Five common questions asked by GAMBLING consumers regarding credit scores

Keeping track of the credit score is very important for every consumer who has used credit in his past or is using credit in the present. You should do this at least once in a month so that your identity is not stolen and your credit score has decreased rapidly with out you noticing it and not being responsible for it. Your credit score is extremely important because every bank and financial institution makes their decision about give you any kinds of loans based on your credit score. Also, after they decide to give you the loan that you have applied for, the interest rate charged by them will depend on your credit score.

One problem that is faced by most of the consumers is that they are not able to find answers to their important questions regarding credit scores. The questions may be regarding improving their credit score or even fixing it from errors.

There are several websites answering these questions but the problem is; the answers are not specific which only confuses the consumer even more. This article has answers to 5 very common questions asked by consumers.

1)    Can I recover from the damage if I declare bankruptcy?

This is one of the trickiest question and the answer mainly depends on your situation and more so whether you have learnt your lesson. If you are wondering if declaring bankruptcy makes sense or not then it depends entirely on your situation. If you are not even able to make the minimum payments on your credit card and have several bills overdue, then your credit score is mostly screwed up so bad that filing for bankruptcy may save you from further humiliation. However, this should be your last option.

2)    Will declaring bankrupt have any advantage for my credit report?

Yes and no, but the worst thing that can happen to your credit report is bankruptcy. However, if there is no other option then declaring bankruptcy will save your credit report from becoming worst.

3)    How can I fix my Credit Score?

Your credit score can be fixed even after you have filed for bankruptcy. However, it cannot be done in a day or two. It may take over a year, may be two years. Start paying your bills religiously and the best way to increase your credit score is to apply for the “Bankrupt Credit Card” and make sure that you use it every month and pay the entire amount on it before the credit free period is over.

4)    How to rebuild my credit without getting a loan?

The easiest and the most efficient way to begin, is with the secure credit card. This card has a limit which is equivalent to the security deposit. These cards don’t come with good deals; however once you rebuild your credit you can get the normal card.

5)    Will my credit score be terrible for 7 years?

No, it will not. If you begin to pay your bills on or before time then your credit score will be good in less than a year. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.