Credit Repair Information

GamersLove asked:


I owe roughly $15,000 (between two cards). I was young and immature when it came to money and now I have to pay the price. I tried to get a new credit card to consolidate both balances but I was told in an application that my credit score was lowered by too many enquiries over a period of time (big bummer) so I can’t get a new card. I almost went with Capitol One, thats how desperate I was. But alas I’m still stuck with these two high interest cards. They’re college cards that I got when I was 18 (24 now). I tried to get the companies to lower the interest rate but they gave me a song and dance about the rates being on perma-set rate. So i need advice/help bad.

LOONEY

purple_puke6 asked:


I have maxed 2 of my credit card. each at 18% p.a. if i take up a loan at 12% p.a. to settle both credit card & only make 1 repayment towards the loan.. is it worth it? from 1 point of view, its basically creating debts to settle debts. but on the other hand.. it is at a lower interest rate.im confused!

GADDIS

Daniel Major asked:


If you are considering credit card consolidation as an alternative to your increasing credit card debt you may have asked either of the following common questions:

How do credit card consolidation loans work?

Credit Card consolidation loans work by paying off all your credit card debt and providing a single repayment at a lower interest rate than previously experienced with the credit cards that it pays off.

Simple really but here is the downside.

Qualifying for a consolidation loan is not as easy as it used to be with lenders being far more reluctant to help those people who they deem to be of greater financial risk. In other words, unless your credit history is good you may struggle to find a company willing to lend to you.

This is why it is important to act before you encounter any financial problems that may affect your credit score adversely.

Right, let’s just say that you have fulfilled all the criteria required by the lender for a successful credit card consolidation loan application the next step will be to provide all the necessary accurate debt information so that the lender knows exactly how much money is actually required for your consolidation.

Finally, when this is completed they will lend you the money needed to pay off your creditors and be left with just the one monthly loan payment.

In some cases the lender will insist that they pay off the creditors for you or alternatively they will list on your contract the creditors and the value of each amount to be paid off by you as a condition of the loan.



How do credit card consolidation programs benefit you?

A reduced interest rate is the over-riding benefit of a consolidation program. Credit cards have predominantly high interest rates and charges which means that people are paying a great deal of money each month just to pay off interest alone, sometimes this interest can be as high as 30% which is extortionate.

By lowering your interest rate you can save a great deal of money, consolidation loans will also make managing your debt much easier as you will only have the one loan repayment to worry about each month instead of several high interest repayments to your credit cards.

Consolidating your credit card debt will only work as a debt management measure if you refrain from using your credit cards, if you continue to charge your cards after consolidation you will be in an even worse situation, consolidate your credit cards and then cut them up!



LEDESMA

Anna Josephs asked:


Free credit report and credit score history determines what loans you qualify for and what the interest rate you pay. Take control of your credit by checking both your credit report and credit score from three of financial bureaus. Which will be always helpful for you in all your legal works and while big shopping like house, furniture, vehicle and many more.

You can have three credit reports from each credit bureau. Some times the information on each report can be very different, so it is important to review all three credit reports and credit scores regularly for your yearly accounting.

Let us see what your complete credit report includes:

1) Issued credit report from all three financial bureaus online is in an easy to read format.

2) Your credit score paired with tips for improvement.

3) All your financial information and articles to help in managing your credit.

4) Toll free customer service assistance.

Checking your Credit Report online on three of financial site is simple and secure. To get your credit report you have provide them following details like -

1 Submit all your basic contact information even if you have changed you house location with your old resident address too to request your 3-in-1 Credit Report & Credit Score.

2 Always create a username and password for your account. This will allow you to log in and access your products in the future.

3 You will need to provide a credit card number (your card will not be charged) and answer a few questions. Provide all the correct information its will get rejected if any false information is given. Once you have give all the correct information, your credit products will appear online in seconds.

Some of them don’t know, checking your own credit report does not harm your credit score. Actually your credit score is nothing but a numerical evaluation of your credit risk, which is count usually on a scale of 300-850. This score is used by creditors, lenders, employers and insurers to make decisions about you.

Anna Josephs is a freelance journalist having experience of many years writing articles and news releases on various topics such as pet health, automobile and social issues. She also has great interest in poetry and paintings, hence she likes to write on these subjects as well. Currently writing for this website Free Yearly Credit Report . For more details please contact at annajosephs@gmail.com



MCCLINTOCK

Daniel Major asked:


Unfortunately, it always seems like that there is a never ending supply of credit card bills flying into our letterboxes. It is not uncommon to feel as though we are no longer able to control our debt and if you are feeling like that perhaps it is time to consider credit card consolidation.

The use of credit card consolidation can help you breathe that much easier about your credit card debt as it eases you back into the driving seat. The problem is, and there is no denying it, getting into debt was the fun part because you had been spending borrowed money on whatever you like and whenever you like without worrying about the consequences. It is when your credit lines become exhausted or your minimum payments become too high to afford that the problems begin and your debt becomes unmanageable, it is no laughing matter and it is time to take steps to rectify this problem.

But why use consolidation? Well, there are a multitude of different reasons, but here we will highlight the best five that might make you want to consider credit card debt consolidation.

Manageability of Debt:

Consolidation works by combining all your debt into one easy to manage debt; meaning one bill and one repayment each month instead of countless bills arriving at different times and all with different repayment dates. The benefits of this are obvious. The last thing anyone needs is a credit history with black marks and with a large number of creditors to keep track of each month it can be easy to miss a payment and by doing so be detrimental to your credit score.

Reduced Payments:

In many cases, by consolidating your debt, your single monthly payment, will likely be a lot lower than what you were paying previously.

Why is this? Quite simply, as is often the case with consolidation, you will receive a much lower interest rate than those rates you were experiencing with your original creditors.

Improved Credit Score:

If you have reacted to your situation before your credit score has been affected by missed payments, congratulate yourself on taking preventative action. However, if you are looking at consolidation to get you back on track after defaulting on payments your credit score will already have been adversely affected; Consolidation will help you to start making your payments on time again and your credit score will reflect this as a positive and thus improve over time.

Consolidation will put an End to Harassing Phone Calls:

Once you have started the consolidation process and your payments are being made on time every month, the calls from your creditors will stop. The anxiety often experienced by this constant harassment can be unbearable so when the calls stop it makes life a whole lot easier again. No more important calls missed because you were too worried to answer the phone because it may have been a creditor calling!

Credit Card Consolidation can Eliminate Debt Quickly:

Once you start the consolidation process, you could find that your debt will start to be paid off much more quickly than before especially if you take steps to pay as much as you can afford each month! In fact, you can use certain methods of debt elimination to work alongside a credit card consolidation loan that could have you free of debt in as little as three short years!

Conclusion:

Credit card debt can be controlled and cleared effectively when you deal with it using the right tools and the 5 reasons above should be enough to show that credit card consolidation loans are the perfect tool for the job.



ACOSTA

John G asked:


Do credit repair companies work? I want to build or buy a house for my family .This is no joke , I have seven kids . So it’s very important that I get a good P.M.I. and a good interest rate or I’ll never be able to afford it. I make about 60k a year , but one of kids had to have 5 brain surgeries right after she was born and this ruined my wife and my credit . Any suggestions would be appreciated. Please , serious stuff only.

FORTUNE