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Bad Credit Debt Consolidation and Credit Card Debt Consolidation Tips by www.alifeoutofdebt.com
If you have managed to get yourself into a situation whereby you
have many loans, credit card debt, mortgage, utilities, and
other bills to pay, then think about credit card debt
consolidation. It can be extremely difficult to get yourself
debt...
Building Credit Ideas
There are several ways that we can build credit. If you are
tired of collectors hounding you, or if you are frustrated that
no one will loan you money because you never had credit, it is
time to learn how to build your credit. First, and...
Cash Back Credit Cards
Wouldn't it be great if you could get some of that money you
spend on credit card purchases back every year? Well, you can. A
cash back credit card is the way to go for people who want all
the benefits of shopping with a credit card, plus the...
How Loans Can Improve Credit
Individuals who have had credit problems in the past know how much of a hassle it can be to try and get a loan with bad credit. It can be worth all of the trouble, though... after all, not only are you getting the loan that you need but you're also...
Various Types of Credit Cards - Part 2
Copyright 2005 Gibble LLC
Several different types of credit cards offer several different options, depending on what your needs are. Some are geared toward individual consumers while others are set up in ways that work best for small business...
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Home Loans – Repair Your Credit Before You Buy
Before you take out a home loan or make any major purchase, you should be aware that any prospective lender will want to take a look at your credit report. Your credit report is a record of all of your past financial dealings, and any loans, credit cards, judgements, bankruptcies or other major financial transactions are listed there. Along with your credit report will come your credit score, which is a three digit number between 300 and 850 that represents a distillation of all of the above. That score represents your entire financial life, and your ability to obtain financing for any major purchase depends on having a good one. What if you don’t have a good record? Should you go to one of those companies that promise to repair your credit? What you should do is repair it yourself.
The idea of credit repair is a myth. There is no magic solution to fixing problem credit, and any company that promises to do so is only interested in your cash. Your credit report and score are maintained by three separate credit bureaus that keep pretty accurate accounts of all financial dealings done under your Social Security number. There is no way to quickly “fix” a faulty credit report. You can, however, fix it yourself and fix it for free. It just takes time.
The way to repair your credit record is to start paying your bills on time and paying off your debt. More than one third of your credit score is determined by your past ability to pay bills
and to pay them on time. Start doing so now. It may take a year or two, but steadily paying your bills without making any late payments goes a long way towards repairing a credit score. Another third of your score is determined by your ratio of debt to available credit. If your credit cards are maxed out, you need to pay off or pay down your balances. It’s tough to obtain a loan when you are already in debt to the gills.
Stop using your credit cards, if possible. Don’t cancel them; just stop using them, particularly if you have a balance to pay off. You want to reduce your debt. Pay cash when you can. And check your credit report for problems. You can obtain a copy for free from the free credit report Website.
Repairing your credit record takes time and discipline. There is no quick solution other than paying your bills, paying them on time, and waiting for the damage to heal. After that, you should be in good shape to obtain your home or car of your dreams.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity lending .
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