Credit Repair Help - It's Not As Hard As You Think!
It's really hard to go and live in this world with bad credit. People everywhere are in debt and in need of help. What are you supposed to do when you want to make that big purchase and the loan gets denied?
It's not that hard to get your credit repaired. All it takes is a little time and a little effort on your part. You must be diligent with your spending and take a few simple steps. Repairing your credit will not happen overnight.
First thing to do, must do is create a budget. This will allow you to know how much money each month you can spend on your debts. It's best if you document for one month your spending habits. You never know how much you spend eating out and buying fancy coffees.
We need to then know what's in your credit report. There are three credit card companies, Equifax, Experian, and Trans Union. There are many places to go that will get you a report from all three. These reports will list everything you owe to the people who have reported it.
Contacting the creditors is the next step. You need to speak to them to offer a payment plan. They will be willing to work with you because they want the money owed to them. If you offer to pay off the full balance and settle right then and there, usually they will give you a discount and ask you only pay the principal. Any agreements should be mailed to you in writing.
Now you need to close out and pay your credit card debts. Destroy the cards and start paying them off. The best idea is to close all the accounts you have except your three oldest ones. You see, credit scores are based on the account history as well as other factors. Even if these lines of credit are opened, you don't need to use them unless it's an emergency.
You must make all your payments on time and avoid bankruptcy. It's a good idea to join a credit union as well. They offer a better chance of giving you a consolidation loan if you want to go that route.
It's not that hard to get your credit repaired. All it takes is a little time and a little effort on your part. You must be diligent with your spending and take a few simple steps. Repairing your credit will not happen overnight.
First thing to do, must do is create a budget. This will allow you to know how much money each month you can spend on your debts. It's best if you document for one month your spending habits. You never know how much you spend eating out and buying fancy coffees.
We need to then know what's in your credit report. There are three credit card companies, Equifax, Experian, and Trans Union. There are many places to go that will get you a report from all three. These reports will list everything you owe to the people who have reported it.
Contacting the creditors is the next step. You need to speak to them to offer a payment plan. They will be willing to work with you because they want the money owed to them. If you offer to pay off the full balance and settle right then and there, usually they will give you a discount and ask you only pay the principal. Any agreements should be mailed to you in writing.
Now you need to close out and pay your credit card debts. Destroy the cards and start paying them off. The best idea is to close all the accounts you have except your three oldest ones. You see, credit scores are based on the account history as well as other factors. Even if these lines of credit are opened, you don't need to use them unless it's an emergency.
You must make all your payments on time and avoid bankruptcy. It's a good idea to join a credit union as well. They offer a better chance of giving you a consolidation loan if you want to go that route.
posted by Credit Counseling at
5:43 AM
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