27 MARCH 2019
Busting Common Myths About Bad Credit: How Superloans Can Help
Bad Credit can feel like a shadow over your financial life, affecting more than just your ability to borrow money. Unexpected expenses and missed bills can quickly escalate, potentially jeopardizing your entire financial standing. This can lead to a poor credit score, which is essentially a measure of the risk credit providers take when lending to you. But how much do you really know about bad credit and its impacts? Let’s separate fact from fiction and explore the benefits of Superscore along the way.
Myth 1: You Can’t Get a Loan with Bad Credit
The Reality: It's a common misconception that a bad credit score completely shuts down your access to loans. While traditional banks may hesitate to lend, bad credit loans are designed with your situation in mind. These loans consider your current income and expenses rather than past financial mistakes. Superloans offer a pathway to borrowing, recently opening the door for those responsible for their finances.
Myth 2: Bad Credit Affects Your Employment Chances
The Truth: In New Zealand, your credit score is generally not a barrier to employment. The exception is for positions that are financially sensitive, and even then, employers require your consent to conduct a credit check. Rest easy knowing that your job prospects are not hampered by your credit history.
Myth 3: There’s Only One Credit Score
The Insight: Your credit score isn't stored in a single, all-seeing database. Instead, it varies depending on the credit reporting agency. These scores are based on your history with creditors and are not the definitive measure of your financial health. A detailed credit history plays a crucial role, but a high credit score can often give lenders the confidence they need.
Myth 4: Bad Credit Is Forever
The Good News: Bad credit does not have a lifelong sentence. Your credit score is dynamic, improving with each responsible financial action you take, such as timely bill payments and loan repayments. Superscore further assists in rebuilding your credit score by reflecting responsible credit use by utilising comprehensive credit reporting with our partner Centrix
Turning Bad Credit Around with Superloans
If bad credit has you feeling down, remember that the situation is far from hopeless. Misconceptions about bad credit are pervasive, but understanding the truth reveals a brighter financial future. Superloans is here to support you, offering loans with Superscore that can help improve your credit score over time.
Need a lift in your financial journey? Contact Superloans today. Our team is ready to guide you towards financial empowerment, debunking myths and boosting your credit score with every step. Let's leave the urban legends behind and move forward with confidence and clarity.
