Missing on some of your credit card payments or loans during
the last couple of years can have adverse affects on your credit score. The
only option available with you is to start rebuilding on your credit scores. To
assess the damage, you have to calculate the payments made by you in time. You
also have to determine for how long you defaulted to pay the creditors.
In case, you missed on certain payments on due date but were
late by 30 days, the chances are that it may not be reflected in your credit
scores. However, if you are late than 30 days, your default will be reflected in
your credit file and will take your credit scores down. In case, the default
has surpassed 90 days, your credit file will take years to erase it. Your
credit score will also go down the drain leaving you with only one option; rebuild your credit. If you are stuck
up in such a scenario, it is strongly recommended that you start working on
your credit scores as early as possible.
One sure shot method to rebuild our credit ratings is by
making use of a secured credit card. You need to acquire one such account and
start paying back in regular monthly installments. There should not be a single
breakage in the pay back in case you plan to rebuild your credit scores. However, the damage suffered by your
credit score is very instrumental before you go on to acquire an account. Arrange
to allow the bank to debit your account directly of such monthly payments. You
can also apply for bad credit bank account to overcome your inability to secure
normal bank account.
