Tag: repair credit score

How to Repair Credit the Right Way

Whether you’ve had a major financial breakdown and would like to begin the process of starting over, or you let one too many late payments slip through and have damaged your credit standing, to repair credit is not only possible, it’s necessary. Without good credit, you may be turned down for loans or have trouble with ever-increasing credit card rates. So what can you do?

 

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How to repair credit and improve credit score

It’s important to note when planning to repair credit is a bit like losing weight: It takes time and there is no quick way to fix a credit score. In fact, out of all of the ways to improve a credit score, quick-fix efforts are the most likely to backfire, so beware of any advice that claims to improve your credit score fast. The best advice for rebuilding credit is to manage it responsibly over time. If you haven’t done that, then you need to repair your credit history before you see credit score improvement. The tips below will help you do that. They are divided up into categories based on the data used to calculate your credit score.

 

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Is Credit Repair Right for Me?

credit repair

The bottom line.

It sounds, on the surface, like the Do-it-Yourself credit repair model is always the way to go, but you’d be wrong drawing that conclusion. Dealing with the credit reporting agencies isn’t easy. Your well-written dispute letter to the credit bureaus is homogenized into a 3-digit code, which is then sent over the Internet using a system called E-Oscar to the company that furnished the offending credit entry, usually a lender or a collection agency. At that point it’s up to the furnisher to A) understand what you’re disputing and, B) take time to investigate your claim.

 

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5 Mistakes You Make When Managing Your Debt

managing your debt

 

Not all debt is created equal. With that being said, there is no one-size-fits-all approach to managing your debt and avoiding excessive interest, fees and other penalties that could result if not handled properly.

Here are five mistakes consumers commonly make with their debt (and ways to avoid them).

1. Depleting Your Emergency Fund

 

2. Having No Plan Of Action

 

3. Getting Caught in the Minimum-Payment Plan

 

4. Robbing Peter to Pay Pal

 

5. Ignoring Statements and Credit Reports

 

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