Welcome, visitor! [ Register | Login

Post an Ad

Tips to Rebuilding Your Own Credit

Financial recovery January 9, 2021

Tips to Rebuilding Your Own Credit

Here are some tips:

  • Recognize when you can realistically start to rebuild your credit. Having poor credit may be necessary or a reality in order to ensure you keep your home, have food and basic utilities for your family, and have transportation in order to work.
  • Continue to communicate with your creditors as you rebuild your credit and contact them right away if you cannot meet your payment obligations.
  • Reduce your expenses by paying off the balance on your highest rate loans first. These are usually your credit cards.
  • Avoid using credit cards or loans for purchases. Plan and pay for future purchases using cash or a debit card linked to your checking account.
  • Turn to a reputable credit counselor if you have serious problems paying off your credit card debt. Some can help you for little or no cost.
  • Avoid debt consolidation traps. These are loans that you receive in order to help pay off what you owe on several credit cards. They can be either secured loans (e.g., home equity loans) or unsecured loans. Some dishonest lenders may also trick you into signing up to consolidate bills with a loan that costs more than the old loan. This can leave you paying more in interest and loan origination fees. Shop around so that you have a way of deciding on the debt consolidation loan that best meets your needs and budget.
  • Avoid debt settlement companies and credit repair websites that charge high rates and application fees.
  • Use bankruptcy only as a last resort.

Bankruptcy:

  • Eliminates most debts; certain back taxes, child support, alimony, and student loans must still be paid
  • Forces you to pay higher credit rates and receive less favorable terms on future loans
  • Stays on your credit report for seven to ten years
  • Makes it difficult to get a mortgage, open a bank account, buy life insurance, or get a job because creditors and employers can run a credit check to determine your history of past financial commitments

 

The law now requires that you receive credit counseling before filing for bankruptcy. You should also seek sound legal counsel before filing for bankruptcy. For more information on bankruptcy visit:

  • http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre41.shtm
  • http://www.uscourts.gov/bankruptcycourts/bankruptcybasics.html

No Tags

328 total views, 1 today

  

  • Debt Collectors -Recovery Services - PA & VA

    by on February 24, 2021 - 0 Comments

    Entity Address Telephone Monarch Recovery Management, Inc. 10965 Decatur Road, Philadelphia, PA, 19154 (215) 281-7500 Monarch Recovery Management, Inc. 9350 Ashton Road, Suite 101, Philadelphia, PA, 19114 (215) 281-7500 Central Credit Services, Inc. Five Neshaminy Interplex, Suite 117, Trevose, PA, 19053 (215) 333-2272 Tate & Kirlin Associates, Inc. 2810 Southampton Road, Philadelphia, PA, 19154 (215) […]

  • Credit Counseling Agencies :EASTERN DISTRICT OF NORTH CAROLINA

    by on February 1, 2021 - 0 Comments

    Alliance Credit Counseling, Inc. 13777 Ballantyne Corporate Place, Ste.100 Charlotte, NC  28277-3433 Phone:  888-594-9596 Fax: 704-943-0313 Email:  kevin@knowdebt.org Website:  www.acc.consumerbkcenter.com, www.crisishelp.org, www.knowdebt.org Debt Management/Credit Counseling All Names Used: Alliance Credit Counseling, Inc., AAAlliance Credit Counseling, Inc., AAA Alliance Credit Counseling, Inc.  Addresses: 15720 John J. Delaney Dr., Ste.100, Charlotte, N.C. 28277, 7621 Little Avenue, #100, […]

  • How to calculate Monthly Income and Expenses - Case study

    by on January 25, 2021 - 0 Comments

    Monthly Income and Expenses   Once you know your monthly expenses, you can use a Monthly Income and Expense Worksheet (similar to the one on page 8 of your Participant Guide), a money management software program, or an online budgeting worksheet to determine: How much money you have coming in (income) How much is going […]

  • 5 Tips for Getting the Most From Your Credit Card

    by on March 9, 2021 - 0 Comments

    Pay on time. Paying your credit card account on time helps you avoid late fees as well as penalty interest rates applied to your account, and helps you maintain a good credit record. A good credit record leads to a higher credit score, which helps you qualify for lower interest rates. Know the date your […]

  • Seeing Through Stimulus Scams

    by on January 22, 2021 - 0 Comments

    Seeing Through Stimulus Scams With talk of stimulus plans ruling the news, it’s no surprise a new round of stimulus scams are afoot. Here’s how it goes: An email, online ad, or website says you’re eligible to get an economic stimulus payment. You just have to send back a form or submit one online to […]