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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...
Credit Card
A credit card offers just that -credit, the right to borrow funds from a lending institution. When you make a purchase or withdraw cash (usually called a cash advance), funds are drawn from your "line of credit." You pay back the amount you...
Escaping Late Fee charges on your Credit Card
It's a little known fact that late fees account for an IMMENSE proportion of credit card companies' profits, as much as 30% in the case of some lenders! You may never have encountered a 'late fee' before, but if you use a credit card, you probably...
How to avoid being victimized by a secured credit card marketing scam
According to bbbsilicon.org, Beware of offers of easy credit. No
one can guarantee to get you credit. Before deciding whether to
give you a credit card, legitimate credit card processing
service providers examine your credit history through a...
Is A Home Equity Credit Line Right for You?
Is A Home Equity Credit Line Right for You? Home Equity Using credit lines against the equity of your home are one source of consumer credit that is fast gaining popularity. Home equity is a valuable asset which both lenders and borrowers can...
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Options to Avoid in Credit Repair and Building
There are several options available that make people believe it
is a solution for freeing themselves of debts. One solution you
want to avoid is borrowing money from finance companies. The
companies that advances for consolidating loans and requires
that you put your home or car up for collateral are often a
source for getting your in deeper debt.
Most of the companies are offering a secondary mortgage against
your home, and often the interest rates out outrageous. Most of
the companies offer secured loans, but few of them offer
unsecured loans. This is not an option for repairing your
credit. Another option you want to avoid is taking out a tax
refund loan. This solution will get you fast cash, but the fees
for this type of loan are often high. If you are getting $800
back in tax refunds, you will probably only get around $700 or
$725. Another type of loan you want to avoid is the payday loans.
Payday loans are loans against your paycheck. Payday loans
require that you write a check for the amount of loan to repay
as well as the amount that you will pay the lender for borrowing
the money. Payday loans eventually cost more money than what you
have in the first place, and is not a solution for repairing
your credit. Pawn Shops are also a bad area to start in building
your credit. Most Pawn Shops will take your merchandise, pay you
half in some cases of what it is worth, and give you a certain
amount of time to purchase your merchandise back before they
sell.
Often there are interest rates on the loans provided by the
business. It is certainly a way to loose all your belongings and
halt you from repairing your credit. We can also take a look at
debt consolidation. Although debt consolidation is much better
than bankruptcy, it is not a solution for repairing your credit.
Most debt consolidation companies drain the restricting
resources by charging fees for the service. Many of the debt
consolidation companies will pay the creditors minimal balance
and put your assets at risk. Unfortunately most of the debt
consolidation companies will
charge high interest rates, or high
monthly fees to use their services.
The best solution then is if you have a few extra dollars call
your creditors directly and see if you can get them to negotiate
a monthly installment that meets your expectations. This will
provide you the time you need to find a solution for getting
extra cash to payoff your debts. In some instances you can
negotiate with your creditors and they may offer a lower amount
than you owe so that you can repay the bills. The downside with
getting creditors to accept a payoff for less than you owe, is
that you may be paying the IRS more in taxes.
If the creditor writes off what you owe, or else settle for a
lesser amount than what you owe, it is often reported to the
IRS. Of course it seems like a no win situation when it comes to
repairing credit, and working to rebuild your credit rating, but
in the long run the rewards are sitting waiting for your
arrival. Anytime you make efforts to repay back what you owe
another individual or company, is rewarding when your
self-esteem, self-confidence and other essential human
necessities are restored.
None of us like to owe money to anyone, but some of us have no
choices at times. If you are not prepared to deal with your
creditors on your own, you could consult with credit assistances
that work to help individuals restore their credit.
The United Way is one source that works with your creditors to
help restore your credit. Creditors often prefer to negotiate
with respected businesses rather than deal with individuals or
lawyers. Debt counselors and Nonprofit Organizations that work
to repair credit for individuals will often help you to decide
how much is owed and how much each month you can afford to
repair your credit and build your credit rating. There is always
a solution in credit repair, so never give up!
About the author:
Tony Robinson is a business owner with vast experience in all
facets of Credit and Credit Repair - for further tips and
techniques visit http://www.officialdebtfree.com
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