Category Archives: Easy Credit Repair

Consolidating Credit Card Debts Is Part of Credit Repair

Overspending is an easy mistake that many people make. That’s because people feel that as long as their credit is approved, they can keep adding to their credit until it maxes out. You just can’t keep it up, because you eventually won’t have the money to pay for what you purchased. Consolidating credit your card debts can be a good first step towards repairing your credit.

Overspending with credit is not just happening in the US, it’s now worldwide.

Credit card consolidation is actually quite easy. You simply combine all the debts you owe to various creditors, so you end up paying just one creditor every month.

There can be many benefits to credit card consolidation.

First, you often can pay off your debt at much lower interest rates than what you were paying.

Once you consolidate all your debts into one, you will re-age your account. That means that your account becomes current and active so long as you keep making the payments you agreed on.

Whereas card companies charge you late fees when you are late on your payments, most credit card debt consolidation programs waive late fees, so you only pay what you actually owe.

Debt consolidation plans buy you time so you can choose whether to finish paying in a few weeks or spread it out over months.

Once you consolidate your credit card debt, you next need to get the money to pay it off. You should work to reduce your expenses as much as possible. You could also try asking for a raise, or get a second job, or sell off some things you own.

You can apply for credit card consolidation through a bank, or you can go to private and non-profit organizations that offer similar services. Search for the right one to work with and then work with them to consolidate, then reduce your debt.

While looking for an organization to work with, check on them before signing up, because there are a lot of scams.

Once you start reducing what you owe, you’ll feel much better and it soon you’ll be able to repair your credit.

One good way to repair your credit is to work to improve your credit score. You can try to open new lines of credit, and if the big credit card companies deny your application, get a credit card offered by a local supermarket, grocery store or major department store chain. You can also try through your banks. Always read the fine print, because some credit cards have high fees and interest.

Then, try to pay your bills on time, because all that hard work you did to improve your credit will go to waste if you miss a payment.

The debt you owe to creditors took a long time to grow, so it may take a while before you get debt free. Remember, you created this situation yourself, so you only have yourself to blame.

Of course, credit card consolidation is just one part of credit repair. Once you start it, keep working on it, because that is the only way you can improve your credit score and again get good standing with your creditors.

Easy Quick Steps for Credit Repair

Nowadays, where credit transactions are every day, bad credit can make your life miserable. Without good credit, you can’t get a good apartment, you can’t qualify for a low interest mortgage, you can’t get an apartment, and you may not get a good job. This article will try to help you keep up whatever credit score you have and even make it better.

“Quick” is a word that is relative to your perspective. For some people, thirty days is quick, but for others, it might mean just a few days. In this case, quick credit repair is normally a few months to a year.

If you credit score is low, you may have suffered from health problems, loss of a job, theft, or other problems that lost you money and/or affected your credit. If you want to change your credit situation, you need to analyze your finances, examine if you have tried to resolve your problems, and ask yourself if you have the determination you need to correct your problems.

If you have the determination you need to correct your problems, there is still hope. Here are some ways to repair your credit and remove negative items on your credit report, to get you better credit:

1. First and most important: pay your bills on time or early from now on. 35% of your credit score is measured by whether you pay your bills late, on time, or even before they’re due. Late payments can lose up to 100 points on your credit scores. Late or early payments can either help or hinder your efforts to repair your credit scores. Bottom line: You need to pay all your bills on time or early.

2. Find out what is in your credit report. You can get free reports at AnnualCreditReport.com, but some allege that these free reports are tied to a technicality that increases time for reinvestigation when there is a dispute.

3. You hope to increase your credit scores, which will accelerate your credit repair process. You can increase your credit scores by making payments early, and cutting down your existing balances and debts.

4. Check your credit reports for inaccurate information. Mistakes can lower your credit scores. When you find inaccuracies, report them to the bureaus in writing ASAP. If the mistake was made by the credit reporting agency, it is his duty to correct such mistakes. If the error was by the creditor itself, then your dispute should trigger an investigation, and should eliminate the problem. Sometimes, you have to dispute an error multiple times, before it gets corrected.

5. You should also dispute entries made by credit bureaus multiple times if necessary, because they often fail to counter your dispute, because old debts aren’t worth verifying. If you try this type of dispute, don’t just replicate dispute letters you find in the internet. It’s much better for you to write your own letter. This show your claim is legitimate, not just parroted.

6. Finally, don;t dispute your open accounts, because these help build your good credit history. Just pay them on time and leave them alone.

Counseling: Credit Repair Advice

If you have bad credit, you should repair your credit, and the fastest way to repair your credit is to consult with a credit repair counselor. A credit repair counselor know the ins and outs of handling credit and finances; he can help you get understand your credit report and your credit standing. And a counselor can also show you the areas to focus on to get a better credit rating.

Nowadays, credit transactions have grown very complex, so many people ask credit repair counselors and professionals to help them control their debt and credit situation. In the US, more than 90 million people now have debts amounting to 20 thousand or more, aside from mortgages. A lot of this is from improper credit card usage.

A credit repair counselor can work with your creditors to try to lessen your debt and arrange for an easier payoff. Often, they can arrange for a debt consolidation loan from a debt management company, so your payments and interest are lower, which makes it easier to pay them down. A counselor will work to try to lessen the amount that you are paying off and get you better interest. They often try to form a bond with your creditors to coax them to get you better terms for payment.

You need to visit with your counselor monthly to discuss all matters relating to your finances, from reducing expenses to managing bill payments to increasing income somehow . Even after you have paid off your debts, your counselor can stay with you guide you as you continue to put your finances in order.

Your credit counselor will try to guide you to make sure that you stay within your budget, and don’t get back into the rut you were in. He can help you put together a comprehensive financial plan for you, which involves reducing expenses, paying down debts, possibly raising income, and finally creating a budget that you can live with.

Choose your counselor carefully before you sign any contracts. Check the local Chamber of Commerce and the Better Business Bureau, and search online, just to check the reputation of the debt counselor that you are thinking of working with.

You can also check a counselor’s references to help you evaluate the counselor, to see how capable he is to help you with your credit repair. A good counselor will tell you their fees up front and they should give you an idea of what you can expect from their efforts.

It’s also very important to go with a counselor that you feel comfortable with, and feel you can trust.