How To Protect Your Credit History

Summary: In the United States today, it can be argued that a person's most important asset, is their Credit Rating, more important even than their income. You might think that you don't need a good credit rating, as you are not contemplating large loans, but a credit rating affects many parts of life. Getting a new job, renting a new apartment, changing or getting a new mortgage, applying for a credit card all depend on your credit rating. That is why your credit rating is importa...

In the United States today, it can be argued that a person's most important asset, is their Credit Rating, more important even than their income. You might think that you don't need a good credit rating, as you are not contemplating large loans, but a credit rating affects many parts of life. Getting a new job, renting a new apartment, changing or getting a new mortgage, applying for a credit card all depend on your credit rating. That is why your credit rating is important, and very well worth protecting. It is much easier to protect your credit rating than repair it. It is also very easy to damage your credit rating. You might maintain that it does not apply to you since you have always paid off your loans, but beware! It's not only paying off loans that count, but how they are paid. Late payments damage your credit history. Paying by check in the hope that your salary will be in on time, resulting in a bounced check, not only costs you money, but will also damage your credit rating. Like a lot of things in life, it is not the big hurdles that are going to cause problems, but the little everyday things. Like most Americans, you have commitments in life that you know, over the long term, you can meet. But again, like most Americans, you are going to meet unexpected hiccups along the way. Little things, like minor surgery expenses or unexpected car or home repair expenses. In situations like these hoping that your paycheck will get to your account in time is asking for trouble, and remember that trouble can stay with you for up to seven years on your credit reports. In situations like these, the obvious answer is a short term cash advance, such as faxless payday loans. This type of loan is designed to be paid back after your paycheck gets into your account and covers amounts from $100 to $500. They are not designed as long term loans, just a stepping stone to your payday. Because they are short term, they are designed to get to your account in very quick time, usually the next working day. These loans are now available online, with no faxing or visiting offices, and can be confirmed within minutes of application. Be sure to do business with companies with a high ethical commitment to customers and at a surprisingly low cost. With the advent of online payday loans, it is now easy to protect your Credit Rating. The cost of these loans is competitive (especially in relation to bank late payment or bounced check charges), the amount of information needed to apply is kept to a minimum, many repayment options are offered, and the money is in your account usually the next day. Sensible use of payday loans is a better option for protecting your credit rating than trying to fix it up afterwards.