7 Sure-Fire Solutions To Repair Bad Credit December 6, 2007
Posted by Vedis in : Credit Rating , add a comment
Do you have a poor credit rating? If so, you are one of tens of thousands of Americans with the same problem. In fact, it seems that this has become a national ‘disease.’
Here are some sure-fire solutions to ‘ repair bad credit ‘. Keep in mind, like most ‘diseases,’ credit repair can take some time, but complete healing is possible.
The First Step
The first thing you need to do is find out what is being reported about you. This is easy and inexpensive. For under $10, you can get your credit report from one of the three main credit reporting companies: Equifax, Experian, or TransUnion. (more…)
4 Tips To Establish Good Credit Rating December 6, 2007
Posted by Vedis in : Credit Rating , add a commentA bad credit history or bad credit habits will place “black marks” on your credit profile. These include things such as late payments, having an account assigned to a collection agency, and of course bankruptcy.
Establishing good credit habits and therefore a good credit rating will improve your credit worthiness. This will be reflected in potential lenders offering you substantially lower interest rates and better deals on credit offers.
Here are 4 tips to help you create a shining credit profile:
1. Pay Your Bills On Time
Lenders only have your past payment history on which to decide the type of credit risk you present to them. How you pay off your debts now indicates to them how you will pay off future debts. (more…)
2 Options On Repairing Bad Credit History April 9, 2007
Posted by Vedis in : Credit Rating , add a commentSo, how do you clean your less-than-clean credit report ?
There are 2 instrumental options here :
1. Bring the Payments Up to Date. If you cannot make the payments on all your credit facilities, to avoid further spoiling your credit history, you should restructure your loans.
For example: You can lengthen the tenure of the loan so the minimum commitment every month becomes less, or you can look at rate reduction or at the possibility of consolidating your loans with a cheaper loan.
Speak to your respective bankers to figure out the best way to normalize your repayment behavior. It is true enough that most banks will try to help and restructure their customers’ loans.
I have used this option and I find it very instrumental.
2. Consider Debt Consolidation. If you owe on credit cards and have mortgages, you could ask the bank to extend a bigger line for the mortgages in place of some collateral to pay off your credit card bills.
Or you can ask for a top-up in terms of mortgages and use the money to pay your outstanding debt.
As for this option, I have tried once, but to no avail. I was only told by the bank that credit cards and mortgages are of different products. They cannot be consolidated. Well, it is my guess that the bank doesn’t want to hurt my feelings by telling me honestly : You have bad credit, madam !
Upon normalizing the payments, the credit report should then reflect your new clean report.
3 Simple Facts About Your Marred Credit Report April 8, 2007
Posted by Vedis in : Credit Rating , 1 comment so farFor those who have been late in repaying loans, defaulted on a loan or even declared bankruptcy, does a marred credit report mean the end of your credit days ?
1. Only the conduct of account for the last 12 months is shown in the credit report. If you missed a payment five years ago but had subsequently rectified the situation, the late payment will not be shown in the credit report.
2. However, if you stopped repaying a loan five years ago, that will be in the information listed. The conduct of an account for the most recent month would indicate that you are in arrears for 60 months (assuming that you are supposed to make monthly repayments to the bank).
3. If you have been declared bankrupt by a financial institution for six years.
