Credit History Repair: What If It's Beyond Repair?
How do you know if you can still do credit history repair?
The way people usually play the credit game is that they get credit cards as a young adults, they max them out, they get more cards, they borrow on one to pay the minimum payments on the others and finally they can't make the payments anymore.
No matter where you are financially, there are still options. The primary credit history repair options are bankruptcy, debt settlement, debt consolidation, credit counseling or simply changing your spending habits.
The first concern many people have is how any particular option will affect your credit. The bigger issue is a overwhelming amount of debt. Massive debt ruins your credit AND your cash flow. Keeping negative marks off your credit doesn't do much for you if you're drowning in debt.
Bankruptcy is good for people who have few assets and way more debt than they can pay back. It does cost a little bit of money and it will stay on your credit for up to 10 years.
A great option for people who have too much debt but a steady income is debt settlement. Instead of making your monthly payments, you save that money and offer your creditors lump sum settlements in the range of 20-40% of the total. Be sure to know the laws in your state and get everything in writing. If you have too many assets, your creditors might attempt to sue you or garnish your wages.
To do debt consolidation you get one big loan and to pay off your other loans. It's typically at a lower interest rate and often a secured loan such as a home equity loan. The trap many people fall in to is that they spend on the accounts they just paid off and end up in twice as much debt as they started with. If your house is collateral, you could end up losing it.
I would never recommend credit counseling. They are paid by the creditors they negotiate with. All they do for the monthly fee they take from you is negotiate your interest rates down. You can do that yourself. They'll also put a 3rd party intervention mark on your credit which will make it difficult for you to get any more credit in the future. So while you might have wanted to do this option to preserve your credit, it will work against you in the end.
The last option is to learn to manage your spending better. Negotiate your rates as low as you can. Then pay the minimum on all of your accounts except the one with the highest rate. Once that's paid down, use that as leverage to negotiate better rates still or open a different account with a better rate. Take the money you were using to pay that one and add it to the minimum payment on the next highest rate account. Repeat until you're at a level of debt you're happy with.
While your current situation may look dismal, there are always options. Figure out what you really want to accomplish and get started.
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Tags: cash flow, credit history repair, minimum paymentsFiled under Bad Credit by 
Comments on Credit History Repair: What If It's Beyond Repair?
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Thank you for that info.?
Yes I love what I do… I actually work for a faith-based (serving the ONLY Living God, not gods) non-profit that develops properties into housing for low-moderate income families and shelters. We also provide help & services for the unemployed and those who are facing foreclosure crisis and credit repair help too.
I like what I do because I leave every day feeling as if I done a little something to help someone else in need during my day. I also enjoying researching and writing grants which is a large part of my workload. I prayed about a posiition like this and I believe my prayers were answered!
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The above mentioned tips shoudl be well taken. In all actuality, if you can read and follow this blog, then you have more than enough capacity to repair your own credit.
It's simply a matter of knowing what you can do under the law and how to do it. I suggest looking up your rights to dispute with the Bureaus under section 611 of the FCRA, and to dispute with the creditors under 623.
The FCRA is codified as 15 USC 1681 et seq.
If you're in collections you can use the FDCPA in conjunction with the FCRA for some pretty powerful results in cleaning up that report.
Credit info Center has some wonderful advice on the 1-2 punch method using both of these statutes in conjunction.
And if you're looking for a community just for credit repair, all for free of course, you can join the forums at debtorboards.com
and Credit Info Center
If you wish, you can contact me personally. I'm not a lawyer, nor do I claim to offer legal advice, I merely pass on what has worked for me in the past.
lueser2.0 at gmail dot com
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right questions to your financial advisor's and anybody else you can think of.
Knowledge is power. Learn about business and finance and you will be scared, but calm, like I am.]]>
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right questions to your financial advisor's and anybody else you can think of.
Knowledge is power. Learn about business and finance and you will be scared, but calm, like I am.]]>
As The Richest Americans Get Richer, The Rest Are Drowning In Debt
2. Is affirmative action luring minority members who are almost certain to fail in their educational program with massive debt with little benefit?
This is a bigger possible concern.
Let the student worry about it. Their adults, responsible for their own decisions, anf Black folks (who, in the end, are the subject of all this) REALLY HATE paternalism.]]>