mechanic attending to flat tire of car - fast cash loans

Can I Get Fast Cash Loans With Bad Credit?

May 23, 2018
, Bad Credit Loans 3

In this blog post you will learn everything there is to know about obtaining a fast cash loan with bad credit. Before we delve into the fineprint, let us take a look at the obvious questions first.

Continue reading to find out more.

Why Do I Need A Fast Cash Loan?

Emergencies are beyond our control.

We don’t know when our car will finally break down, when a storm will pass over and damage your roof, or when a medical emergency arises. What we do know, is that everything in life costs money, money that we don’t always have.

Cigno offers fast cash loans for this very reason, because every now and then, we all need a helping hand. In instances including the medical or storm damage emergencies, you can’t always wait for your next payday. You may need immediate medical attention, and you may want to have the hole in your roof fixed before the rain comes.

Learn some more common reasons for applying for a personal loan.

We are here to help in your time of need. We are here to help keep your head above water. If you don’t have the available funds to cover events including appliance replacement, or doctor and hospital visits, Cigno may be able to provide financial relief. You can apply for a fast cash loan in a few simple and convenient steps, right here.

Our team is dedicated to helping you climb out of your financial bind in the most stress-free way imaginable. Cigno aims to have the funds cleared in your account within hours of approval.

Arranging a loan application through traditional banking methods can be a time-costly process with face-to-face interviews and endless stacks of paperwork. And if you are in an emergency situation, you simply don’t have the time. That is why we have streamlined the application process as much as possible, to give you the funds you need, when you need them.

Good or bad credit, all you need to do is jump online and fill out the quick and easy application form. This can be done on the desktop computer at home, or on your tablet or mobile while you are out and about. Send us your bank statement and you are good to go.

Your information is always reviewed quickly so we can hopefully approve and send you your fast cash loan as soon as possible. You can learn more about the process here.

What Is A Fast Cash Loan?

When you apply for various types of loans, you can expect to wait a fairly long time to receive approval. This can be anywhere between a few days and a few weeks. The other important thing to consider is that most financial institutions only operate during Monday to Friday, and during regular business hours.

As mentioned above, when disaster strikes at the least opportune time (outside of business hours; on the weekend), what are you supposed to do? That is why fast cash loans exist. When you need money, you can apply for a fast cash loan and once approved, receive the funds in your bank account within hours.

In a nutshell, a fast cash loan is exactly what it sounds like. . . a cash loan, delivered fast. The added benefit of choosing Cigno is the ease of our application process. Apply online, anywhere in Australia, in a matter of minutes!

What If I Have Bad Credit? Can I Still Get A Fast Cash Loan?

You don’t have to have the best credit record in the world to get emergency funds. Do you have an existing loan that hasn’t been paid off yet? No problem. You may find that traditional banking institutions will immediately reject your request, but not Cigno. A lot of people consider this a red flag. The way we see it. . . everyone deserves a second chance and the opportunity to land on their feet.

We do emphasise the importance of eligibility and affordability, especially with the increase in Australian debt. Never borrow money that you can’t repay. You should only ever apply for a Cigno loan when you are truly in need. Treat it as emergency money, when you need it most. Know that we are here to provide a fast cash loan solution to allow you to focus on the things that truly matter, like family.

Can I Get Fast Cash Loans With Bad Credit?

Click To Tweet

Try our loan calculator to decide whether or not a Cigno loan is right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. If you prefer to give us a call on 1300 88 23 24 and one of our friendly staff will be happy to help.

All applications are considered, and we do our very best to find a suitable solution to your needs.

Short-term cash advance solutions to get to your next payday? Receive up to $1000 in your account today with manageable repayment options, contact us: https://staging8.cignoloans.com.au/how-it-works/

Read more about fast cash in our previous blog post Common Requirements for Fast Cash Loans, or apply for a Bad Credit Loan with Cigno today.

debt student mortgage bad credit - bad credit loans

Is Bad Credit A Factor In Getting Fast Cash Loans?

April 24, 2018
, Bad Credit Loans 1

Bad credit is a phrase that gets tossed around, no matter what industry you work or are involved in. Have you heard it? Particularly when it comes to buying the big-ticket items, such as cars and houses, bad credit is not something you want next to your name.

In this blog post, we will take a detailed look at the ins and outs of having bad credit—what it means, and what it means to you—as well as assessing whether bad credit is a factor in getting a fast cash loan.

Continue reading to learn more.

If you are struggling financially, remember, Cigno may be able to help. Visit our website to see how our loan application process works.

Do bad credit loans exist?

In short, yes, they do. When people talk about bad credit loans, it may conjure feelings of anxiety. You may think you will never be able to borrow money from anyone and achieve those homebuyer dreams. Don’t fret. Bad credit loans do exist, and at Cigno, they exist for everyone because we believe in second chances.

Learn other ways to improve your credit rating here.

How do you get bad credit?

Firstly, let’s look at how you receive bad credit or a low credit score. The problem is, we receive bad credit for things we perhaps don’t believe can be too affecting at the time. For example, a missed credit card payment or any late utilities or phone bills.

These things are very easy to forget about. “Oh, I’ll pay it later.” Sound familiar? It is important to try and pay these bills on time to avoid a big X against your name when it comes to borrowing. Sometimes it can be difficult to do this with our busy schedules. If there is one takeaway from this blog post, it is that any missed actions on your credit file can remain on there for up to 5 years. That’s a long time!

How can bad credit affect me?

In many ways, bad credit can be the difference between getting things including a mortgage, a new car or phone plan. These are all necessities today. Well, the mortgage is optional. But most of the population would drive a car to work and more than most, you would assume, have some kind of smartphone technology. They don’t hand out brand new iPhones without prior and appropriate credit checks first.

How can I improve my credit history?

First thing’s first. If approved for finance, ensure that you make the repayments on time. This goes a long way in improving credit history. One such method for improving bad credit is, believe it or not, small loans. Cigno helps Australians far and wide by providing financial assistance.

Yes you pay interest on the quick cash loan, but your credit card repayments will be made on time. When you are in need of a payday loan to tide you over until your wages come through, get in contact with Cigno. Let us help you out of your financial predicament, while continuing to build your credit rating. What will the end result be, you ask? Your ability to borrow in the future will increase significantly.

Cigno is committed to helping you achieve financial freedom. As far as we are concerned, your personal details are personal and your credit history is history.

Is Bad Credit A Factor In Getting Fast Cash Loans?

Click To Tweet

Learn more: Five Ways to Improve Your Credit Rating

Responsible borrowing

Although Cigno is providing a lending service, we encourage to only borrow when you really need them. If you are in a financial bind, please get in contact with us. The other thing to remember is that you should only apply for a bad credit loan when you are 100% confident you will be approved.

Always give the terms and conditions a thorough look, as you should be aware of the commitment you are making and the associated repayments.

Even though responsible borrowing is a short-term solution, you should work towards minimising your debt and your need to seek financial assistance. Create a budget and set obtainable financial goals.

Conclusion

Read more about bad credit loans on our website. Or if you would prefer to speak with one of our friendly staff members, please don’t hesitate to contact us.

You can learn more about bad credit loans in our previous blog post: Bad Credit Loans: It’s Still Possible to Get a Loan Even if You Have Bad Credit

Loan agreement on a table and dollars.

Why No Credit Check Loans are Your Solution to Unexpected Expenses

April 1, 2018
, , Bad Credit Loans 11

Nearly 1 out of every 5 Australians would struggle to come up with $500-$1000 to cover an emergency expense.

That means when a tyre pops, an injury occurs, or a roof needs repair, almost 20% of the country is left scratching their head, wondering what to do.

For many people, the solution to this problem is obtaining a loan. Loans can be an easy way to get past an emergency financial stumble between paychecks and are relatively easy to get at any financial institution… for people with good credit.

Life throws curveballs at you, and you’re not always able to afford them. Fortunately, no credit check loans can help you during these times. Here’s why.

But How Can You Get the Help You Need If Your Credit Is Average or Poor?

If you’re one of the millions of people around the world struggling with credit issues and need access to temporary financial support to get through a difficult time, no credit check loans could be the solution you’re looking for.

What Are No Credit Check Loans?

No credit check loans, as their name suggests, is money you can borrow from a loan provider without the need to have your credit checked. Loan amounts vary from provider to provider but on average can range from $50.00 to over $1000.00.

Approval is based mostly on verifiable income, the application process is non-invasive and you can have the money you need fast.

If any of the following apply to you, you may want to consider getting a loan that does not require a credit check:

  • You have a poor credit history
  • You have no established credit history
  • You need quick access to fund an emergency expense (car repairs, home repairs, health expenses, etc.)
  • You want to apply for a loan that specialises in helping applicants with below excellent credit

Why Choose a No Credit Check Loan over a Traditional Loan?

While loans without credit checks are generally associated with customers that have below average credit, know that even people with excellent credit may opt for this type of loan for a variety of reasons.

Traditional loans tend to require large amounts of paperwork and paperwork means progressing time. No credit check loans generally process faster since less information needs to be verified to get your loan funded.

Also, getting your credit checked may hurt your credit score.

There is a lot of varying information on this topic, but the key to understanding which kinds of checks harm and don’t harm your credit score depends on the type of credit check being conducted.

There are two types of credit check inquiries, hard and soft.

An example of a soft credit check is when you use an online service to look at your own credit score. This type of check should not affect your credit.

Hard credit inquiries (or hard pulls) are the type of credit checks that are generally required by lending institutions. With a hard check, lenders request a more in-depth look at your credit history to determine whether or not you are eligible for the loan they are offering

Hard inquiries can damage your credit score between 5 and 10 points which can be a big difference to borrowers.

For that reason, many people, regardless of the type of credit they have, may opt for no credit check loans.

Why Do Lenders Offer Loans Without Credit Checks?

Large amounts of prospective customers looking for loan products, through no fault of their own, have poor or no established credit. The reasons why people have poor or no credit vary and taking the time to understand those various reasons is why no credit check loan options are a safe bet for lenders.

For example, not having credit history can be a result of your age. Somebody who is going to college for the first time and needs extra cash to pay for moving expenses should have options to attain the money they need to get to where they need to go.

The same goes for people with poor credit. Many people have temporary lapses in employment which results in unpaid bills that can damage their credit. This temporary hardship is not an indicator of their willingness to pay back their loans in the future and therefore, they don’t represent a significant risk to lenders.

Considering those two things:

  1. The number of prospective customers with less than excellent credit
  2. The low pay-back risk many of them pose since their credit issues were out of their control

is why lenders have developed loan options that are mutually beneficial to both them and borrowers in the form of no credit check loans.

What You Need to Get a No Credit Check Loan

Requirements vary from lender to lender but generally, all you’ll need to qualify are:

  • Verifiable income
  • An active bank account
  • And be of legal age to take out a loan

To Sum It Up

If you’re in need of fast cash for life’s unexpected occurrences but are worried that your credit history will stop you from getting the help you need, no credit check loans can help.

Loans that do not require credit checks are a safe means of getting the money you need and rely almost solely on your verifiable income for qualification. Credit is not a factor and will not be checked during the application process.

Why You Should Apply for No Credit Check Loans

Click To Tweet

How We Can Help

At Cigno Loans, we offer no credit check loans that are tailor-made for your particular financial needs. We believe in responsible borrowing and lending and to that end, one of our loan advisors can guide you through taking out a loan that fits your lifestyle and gives the help you’re looking for.

We help people through tough financial situations every day. We fully understand the pressure they’re under, and after we’ve given them the help they need, they come to find that our team is more understanding than other lending institutions.

Remember, we’re here for you every step of the way. If you ever need help with any of your lending-related questions, let us know!

If you’re interested in a loan that won’t check your credit and offers competitive rates, you can apply today!

Read more about loan advice, money saving tips, and finance on our blog!

Business Man Pointing the Text: Bad Credit? We Can Help!

Bad Credit Loans: It’s Still Possible to Get a Loan, Even if You Have Bad Credit

November 29, 2017
, , Bad Credit Loans 17

Do you find yourself unable to get ahead?

No matter how you manage your money, how much you save or how many extra shifts you take, you just can’t seem to get a break?

Finances seem to work in cycles: if you are in a good place, you can use that to make investments and wise purchases.

If you find yourself in a bad place, it seems there are few options that don’t put you further behind.

Sometimes all you need is a loan to gain an advantage. While it probably isn’t enough to pay off your debts, it can be what you need to get started.

But how do you even qualify for a loan with bad credit?

Below we’ll look at the advantages and disadvantages of a bad credit loan, and what options you have.

What Is A Bad Credit Loan?

What is a bad credit loan, anyway?

A conventional loan is usually tied to your credit score. By having proven your ability to make smart financial choices, the lender will offer an amount of money at a set interest rate. Having a high credit score usually results in a lower interest rate.

These loans are generally high-dollar value and can be long-term.

Bad credit loans, on the other hand, are for people who can’t count on their credit score to provide them with a loan.

What Causes Bad Credit

Having a bad credit rating can make it very difficult to gain financial advantages. Things that can cause someone to have a poor credit rating are as follows:

  • Late payments
  • Failure to pay
  • Owing collections agencies
  • Filing bankruptcy
  • Foreclosure

What the above all have in common is the failure to satisfy a financial agreement. Whether it’s the failure to pay off a credit card or letting a phone bill go to collections, accepting money, products or services without paying them back will hurt your credit score.

How Bad Credit Loans Can Help

There are two major ways a bad credit loan can help improve a difficult financial situation.

The first helps manage the short-term stress of being in a difficult situation while the second can actually help you turn things around for the long-term.

Get Some Breathing Room

One of the most difficult things about having money problems is feeling trapped. It can be overwhelming to be unable to meet your needs when money seems to go quicker than it appears.

A bad credit loan can help give you a boost. By receiving a lump sum payment, you can often get a handle on the most immediate concerns.

Being free from those pressing issues can give you the breathing room you need. Take it and make a plan for how to keep moving forward.

Better Your Rating

Believe it or not, but that bad credit loan can actually be your key to improving your credit score.

By borrowing money and paying it back on time, you’re actually demonstrating your ability to be financially responsible. Taking out one loan and paying it back won’t immediately improve your situation, but it helps. Most importantly, it puts you on the right track to make real and meaningful improvements.

Where to Find Help

People with poor credit ratings are often too risky for the big financial institutions.

This can lead you to a number of smaller organizations that offer smaller, shorter-term loans that aren’t dependent on your credit rating.

There are things to be careful of, though.

As people in this situation can be quite desperate, there are businesses out there designed to take advantage of that desperation.

Taking a loan without properly understanding the terms can actually have a much worse impact on your situation, regardless of what temporary relief it may offer.

Especially with the rise of the internet, it’s never been easier for scam agencies to target those in need.

Some things to look out for are:

  • Upfront fees
  • Collateral
  • Unregistered business
  • No physical address
  • Spam emails

Any agency that deals with bad credit loans should have protocols in place. These will include requiring you to prove your identity, as well as demonstrating that you do have the means to pay back any amount you borrow.

You’ll also want to know that they report to credit agencies when you pay back your loans. Unless they do this, your credit score won’t reflect your proven financial responsibilities.

The agency should also be realistic about your situation and offer you some options if you have difficulty paying back what you owe. While you’re always responsible for your agreements, it would be counter-intuitive for an agency to lend to an at-risk customer and fail to accommodate for the risk.

Whether it’s a one-time forgiveness or a flat-free late-charge, they should have reasonable alternatives to help you manage your responsibilities.

Final Thoughts

Money management is one of the most important responsibilities we have. It has a massive influence on our ability to achieve our goals.

Falling behind doesn’t make you a bad person. There are a million reasons why people can and do fall behind every day.

Needing a bad credit loan can be what you need to get that fighting chance at improving your situation.

Be realistic about where you are and what you need. You can find a lending agency that is willing to help you work towards financial freedom.

Don’t settle for the first agency willing to lay money down. Find someone that respects your situation and will help you improve it.

We are regularly helping people in difficult financial straits get the opportunity they need to overcome these difficulties. We work every day to help them break free from poor credit and get the life they want to live.

If you have any questions or concerns, we’re always here to help. Why not fill out an application form and see how we can help you today.

Credit card in hand

8 Bad Financial Habits and How to Easily Fix Them

September 21, 2017
Bad Credit Loans 4

Bad financial habits are hard to break. Would it motivate you if we told you they can eventually spoil your long-term financial goals?

It’s not just about impulse spending and overspending.

Some loans, for example, can impact your chances of getting a mortgage. In some cases, this can be positive, as responsibly borrowing and paying loans back on time demonstrates that you’re willing to stick to the rules.

However, taking out loans all the time will have a negative impact on your credit score. This could ruin your chances of getting a house loan in the future.

Bad money habits can crush your financial dreams, and if you’re currently engaging in any of these habits, you need to break them fast!

Here are the 8 bad financial habits that you need to break right now. We’ve also included helpful tips on how to mend your ways.

1. You Buy on Impulse

Don’t let your heart rule your head. Sure, that new top might be nice, and going to the pub spontaneously with your mates on a Wednesday is always tempting.

But do you really need to spend that money?

Obviously, everybody deserves a treat from time to time. But when your spending gets out of control, things become dangerous.

If you’re always out and always spending, you’ll likely run up debts. These will eat into your savings and eventually into your wages.

Keep a level head. Don’t spend more than you earn, and always try to end the month with a little left over. It helps to use cash, instead of paying with cards.

2. You Don’t Save Any Money

We know that on payday, we all tend to spend a little more than we should. As bad financial habits go, this is entirely forgivable – we’re all human.

However, if you’re not putting any money aside in a savings account, you may find this to be a problem later on.

One survey says that Australians are putting over $400 into a savings account each month. How do you measure up to that?

The best way to be an effective saver is to set up an automatic, standing order to move a portion of your income straight into a savings account on payday.

Since you’ll never ‘see’ the money in your account, you won’t miss it. If you get a pay raise, increase your standing order to move some extra money.

This is an effective strategy, as it’s much easier to keep on saving when it’s being done automatically for you. But also consider moving any ‘extra’ money at the end of each month into your savings too.

3. You Aren’t Fixing Your Debt Problems

If you have debt demons, you need to beat them before you can start to make real progress towards your financial dreams.

Debt can ruin your credit score and spoil your chance of getting a mortgage.

Think about consolidating your debt using a new loan, so that it’s all in one place and all at one rate. Then, create a payment plan to pay off the debt and save money on your normal spending.

It takes time and dedication, but you’ll get there in the end.

4. You Use Your Credit Card Too Much

This ties into what we’re saying above. Using a credit card can help you to be flexible with your financing. But bad financial habits can arise when you use these cards too much.

If you’re paying for everything on credit, you’re creating a much larger problem for yourself down the road. If you have multiple cards, think about cancelling several so that you can keep an eye on what’s going on.

Don’t try to justify it with the fact you’re collecting rewards points either. These rewards mean nothing compared to the potential costs of long-term debt.

5. You Don’t Have a Budget

How can you keep an eye on whether or not your finances are doing well when you haven’t set up a budget?

It doesn’t take long to put together your monthly income and outgoings, and to see if there’s a shortfall. Make sure to take everything into account, from food and utilities to nights out and weekend trips.

This can help you identify and prevent future frivolous spending, which in turn will help you work towards your savings goals.

6. Ignoring Your Bills

Everybody hates opening bills. But ignoring them can cause real problems.

Ignoring a bill is often a symptom of knowing that the money the letter is asking for will be high. This could mean that you’re spending too much on your phone, for example.

If you know that deep down, you’re spending too much on this type of thing, that’s a longer term issue to tackle.

In the short term – open it, and pay it. Letting bills stack up makes them much harder to pay off than dealing with them bit by bit.

7. You Throw Away too Much

Do you ever find yourself throwing things away that you haven’t even used?

Food is a good example of this. It’s not uncommon that we’ll throw away old potatoes, fruits and vegetables. This is often because we simply bought too much in the first place.

You don’t always have to take advantage of good deals if you’re not going to eat the things you’re buying. Having said that, many people throw away food that could be frozen for later.

Think about what you’re throwing away and whether there’s a way of preserving it, before you chuck it in the bin.

8. You’re Comparing Yourself to Others

We all get jealous of the things other people have from time to time.

But just because your friend got a brand new fishing rod, doesn’t mean you need one, too. Ask yourself if you really need these things yourself or whether it’s just the green monster speaking.

Chances are, it’s the latter — and you can easily live without it.

8 Bad Financial Habits and How to Easily Fix Them

Click To Tweet

Solving Your Bad Financial Habits

Preventing yourself from falling into bad financial habits can be hard. But once you’re living with these habits, it’s even harder to get out of them.

It’s not an easy task, but everybody is capable of budgeting and spending their money a little better.

So good luck with your bad habit-free financial future!

Worried roommates reading a bank notification

Financial Habits to Break Today if You Have Bad Credit

We all have the best of intentions when it comes to our credit.

If you notice that everyone else seems to have their credit under control, while you’re spiraling deeper, you aren’t alone. Nearly a third of Americans have bad credit. How do you keep getting into this?

The answer might lie in your financial habits. In the past, we gave you finance skills you should have. But what about the financial habits you shouldn’t?

Here are ten financial habits you should break if you want to improve your credit.

Not keeping track of charges

It’s easy to lose track of what you charge to your credit card. $5 here, $10 there. It seems so harmless, in the moment.

But at the deadline, these charges add up. And if you’re trying to budget, you’ll be caught by surprise when your bill winds up being much higher than you expected. It will be harder to pay on time if you don’t know what to expect.

Keep track of every expense you have — whether it’s $50 or $5. That way, you’ll know exactly how much you have left to pay when the time comes.

Ignoring due dates

This may seem obvious. But it’s something that 1 in 4 Americans has trouble with.

Don’t let due dates catch you off-guard. Failing to pay them on time is one of the quickest ways to mess up your credit score, so it’s important to know when they’re coming up.

Staying on top of your due dates is one of the first steps you can take in improving your credit.

Spending recklessly

There are many tricks that stores will use to get you to spend. That’s their job, after all. But you can’t fall for them.

Be incredibly wary of any feeling in your gut that tells you that a sale is a “once in a lifetime opportunity.” There will always be more sales. No matter how much you feel like you need the thing they’re selling, you should not buy it unless you have the money to spend.

You’re allowed to indulge occasionally, of course. Just make sure you think it through, and avoid spending recklessly.

Not preparing for disaster

Even when you have your budget under control, it’s easy for things to spiral. A car crash or an unexpected doctor’s appointment can be all it takes to set you back to square one.

You need to start setting aside savings if you want to keep on top of your budget. Even $10 a month will add up if you keep at it for long enough.

That way, when disaster strikes, you’ll be prepared. Even if the worst happens, you won’t have to worry about your finances.

Thinking short term

It’s easy to look at something you want to buy, and think, “I deserve this.” And that’s probably true. But how useful will it be to you in the long term?

You need to be honest with yourself about the value of your possessions. That $60 blouse might make you really happy when you take it home, but what if you throw it out two months later after never wearing it? Is that television worth it if you stop watching it after a week?

The novelty of new items will often wear off quicker than you think. Focusing on the long term is a good way to remember that.

Not writing down your budget

It’s easy to imagine that we’ll be able to remember things on our own. But that’s often not true.

It’s been proven that we remember things better when we write them down. And, more importantly, writing things down makes it harder to cheat. If you keep your budget in your head, you’ll be able to tell yourself, “Well, what I really meant was …”

Avoid this by writing down a clear, concise budget.

Keeping things to yourself

Trying to improve your financial habits is no easy task. And like most difficult things, it’s even harder to do alone.

People are 33% more likely to reach their goals when they have someone holding them accountable. So pick a partner or a friend to hold weekly meetings with to discuss your project! You can even pick someone else with bad credit who you can help.

Turning this into a partnership helps take some of the weight off of your shoulders.

Relying on loans

Obviously, sometimes loans are unavoidable. When you’re going to college, or under similar circumstances, you might have to.

But taking them out frivolously — or as anything other than an absolute necessity — can do more harm than good. A lot of them have fees that are easy to overlook. Plus, you don’t know what your financial situation will be when it comes time to pay them.

Try to use loans only when absolutely necessary, and do your best to pay them off as promptly as possible.

Not understanding your credit

This can be one of the financial habits that you don’t even realize you have.

When your credit card bill comes each month, what do you do? Do you simply pay it off? Or do you take the time to look over it and see how your spending affects your credit each cycle?

If you aren’t doing the latter, now is the time to start. Your credit score is never going to improve unless you know exactly what’s making it bad in the first place.

Giving up

You might feel like you’re trapped in a cycle. You constantly tell yourself that you’re going to get better, but the next time your bill rolls around, it just gets worse.

Saving money is hard. And if we don’t admit that to ourselves, it’s easy to give up.

This is one of those financial habits that requires a change of mindset, not just action. You need to stop thinking that this is going to be easy. It isn’t easy for everyone else, even though it looks that way. It’s not going to be easy for you, either, but that doesn’t mean you should stop trying.

And if you ever need motivation when it comes to breaking bad financial habits, you can always come to us.

DIY Credit Repair: You Can Fix Your Credit

Your credit score could either be a stepping stool to a whole new world or it could be a ball and chain. If you’re in the latter category, you are probably hoping for an alchemist to show up and transform your ball and chain into gold for you. Although some loans don’t require a perfect credit score, you never know when you are going to need a good score.

But credit repair isn’t a magical process. You can’t just wave a wand and make it all go away. But you can do something about it. The good news is that your ball and chain doesn’t have to be forever.

There are some simple and fairly reliable steps you can take to fix your credit score.

1. Credit Repair: Put Your Bills On Autopay

It used to be that you had to physically mail or drop off a check to pay your bills. In the age of the internet, this is no longer the case. In fact, over 60% of Australians use online banking. And you should too! It’s the best way to do some credit repair.

Most online banking is a free addition to a checking account. And some banks will give you a checking account for free.

Once you have an online banking account, you can quickly set up automatic payments to most of your bills.

If your bank doesn’t allow online bill pay, most credit cards will allow you to enter a bank account number and set up automatic payments over time. Just simply input your banking information, tell the company how much you want to pay each month and you will never forget to pay your credit card again.

Now, some credit card companies will only allow you to either pay the full amount or the minimum payment each month. In that case, set up the minimum payment and try to pay off the rest as soon as you can.

Only paying the minimum payment will cause you to rack up more debt as it doesn’t cover interest fees.

2. Get Your Free Credit Report

Not knowing your finances inside and out is like being blind and alone in a dark maze. You really don’t want to be in that situation because you will never know what’s coming at you or what’s around the next corner.

Don’t go into credit repair blind. Get your free credit report. You’re entitled to it for free once a year.

What’s inside your credit file that will help you with credit repair? Everything a loan officer looks at before making a decision on your loan acceptance.

The file includes things like your identity information. Your full name, gender, date of birth, address, employment history and driver’s license.

It also includes your public record. Things like court decisions, bankruptcies, writs and summons, and debt agreements.

Your monthly repayment history is in the file. This is the section that examines your credit accounts. Accounts such as your credit cards, loans, mortgages and other credit. This might also include how many times your credit has been accessed.

You want to limit how many times companies or rental companies or loan officers access your credit. Too many credit inquiries can damage your credit.

Lastly, you will find defaults in your credit file. These are debts overdue by more than 60 days.

3. Know Your Negative Impacts

You really need to know what might be negatively impacting your score before you can begin credit repair. There are several things that can impact your credit score in a negative way.

As we pointed out above, multiple credit inquiries will affect your credit score negatively. The people who check your credit score could include car dealers, rental companies, loan companies and anybody who might offer something on lease. Be careful with anything that requires a downpayment. Make sure you ask if they are checking your credit score.

Defaults are probably the second highest impact on your credit report. Loan officers want to know you are going to pay them back. They want their money. They aren’t going to give you money if they know you aren’t good to pay them back over time. If you are late on a payment for over sixty days, this tells lenders that you are irresponsible.

Court judgments

While maybe not as important as other aspects, court judgments will negatively impact your credit score. This is an area of credit you can actually repair. Sometimes records can get mixed up. Court judgments could end up on your report when you were never even in court. This is why it’s imperative you check your own credit once a year.

Missed payments on your credit accounts are probably the most damaging of all. This is where you should focus your credit repair. It’s why we started this article out with a way to set up auto payments on your credit accounts and bills.

Missed payments on your credit accounts stay on your file for two whole years. This is why you want to ensure that no more than one payment is missed per account. But you really should ensure you miss no payments.

4. Improve Everything!

Time is the great healer. But you can start now with credit repair. There are several things you can do now that you have the knowledge.

Broker A Deal

If you are struggling with paying your credit cards or loans, talk with your lender. Let them know you are struggling. They could negotiate a repayment plan that fits within your budget. And this will ensure you do not default again on payments.

Consolidate

One reason people have a hard time repaying debts: they can’t keep track of them all. This is absolutely understandable. And it’s absolutely fixable. You can consolidate your loans into one account. Talk with your bank and credit card companies. It might cost an initial fee, but it will make it easier to remember to pay.

Report Inconsistencies

As we pointed out above, your credit file may have some errors. This is probably the easiest way to repair credit. Contact the credit reporting bureau to have certain false listings removed.

Conclusion:

If you have bad credit and still need a loan at short notice, Cigno can help. You now have the tools you need to repair your credit and get your life back on track. Go out and make the best of it.

 

1 2 3