Credit Repair Company Fix Bad

Credit Repair Company Fix Bad

Credit repair companies?

ok so after a layoff 2 years ago My Credit took a huge hit and is really bad, can credit repair companies really Fix Bad Credit or is this another scam?

There are reputable companies out there but you can do most of the same things yourself. Here are some tried and true ways to fix things. Sit down and figure out how much you owe and to whom. People make the same mistakes when it comwes to money. When they fall on hard times they pick and choose who to pay and hence they screw up their credit quite badly. Utility companies are not to be messed with as they will submit delinquent payment info immediately. So you must contact the electric, gas (if you have it), phone companies and talk to someone in debt resolution. Same goes for revolving credit lines and Credit Cards. Figure out how much you can afford to pay each month. Pay the bulk of what you can to the utility companies if you have a land line.. (home phone) and a cell phone you do not need both. Your home phone will always work to call 911. If you have a cell phone plan stay within your allotted minutes in your plan (or better yet go prepaid) and don't download ringtones, text message and all that other overpriced B.S. that is directly responsible for people who end up with those $250.00/monthly cell phone bills. Revolving credit for furniture or other purchases like that those companies will usually work with you to allow you to pay just the interest payments until your financial situation improves. They don't want the furniture back. They just want to get their money.Credit cards... cut them up. Don't close the accounts. That negatively effects your Credit Score because part of your score is based upon the percentage of credit used to available credit. So if you close the accounts that makes that percentage rise-NEGATIVE. Cut up the cards just don't close the account. Keep one card for emergencies but keep the credit limit low. If the worst is over and you just want to improve your score try these tricks. Use your Credit Card for small purchases that you can easily pay in full when the bill comes due. Charge something small every month. I used to charge things like supplies to change the oil in my car. Then after a few months charge something more expensive that you can pay over 3-4 months time without a problem. By doing that you demonstrate the ability to pay off small balances and the ability to make steady payments over time. (financial responsibility). As Your Credit Score rises (you can check it for free once yearly at freecreditreport.com) contact the Credit Card Companies and request an interest rate reduction. Especially now and for the forseeable future the economy is in the tank so if you prove your credit worthiness they will reduce your interest rate. I just got Capital One to lower my interest rate 4%. You have to remember that if you find yourself in a bind contact all your creditors immediately. They will work with you. Bankruptcy is not the "free do over" it used to be but companies know that if someone goes that route credit card companies are usually far down the court ordered repayment list. Please remember this. Just because the company offers you a higher credit line you do not need to take it. It takes a short period of time to mess your credit up and a lot longer to fix it. Time and fiscal responsibility on your part will fix your Credit Report within a year or so. Remember, every time you apply for credit they run a Credit Check and that is a NEGATIVE to your credit score. The link below will take you to the Federal Trade Commission's website to the "credit repair" section for consumers. Plus there are articles about "credit repair scams". Best of luck and keep control of the BUCK!

Credit Repair Companies - Credit Repair Company

 

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Credit Repair Company Fix Bad

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Filed under: Repair Your Credit

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