How far would you go to support your idol? Gigi was an ordinary girl with a poor credit history, who couldn’t get a credit card from anywhere, not even from a small finance company. Because of this, she had to go through a lot of trouble and bothered many to get herself a not-so-ideal concert ticket of her favorite boy band with a seat miles away from the stage.
Thinking enough is enough, Gigi decided to do something about it, hoping to get herself a credit card and would not need to go through all the hassles to get a ticket. Her efforts paid off. Gigi's credit score improved slightly, even though she still could not get a credit card from the mainstream financial institutions. She successfully got herself a credit card with less stringent requirements.
While enjoying the newly returned convenient lifestyle brought by the credit card, she still could not take her mind off getting a ticket to support her favorite band. Knowing mainstream banks often offer priority bookings for concert tickets and thus have a higher chance of getting a front-row seat. Gigi is determined to improve her credit score and get herself a desirable credit card more smoothly before her favorite band’s next concert.
Gigi’s experience is not an isolated case. Many people don’t realize the impacts that an unsatisfactory credit score brings until they were turned down by a credit card, loan or mortgage application. Ads on debt consolidation loans that can save you from credit card debts are everywhere. Sometimes they may even mislead the public that you will see an instant uptick on the credit score once you borrow money from them. If you are looking to fix a poor credit score properly, it usually takes a long and steady period of good credit behavior.
Each credit report contains a record of the consumer's credit history, including bankruptcy records, public records, and credit report inquiries. Overdue payment records will retain for 5 years after the payment is settled. Relevant petition records are retained for 8 years after the bankruptcy is declared. Therefore, even if you pay off all your debts from whatever sources, including loans or the lottery, the credit history will stick with you for a good while. Financial institutions may still be able to see your abject credit history upon your authorization to access your credit report. Strictly speaking, if you truly want to wipe out your bad credit history, you will need to work hard on your credit behavior for at least 5 to 9 years. During that period, you will need to maintain a good credit history before you can get rid of the abject credit history once and for all.
It is worth noting that the bankruptcy petition record does not remove itself unless you take action. You will have to contact TransUnion with the bankruptcy discharge order and the certificate of discharge for TransUnion to update the relevant record and hence your credit score.
If you are interested in the progress of your expungement, it is recommended to check your credit report regularly and maintain a good credit habit. By doing so, a better credit rating is not far away!
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