National Payday Loan Relief

Credit Repair

Credit Repair

In today’s world, it is important to have good credit since it’s not like the past where it was hard to find out whether or not you paid your bills on time. Now we have the internet where so much information can be shared about you and your spending habits.

Your credit score is based on a number of things; how you manage debt, responsible borrowing, if you make your payments on time, how soon you pay off a loan, the amount you owe at one time, and more. Having a bad credit report/score can hold you back from many things as today your credit report may be checked for…

• Renting an apartment
• Getting a job
• Renting a room
• Getting a loan
• Being approved for credit
• Opening a bank account
• Renting a car
• Renting equipment

Therefore, it’s important to keep up with bill paying and stay on the positive side. One thing that many people make the mistake of doing is throwing their hands up thinking their credit is bad anyway so they just let it get worse and worse. No matter how bad your credit score is it can be improved with credit repair, it is not irreparable. The only problem is the worse it gets the harder credit repair will be.

This article can help you start credit repair to rebuild your credit and get back on the plus side in the shortest time possible. Since everyone’s situation is different, each will require a different approach– we will discuss several various ways to get you back on track. Keep in mind that credit card debt settlement can take some time and commitment on your part, depending on how negative your score is, but it is doable and if you follow the recommendations in this article, you will be able to repair and rebuild your credit in no time.

What Can Have a Negative Impact On Your Credit Report?

It is worth mentioning that the lower your score is, the more work it will take to rebuild your credit. For example, a score in the 500-range will take more time and commitment to fix than it would for a score in the 600-range. Moreover, you shouldn’t look at it as raising your credit score but think about making changes to the negative entries of any type noted on your report as they all impact your score. Negative impacts on your credit score may include the following:

• Your payment history
• Type of debt you accrued
• Your total debt at any given time
• How long you had credit
• The length of time it took you to pay off a loan

Methods that Can Be Used For Credit Repair

There are some things that have major impacts on your credit report, such as, foreclosure, repossession, collections, account charge-offs, and more. These negative points will take more work and time for credit repair. Remember, your credit history is as unique as you are– no two are the same. However, credit repair can be done by using the following in combination or individually:

• Make a commitment to pay bills on time.
Credit card debt settlement can settle debts that are in collections and have them removed from your report.
• Review your report and dispute any errors or incorrect entries.
• Contact creditors personally to discuss lowering the amount you owe to what you can afford to pay.
Consolidate your debt to reduce interest rates by getting a low-interest loan.
• Get help from a credit card debt relief company that can help resolve all of the above and more.

When to Call in the Experts or Do it yourself (DIY)

Keep in mind that the above solutions for credit repair solely depend on your financial situation and may or may not apply to you. In addition, if you do not have anything major affecting your report – meaning your report contains things like late payments, erroneous entries, overuse of credit, or other minor details, you may be able to DIY without the help of a credit card debt relief company. However, major impacts require major work so calling in an expert for a reasonable fee, can help get things done more rapidly as they reduce the guesswork or trial and error approach and get right down to business.

No matter what approach you take, you will have to start off by getting a copy of your credit report from each of the three major agencies and reviewing them for errors and discrepancies. Unfortunately, this can only be done by you since nobody else knows what you did or didn’t do. However, once you find the mistakes made, it is better to get the help of an expert to help downgrade, negotiate, and/or remove negative entries.

Say No to Bankruptcy and Yes To Credit Card Debt Consolidation

Most people think that bankruptcy is their only option when it comes to credit repair, but before you throw in the towel, try credit card debt consolidation. Yes, filing bankruptcy may help discharge many of your debts as well as get creditors off your back, but it isn’t a miracle fix as some think it is since it doesn’t get rid of all your debts. For example, the following debts cannot be removed by filing bankruptcy…

• The majority of student loans
• Recent back taxes
• Government agency fines
• Child support and alimony

In addition, depending on your financial situation, you stand to lose your non-exempt property, such as your house, cars, stocks, bonds, and even your savings. Your credit will be stained for 10 years and even after that, it will be hard to get a loan. If you do manage to get a loan or credit card, your interest payments may be extremely high. Thus, it can be quite costly to file bankruptcy where fees may include:

• Filing fees
• Credit counseling fees
• Bankruptcy trustee fees
• Attorney fees

Consolidation is different it refers to consolidating all your bills into one so instead of paying interest on each loan, you will only have to pay one interest fee and one lender. Not only is this method more convenient, but it can also help pay off all your debts without having to lose anything or wait ten years to try to rebuild credit again.


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