Improve Bad Credit History Before Its Too Late
Many people now are suffering from “bad credit” and it brought their lives a big impact in some ways. They even put themselves in many complications and big disasters for not paying their credit card bills or personal bank loan dues. Now that you made mistakes, the most important thing to consider is to recover it and learn lessons for your future endeavours.
For the information of everyone, “Bad Credit” is the result of not paying or mistakenly missing of payment for your monthly bills or dues from your credit cards, personal bank loans, mortgage loans and home loans. The impact of this is putting your name in the negative data banking lists or database records of all financial institutions, thus prohibiting you in the future to avail and use same kind of products like credit cards, personal bank loans and the likes. Bad credit can put you in miserable especially when times that you immediately need big sum of money to use in your daily lives or for your house improvement or for the educational plan of your children and a lot more. Since you have a bad credit history, you cannot avail the said bank’s product so as you cannot achieve your goals to improve your life as well as your family’s lifestyle.
One of my close friends, lets call him Enz, made a credit card mistakes in the past that put himself in the bank’s negative data lists resulting into a bad credit history. During the time of issuance of his first credit card, he spent it unlimitedly not knowing its impact with him. He shopped at malls, buy appliances, clothes and a lot of luxurious items. You will probably think what will come next. Yes you are right, after receiving his first credit card billing statement, he was shocked with the big amount that was billed to him and asked him to pay it according to the indicated due date, which is 20 days after you received your billing statement. My friend failed to pay his credit card dues and the P9,500.00 debt became P83,000.00 as days and months gone by for not paying the said dues. So sad with the bad credit story! Hayyz!
After 6 years, Enz married his 8-years girlfriend and he decided to avail for a housing loan to buy a new house nearby a subdivision in our house, as their plans in putting up a good family. Four days after his application in one of the biggest banks in the Philippines, he was denied and notified that he cannot avail the housing loan facility because he has a bad credit and his name was being listed in the negative database list.
He became frustrated and worried on how he can put up a good family if they will not acquire the said house as to the futures of his children. Since he is financially stable already, he settled his previous credit card bills. Now after the settlement, he is confident now that he can avail the housing loan since he believes that no more barricades can stop him from availing of the said product after clearing his name from a bad credit history. After 6 months, he then reapplied for a housing loan, but still denied for reason that his name still appeared on the negative list. He became angry with the bank teller and complaining that he already settled his bad credit history.
Since I am a banker, I am responsible to help my friend to solve his problem with bad credit. We seek help from the Banko Sentral ng Pilipinas, writing a formal letter and asking to clear his name from bad credit and negative data banking lists. BSP discovered that the bank that issued my friend his credit card failed to update his record after his full settlement and that is the main reason why his name still appeared in the negative database list.
Now Enz is free from any bad credit and resolve his issue about it. But still imagine the big trouble that it brought to his life for just not paying his credit card bills. The moral lesson from this story is to stop spending more or excess than what you make. Yes I know this is hard to do because you are being fragile with the temptation brought about the credit card promo packages, as you can buy everything that you want. It is true, sometimes stable jobs are not enough to cover your bills but I know it is still possible to stay away from credit card debts you may have.
That’s it for now and spends your credit card wisely.
Related Articles
If you love this post, kindly subscribe to my feeds via RSS Feeds or via e-mail if you want more updates. Happy Blogging!!!
Comments
6 Responses to “Improve Bad Credit History Before Its Too Late”
Feel free to leave a comment...
-
CLICK HERE TO SUBSCRIBE 
Recent PostStats
Translator
Crisiboy,
I used to take my credit card bills for granted. Then there was a time when I forgot to pay my monthly dues. A customer service representative kept calling my celfone and the landline at home reminding me of the payment.
Reluctantly, I paid the bills. Good thing though, I wouldn’t have wanted to be in the same predicament as your friend Enz.
I will be looking forward to pay my bills on time.
Anong bank ka pala nagwowork? Baka pwede makapag loan hehehe
Z
ganun talaga sila doc pag hindi ka nakapagbayad kahit 1 month past due ka lang kukulitin ka na agad nila..as in hindi nila papatihimikin buhay mo hangat di ka nagbabayad.
im working in a japanese bank..sad to say mga japanese lang ang client nun pero i can refer you to my friends sa mga local bank you want po ba talaga??
Meron palang ganyang system sa pinas.. Good for me that I have settled my other cards before i Close it
and I only have 1 now from Citibank, na ginagamit ko naman thru paypal.
nice.. how bout the phone bills? nakaka affect din ba ito sa credit history?
Well good for you dex na isa lang credit card mo..kasi ako ngayon 5 ang credit cards ko and lahat gamit sya..hehehe
phone bills di ko pa nareresearch yan master..kasi dati naputulan din kami ng phone and di na nabayaran..then wala lang parang alikabok lang na lumipas..:)