The credit score ranges between 300-900 points. Any score which is 750+ is considered to be an excellent score which can help you get a loan or a financial product with ease. Higher the score, higher are you chances to get a loan approved and various financial institutions begging you to buy their loans.

Personal Information

The next information which you see is your personal information like name, age, address, PAN details, etc. Make sure the information displayed is accurate. If you find any spelling mistakes in your name on the report, make sure to send an email to the credit bureau with attaching necessary documents to support your plea.

Employment history

Whenever you apply for a loan or a credit card, the bank always asks for your employment information. If you happen to be in a different organization when you are applying for a loan than the last time, that information is updated on your report. If you are employed in a reputed company, there are high chances of the loan getting sanctioned in no time.

Credit accounts and repayment history

Now you have landed to the most important section of the credit report. This section contains all the information regarding your accounts and your payment history. Even if you have skipped one payment, the bank registers the same and is sent to the credit bureaus. There are high chances that the information which you see may be inaccurate, if that is the case, you can raise a dispute with the credit bureau and get it sorted. This process will take time but at least you won’t end up having a low cibil score.

Credit Inquiries

Then the last section consists of various credit inquiries you have made on your report. Only the hard inquiries are counted in this section. You downloading your own report will not be reflected on this section.

A report reading is always a tricky part. If you fail to understand the credit terms, make sure you seek financial advisory help to get things sorted.

 

Credit Score is not important if not looking for credit. Is it true?

Our life revolves around credit. There are loans tailored for every need and want which can happen in your life. Availing a loan can be dicey and hectic when you’re in desperate need of money or loan. The most important component which determines if you are credit worthy is your cibil score. A credit score plays an important role in your loan application. The higher your cibil score is the more your chances is to get your loan at a speedy process. On the other hand, if you happen to have a low cibil score, the chances are you can either get your loan rejected or else still avail a loan with higher interest rates. This looks so easy but it’s defiantly not. The pain of getting your credit rejected because of your low credit score when you desperately are in need to money can cause you serious mental damage. Well, this is only with the loan part.

Have you ever given a thought, if credit score is only important while availing a loan? Is it important in any other way? If you are in the perception that your credit score only matters while applying for a credit or any other credit line, you’re mistaken. A credit report is slowly and gradually becoming an integral part of our life and sooner or later our lives will start revolving around it.

A credit report is a numeric representation of how you’re doing financially and apart from your future lender there will be many other third parties who would be interested knowing your financial status and how you’re doing financially.

Here are the other ways a good credit score can help you,

To get married

Yes, nowadays there are families and relatives who consider checking your credit report to understand whether you are financially worthy or not. A cibil report will give them a clear picture on how many lines of credit you hold and if you are making all your payments on time for the same. This will give them a clear picture if you’re an eligible bachelor who is worthy of getting married.

To land on your dream job

As we all know, when we apply for a job there are different types of background verifications conducted to check your past with your previous employers. Checking your credit report has also become one of the key criteria’s to check if you are job worthy. This type of verification is specially conducted by corporate companies who have large financial account to assign to the candidate. If the candidate is not self independent financially, how can he manage the company’s funds?

To get your dream home

As we all know luxury comes with a price. If you are one with liberal thoughts, you will know by now that renting makes more sense than buying a house. While you are in the process of getting a house on lease and the rent is quite high because it’s in the prime location. The house owner may ask for a cibil report just to verify if you can manage your funds properly and if you can deliver rent to the owner on time.

Like these, you credit score can help you in many ways apart from availing a loan. You can still get a personal loan with no cibil score, but the interest rates are quite high as compared to market standards.

Believe it or not, a credit score plays a very important role when it comes to many things in life. you will have to maintain it for any surprises life might throw at you.

5 queries about your credit score answered!

Credit score is still a relatively new concept in India, though awareness about it is fast growing. Thus it is only natural that there might be a few queries related to it in the minds of most people. One may often wonder what is the need to check their score or can there be a score without loans and so on. So here we discuss five common queries that may arise about credit score.

1. I am regular with my payments; do I still need to check my credit score?

Often people who are regular with their payments feel that there is no need for them to check their score as their score would definitely be good. Despite, payment history being the most important factor in credit rating calculation, other factors like credit utilization, loan mix, loan tenure and credit enquiries also impact the final score. Thus, though you may have been regular in your payments, the score could still be affected negatively because of any of these factors. Sometimes there may be a problem in the report due to inaccurate reporting by a bank or some fault at data entry level. What’s more now you can get a free credit report once a year so do make sure you get your free CIBIL score and stay credit healthy.

2. I do not have any loans; will I still have a credit score?

Loans are one of the sources that help create a credit trail and the other source that helps in creating credit history is credit card usage. Credit cards are more common than loans as more users are likely to have them as compared to loans which are need based. So even if you do not have a loan then your credit card usage can also help you in creating a credit history and get a credit score. It is important for all credit card users to be regular in their payments and keep the utilization ratio in check to maintain a healthy credit score. Those who do not have a credit history get a score of NH or 0 and those who have a credit history of less than six months get a score of NA or -1.

3. Does my spouse’s score impact my score?

This is another common query especially for women when they get married and adopt the husband’s surname. Marriage does not link or impact the score of an individual to their spouse; both partners maintain their individual score and the loans and credit cards in their name only will be included in the score calculation and credit report. If both partners decide to apply for a loan jointly then credit score of both will be considered, though depending on the loan type importance might be given to the score of the primary applicant.

4. Will checking my score impact it?

Whenever one applies for loans whether home loans or personal loans, the prospective lender seeks the credit report of the applicant and based on that they will approve or reject the loan application. When a FI asks for a credit report then it is known as a hard enquiry and it is recorded in the credit report; too many hard enquiries impact the credit rating negatively. However if one checks their own score then it is known as a soft enquiry and it has no impact whatsoever on the credit rating. On the other hand it is recommended that everyone check their credit report from time to time so that they can assess their credit health and also ensure that there are no errors in the report.

5. How long does negative information stay on the credit report?

This will depend on the type of information; repayment history for 36 months is included in the credit report. Thus any default made in that period stays on the report while credit enquiries for last two years are included in the report. Other information like a settled account stays on the report for 7 years. It is important to mention over here that more recent information impacts the score more than older information.

So hopefully this information has helped you in getting a better understanding about credit score, however if you still have a few doubts please do hare them with us.

Finding a mistake on credit report can be frustrating. Learn How to deal?

The world runs on the basis of information. Information is everything, what makes an individual powerful is information. Similarly you might be having lots of information about different topics in your life. Some may have information about a new web series to be released or someone might be having information about the latest vehicle which is going on sale next Friday. What makes an individual truly powerful is when the person holds information about finances and how to deal with it. The world revolves around finance and finance is really a vast topic to discuss.

One of the topics which is gaining traction is a credit score. A credit score is nothing but a financial representation of yours in from of your lenders. A good credit score can get you a financial product like a loan or a credit card in no time at all. All you need to do is pull up your free credit report and see how you are doing and keep up the good work. Many a times while checking your report, you see unusual transactions and are in doubt if the transactions are yours? Those transactions can be mistakes done from the credit bureau’s side and you can easily report it and get it fixed.

For a lot of us, we do not have time to check this report and after checking we do not have time to raise a dispute thinking it will be time consuming and frustrating.

Today, we will sight you some simple and easy steps while considering raising a dispute,

  1. Check your credit report from time to time

A lot of us make this mistake of checking our cibil report only when you are applying for a loan or a financial product. You should stop this practice and consider checking your report at least twice a year. You can pull up your report and check it for free and also this would not be considered as a hard inquiry as the report is requested by you.

  1. Check and mark up errors on your report

The next thing you do is, if you find any error on your report highlight the same and raise a dispute towards that transaction at the bureau. You will have t make a proper report justifying why you think it is an error from the bureau’s side and attach all the possible transactional details to support your claim.

  1. Raise different disputes

If there are multiple errors on the cibil report, raise different disputes for different errors. This way you will have multiple people working on your mandate and can expect your work to be done in an efficient and faster way.

  1. Have patience

Once you have raised a dispute, you cannot expect things to happen on a fast pace. Credit bureaus take time to investigate each dispute and it takes a lot of time to reach the conclusion as there are many factors to consider towards the dispute.

  1. Don’t take no as an answer

The credit bureaus with taking a lot of time can also come up with a conclusion which will state that the dispute is been barred and the transaction status remain the same. Do not give up; raise a dispute again if you think the judgment is not in your favor.

  1. See if the error is been resolved

Even if you have won the dispute, you will have to recheck and monitor if the credit score has gone up after the dispute. It should not show a low cibil score after you have won the dispute.

Credit disputes can be frustrating and takes a lot of time of yours. What’s important here is that you get to raise your credit score and it can help you get a speedy loan when needed.

Why banks provide you a lot of benefits if you have good credit score

What does it mean to have a good credit score and does a good credit rating translate into some actual benefits for you? Credit rating is a statistical tool that gives a score ranging from 300 to 900 to an individual. A score of 700 and above is considered good; obviously the higher it is the better it is for the person whose being scored. A high score could entitle you to certain benefits and you could get some preferential treatment. Here is the reason why banks are willing to offer benefits to those who have a high score.

Why do banks offer benefits for a good credit score?

Credit score are tools that aid the decision making process for the lender. Banks do not accept all loan applications that come to them. They want to provide loans only to those applicants who they feel can be trusted and our capable of returning what they borrow. For this they have a list of eligibility criteria that the applicant must comply to; apart from that they also consider the CIBIL score of the applicant.

The CIBIL score provides them a statistical and objective assessment of the creditworthiness of the applicant. A look at the credit report tells the bank about your credit history and how regular or irregular you have been in the past in repaying your dues. This lets them take an educated guess on the likelihood of you defaulting or not in your future borrowings. The CIBIL report also lets the lender get a fair idea about your overall debt obligation and how leveraged you are. If you already have a lot of running loans then the bank may not want to lend you more as you may find it difficult to repay the dues in a timely and regular manner. The report also contains information about any loans or credit card dues that may have been settled in the past or if there are any other remarks on your past borrowings.

The credit score also gives a risk assessment of the borrower. Looking at the rating the borrower can assess the risk profile of the applicant, since it is an objective assessment there is no room for bias or subjectivity. So a low CIBIL score means that the applicant is a high risk borrower and the converse is true for a high CIBIL score.

Lenders charge interest on the funds lent for the use of funds and as well for the risk of default by the borrower (which they undertake) when they sanction a loan. A high score means less risk which may prompt the banks to offer concessions to the borrower like lower interest rate on the loan, faster processing of loans (lesser time take in due diligence) and waiver of certain fees. Thus a good sore makes you an attractive and creditworthy customer for the lender, they reward this by offering you benefits. A high rating also gives you more choice in terms of which lender to approach, thus you can approach the one who offers the most lucrative terms and conditions for the loan.

Benefits of a Good Score:

If you do not have a high score then it does not mean that you will not get a loan or a card. Depending on the score you could get a loan but maybe at more stringent terms or you may be able to borrow at higher rates from only certain lenders. A very low score would certainly mean that you cannot get a loan sanctioned from the organized sector. Here we take a brief look at the benefits of a good score:

  • Lower interest rates: This by far could be the biggest benefit that you can get due to a good score. Lenders may offer by loan at concessional rates to those who have a good score. Even if the rate is lowered by half a percent then it could translate into huge savings especially in the case of a home loan which runs for long periods and usually run in lakhs.

  • Faster sanction of loans: Banks have to carry out various checks and verification procedures before they sanction a loan. A low score could mean additional check and a more detailed scrutiny. A good score eliminates the need to do so and the lender is willing to sanction a loan with minimal delay.

  • Fee waivers: This is something which will depend on a good score and also the negotiating power of the borrower. So if you have a good score you can negotiate the waiver of fees like the processing fee, legal fee etc.

So make sure to be a responsible borrower as a good score not only makes it possible for you to get a loan but it also entitles to various benefits.

Why you should change or lose a few habits to improve creditworthiness?

Banks are always in the urge of giving out loans to people. The more loans they give out, the more they can earn through interests. On the other side of the game, we consumers are always in need to some loan or the other. There are needs and wants of ours which can only be fulfilled through getting a loan, needs like medical emergencies and maybe wants like buying a luxury car or purchasing a house. If taking a loan is that important, what are the criteria’s which are important to avail any loan.

Your total experience, the company in currently work in, your salary, your existing lines of credit and many more are the criteria’s which you need to adhere when it comes to availing a loan. The most important of all, which determines if you can have a loan with ease, is the credit worthiness. How do you know if you are credit worthy? When you apply for a loan, the banks with other verifications conduct credit verification and check your cibil score. A credit score is a number which represents how you are doing financially.

There are lots of things which add up to your cibil score. Sometimes the credit score is perfect for a loan or a financial product to avail and sometimes you have to work hard to improve cibil score. Improving your bad credit score is a very long way to go and also you will have to look after not to fumble on your way.

Here are some tips on do’s and don’ts to get your score up,

Don’ts

Late payments

This is the most basic practice you can do when it comes to getting your credit score up. Understand your finances and adhere to due dates of your existing line of credit and loans.

Do not carry big balances

Keep your credit utilizations low, let’s take a number here. If you have a credit card with a limit of 1, 00,000 rupees, make sure you only use 40% of it. This will not only keep a cap on spends, but will also help you get your score up.

Defaulting

Do not default any loan and get it to a non-performing account. A non-performing account will not only hamper your cibil score, but will stick to your credit report for a very long time and will make it difficult to get a loan.

 

Do’s

Check your credit file frequently

If you are one individual who has multiple loans and credit lines on your name, you must check your credit score frequently. Sometimes, the credit bureaus make mistakes on your report and you are the one who tends to pay the price for their mistakes.

Create a healthy relationship with your bank

Your banks are the one who send reports to the bureaus on a frequent basis which adds up to your credit score. if you happen to skip a payment or two, you can explain your situation to the banks and they can on their discretion give you time to make the payment to avoid the loan defaulter list. Not only credit wise they can also help you with speedy loan process, if you are in need to one.

Use variety of credit lines

If there are multiple credit lines towards your account, here are high chances to get your credit score up in no time. More the credit lines and loans, more you will be looked as credit worthy and the one who takes their financial seriously. Just do not default any payments as this can work vice versa.

Just by improving basic financial habits, you can help your credit score grow in a positive way. Simple financial integrity can help you in many ways you can imagine.

My Credit Score is 500. Things You Should Do Now

Well first things first, a credit score of 500 is not good news. However having said that, do keep in mind that it is also not the end of the world! As you may be aware credit scoring is done on a scale of 300 to 900 and higher the score is, the better it is for you. Any score below 700 could spell trouble if you are looking at getting a loan sanctioned or even getting a new card or a job. So if you are reading this, it means you are looking at working on your score and trying to make it better.

  • Get Your Credit Report:

Even though you know that your score is low, not much can be done till you get a thorough look at your credit report. The credit report gives a detailed and comprehensive view of your overall debt position and also lets you analyze your credit history. Going through your credit report will help you identify the cause/s for your score being low. You may sometimes be aware of the problem but it is always better to get the report and identify the reason/s for the low score. A score of 500 will not be caused due to a few missed payments or excessive use of credit card in a month or two, the cause is likely to be more serious.

  • Clean Up Your Act:

Going through your report will let you identify the problem areas that are the cause of the low score. Once you have that information you need to start working on these aspects. So if you have an open loan that you have paid fully, then get the NOC so that it is closed in the credit report too. Pay old dues but make sure the accounts are reported as closed and not settled; a settled account will raise red flags in the minds of all future lenders. If you have been irregular in paying your dues, going forward you need to start paying on time as this is the most important component of CIBIL score calculation. Also keep a look out for any erroneous reporting that may be causing the score to dip.

  • Have a Disciplined Approach:

Once you have zeroed in on the cause of the low score and how to deal with it you need to have a disciplined approach if you want your score to improve. If the cause is high credit utilization ratio then you need to exercise restraint when using your credit card. You need to fix a limit to your credit card usage and then you need to stick to it. The same applies to paying your dues on time, as we said above this aspect influences the credit score to the maximum extent. Make sure you pay all your EMIs and card dues on or before time, always!

  • Be Patient:

Another aspect to bear in mind is that credit scores do not improve or go down overnight. The score is a reflection of your credit history which starts from your first card or loan. So if you have been an irresponsible borrower in the past and are looking at improving your score, bear in mind it will take time especially if your score is 500. Being disciplined and patient are keystones of improving your CIBIL score, so be responsible in the future and don’t hope for miracles. Though loan for low CIBIL score is an option offered by few lenders yet it is not advisable to do so as it can cause further damage to your already strained credit health. Wait for the score to improve before you go out looking to borrow further.

  • Seek Professional Help

You can definitely try to improve your score on your own but if you feel that things are too complicated or you are unable to identify the cause of the low score then you can seek professional help in trying to improve your score. Here it is important to remember that no one can remove any negative item from your report, professionals can only help you identify the problem and offer you a solution. Being disciplined rests on you, they cannot offer you quick fixes but they are better equipped to deal with such situations. .

As we said earlier, though the score of 500 is low and is definitely a cause of worry, however there is no reason to despair as you can work on improving it.

Can unused credit cards impact your credit profile?

Credit cards have become an important part of our lives. With various options and lucrative offers available, it becomes so difficult to choose what fits best for our needs. From various offers on dining to broadways, air miles, reward points, shopping experiences and what not is offered in various types of credit cards. But, technically, when we opt for too many credit cards with an individual offer, it can be a possibility that we may forget some.

Let’s understand this with an example. Priya was a very passionate young achiever at a good position in an MNC. She has achieved a lot in that young age. Obviously, with that age and that position, she was on cloud nine! With that age, she was also attracted to those offers of the credit cards which the banks had offered her. Some credit card with air miles offer, some had dining offers, some gave her amazing reward points and what not! Now when she had more than five cards, at times it becomes difficult for her to manage. So, eventually, she picked two best of cards which could give her maximum benefit and rest she kept aside.

Now, she did not close those credit card accounts and thought that would work as she wasn’t using them. After a year or two, she wanted to buy a house and planned to apply for a loan. To her surprise, her loans were getting rejected as her CIBIL score was not up to the mark. The question may arise is, what is CIBIL score? And what is it’s an effect on loan sanction? A CIBIL score is a 3 digit number that ranged from 300-900 where 900 is highest and 300 is lowest. It is determined by five factors. Payment history, an amount owed, length of credit history, type of credits and new credits. Any loan or credit applied for is the major reason why and how the score is what it is. Higher the score, more are the chances of loan application getting approved. How is this score diversified? 750+ score is always considered a good score. Anything between 600-750 is average score and anything below that is not considered a good score or we can say a bad score.

Priya, when wasn’t using her cards, she forgot the fact that each credit card has yearly charges. When not paid, they can keep on getting added to your account, in turn, adding more amount to it as delayed payments and added interest charges. What she couldn’t figure out, and because of delayed payments of that or we can say missed payments this amount kept on increasing which decreased her score and getting the loan application rejected!

What did we get from this example? At times, when we decide to not use the credit card anymore, we must either close the account or if for length of the credit history if we want to keep that open, every six months, we must check are CIBIL score, and the report in order to get an idea if we are not missing on anything which is making outscore low! We should always remember that the score can take no time to go low, but will require more time to get it on track. You must be paying all the credit bills on time, you must not be missing on any EMIs that are scheduled, but an unused credit card’s yearly surcharges may just drag the score down.

Always remember, an open credit account will have its repercussions, so either one would close the account they aren’t using, or if it is kept open, the yearly fees or are other charges should be taken care of and paid. Especially the once of unused credit cards!

Patience is the key to rebuilding your credit score after bankruptcy

What is bankruptcy? Bankruptcy is a state where the borrower who has borrowed the money from a bank or any financial institution, puts the hands off from the credit or the debt that is taken and denies to pay it anymore. There are two types of bankruptcy. Wilful bankruptcy one where the borrower says that he or she does not want to pay the debts anymore because they do not have adequate funds to repay the debts even after considering that all the property or assets which they have been diluted, the loan amount still is much higher than it. And the other one is where the borrower says with his or her wish that they will no longer pay the balance amount of the loan and want to declare the bankruptcy.

In either of the case, if genuinely the borrower has no money or if they do not wish to pay the money, the bankruptcy will be reflected in CIBIL Report. Once the bankruptcy is reflected in the report it will take seven years to start it again. For the next seven years the individual will not be able to borrow any loan or credits from any banks or NBFCs or any financial institutions. By that that what they can do is, if they have any secured type or credit like secured credit card: where FD is kept against the credit taken and just in case that if the borrower denies paying the bill, the amount can be deducted from the fixed deposit that is kept against the credit card, or any of the loan which has collateral like gold loan or home loan where the asset is there against the amount can be tried to apply for. In such cases, eventually, even if the credit score is on the toss, they still can say that the history of past years on other credits has been taken seriously.

Bankruptcy has a huge effect on credit score. It’s like the “it will take a decade to be okay” thing. As said earlier, it will take 7 years to get that title off the report. But along with this the name also will reflect in loan defaulter list. With multiple attempts and many years of serious practice of repayments of the credits that will then be taken may change a bit. Even in the usual case when the score dips, patience is the first thing one has to keep to get the scores up. It is not difficult to get the score above average. That comes with a question what is a good score? So, credit score is a 3-digit number, ranging from 300-900. any score which is 750+ is considered a good score. Ranging between 600-750 is an average score and the lesser than 600 is into the poor score.

Bankruptcy comes under the negative flag which once tagged, takes many years, seven specifically to get it out of the CIBIL report. Get it out does not mean that after 7 years the entry will be marked off and will no longer reflect the report but it means that the effect it has on a report which will not allow the lenders in usual cases to approve the credit application will go mild. Also, with all the patience and the hard work one must show in the other credits they have had in past years will show up in the report.

It is understood that a decade is definitely 10 years and will take a lot to again get that score back to 750 or more, but the event of a bankruptcy is that huge. Patience is all one can keep so as to make the effort and be diligent in repaying the new credits on time without delay or the missed payment and the hard work will surely pay off!