Knowing what's on your credit report is the best place to start.
California (OPENPRESS) March 7, 2012 - If you are living with bad credit, you know how bad it can be. You're turned down for credit cards, and even if you can get a loan, it's usually with the worst terms and a high interest rate. If you're not sure if your credit is considered bad, consider these signs that you have bad credit and need to get help.
• You have applied for a credit card but got turned down. This could definitely be a sign that something is wrong. But bear in mind that anytime a creditor turns you down because of what's in your credit report, you are entitled to a free copy of your credit report. You should get your report and review it carefully.
• If you have been unable to obtain utilities because of your credit, then you definitely have a problem. Again, you should go to your credit report to figure out what the problem is.
• If debt collectors are calling you, then obviously you are having trouble paying your bills. And if you are having trouble paying your bills, chances are you at least have some negative marks on your credit report.
• If you are trying to apply for a loan and the lender won't even consider you without a co-signer, then there's an obvious problem.
• You may have bad credit if you have applied for a job but have been turned down. Many employers check the credit of potential and current employees. Having bad credit can get you turned down as a new hire, and can cost you that promotion as well.
• If you rent your home, rather than buy it, you may find that finding a new rental is difficult at best. Leasing agents and realtors check the credit of those they are considering leasing to, and if your credit is bad, it's a sure sign that you might not be able to pay your rent each month - and you may miss out on the rental you desire.
• Check your credit score. If it is below 720, it will be considered sub-prime; if it is below 650, you have bad credit. Remember: Being afraid of what you might find isn't an excuse to not know what your credit score is. You not only need to know your score, but you need to review you credit report periodically, so that you can fix errors and watch for identity theft.
• If your credit card is closed by the issuer, then you definitely have bad credit issues. If this happens to you, call your card issuer and ask why the card was closed.
Once you've determined where your credit stands, you can begin to work on repairing the damage - and you've got to start somewhere.
