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Some people I know are fiercely proud that they do not have credit cards or any bank loans. When there are many people having debt problems, these people are a minority. Is it that advisable to have no credit cards or bank loans? I couldn’t apply for a credit card with an internet banking account recently because I do not have any phone bills or cable subscription bills under my name. Yes, because I got my handphone before I was 18, I used my father’s name and never transferred it to my name because I did not want to lose the long customer bonus. That meant that I had nothing to show the new bank to prove I had some history in paying bills promptly.

When you have credit cards, the credit bureau will be able to have your credit information on hand, and when the history is checked, at least there is information. If you wish to buy a car, your credit history will be checked. If you wish to rent a house, your credit may be checked.

When you have a credit card that has been in use for a long time, it is advisable to keep it. If you choose to terminate it, you may find that your credit score falls because the period of your credit history is shortened. If you really wish to terminate any cards, make sure they are new, so that it will not affect your history.

What if you already have bad credit? There are some credit bureaus, so scores may vary. The first thing to improve your score is to pay your bills or loans promptly. Someone who pays the minimum amount promptly has a better score than someone who misses payments (even if it’s just $20) by one or two days a few times due to negligence, even if the former owes more money.

Check out how you can get bad credit loans at Bad Credit Offers by looking at some of the debt management services available at a glance. Instead of letting your pay disappear every month through paying loans, there are ways to help you save and pay the loans at the same time by minimising interest rates. Once you are able to show that you can pay your bills on time, your credit score will improve, and then you will be able to get loans to refinance your housing loans or other loans. 

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