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Decision Time: Home Equity Loan or Home Equity Line of Credit?
Home equity loans and home equity lines of credit continue to grow in popularity. According to the Consumer Bankers Association, during 2003 combined home equity line and loan portfolios grew 29%, following a torrid 31% growth rate in 2002. With...
How to get a mortgage even if you have a bad credit rating
If you are having trouble getting a mortgage, you need to remember one thing:- Persistence. If you give up trying, you will NEVER get that mortgage. It's also worth noting that there are a great many variables that determine whether a lender will...
Making Money with Credit Cards Instead of Spending Money.
Is it possible to actually make money with credit cards
instead of just using them to spend money?
Well, of course for the large credit card companies and
banks. But how about for the average person? Is it really
possible for the average...
Repair Your Credit, Build Your Survival Foundation
Why is it important to have good credit? With today's society
becoming more and more business oriented, establishing and
maintaining good credit is vital if you plan to do any of the
following:
1. Apply for employment 2. Rent an apartment...
Your Home Equity Credit Lines
Do you need to borrow money? Home equity lines may be one source
of credit. Home equity credit lines may provide you with large
amounts of cash at a low interest rate and they may provide you
with certain tax advantages with other loans.
...
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Immediate Steps To Improving Poor Credit
Credit can be a wonderful thing, but it can also be a dangerous
pitfall, with disastrous results, when it gets out of control,
even it happened through no fault of your own. If you find
yourself overextended, here are some ideas for improving your
credit.
The first step is to acknowledge your dilemma. Denial is a
natural reaction, but you absolutely must face up to the fact
that you're in trouble, and begin to work your way out of it.
Don't ignore your bills. That won't accomplish anything and will
only compound your poor credit problem in the long run.
The next step is to contact all of your creditors and tell them
your situation, the sooner, the better. Ask them to set up new
payment schedules for the debts you owe. Make sure that the
schedule you agree on is one you can actually manage. Contacting
them and being honest with them, telling them that you really
want to fulfill your obligations, but need to set up a different
repayment plan also shows them that you're sincere about paying
them back. In most cases, you'll be pleasantly surprised at how
willing your creditors will be to work with you on setting up a
new payment plan that you can live with. After all, they'd
rather receive their money a little more slowly than never
receive it at all.
Immediately stop charging anything else. That should be
obvious,
but being able to buy things on credit can actually become a
habit that can be very difficult to break. However, if you have
poor credit, the one thing you DON'T need is more debt! Take
your credit cards out of your wallet and put them away--or cut
them up, if you have to, to make sure they're not available for
easy use.
Those are the first steps toward improving your credit. You have
shown good faith with your creditors, and you've stopped
accumulating further debt. Don't expect miracles, because it
will take time to undo the financial difficulty that may have
taken years to get yourself in to. But you can do it, and you'll
find most of your creditors will be quite willing to help. After
all, they have a financial stake in this, too.
It can be a long, difficult process, but if you face up to your
difficulty, summon your courage, and then begin to take positive
steps, you CAN once again find yourself on the road to regaining
control of your finances.
Copyright © Jeanette J. Fisher
About the author:
Jeanette
Fisher teaches six ways to build credit. Free credit ebook "Credit
Tips for Mortgage Financing" http://worryfreecredit.com
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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