Terry’s Blog: Is You Credit Bad, You Can Fix It

Terry is a gay friendly realtor in Sioux Falls SD.  You may reach him at 605-351-1008 or terrybornitz@kw.com

Terry is a gay friendly realtor in Sioux Falls SD. You may reach him at 605-351-1008 or terrybornitz@kw.com

Sometimes people are thrown into debt simply because the credit company made a mistake. Unfortunately, and as disgusting as it is, many of these companies state in incredibly fine print that their mistakes do not matter. You’re still on the hook for the poor credit score. So regardless of whose fault it is that you’re in debt, you need to get out of it. Let’s work at fixing that score! Read on to see some of the things that you can do to remedy your situation.

Resist the grace periods that credit cards may offer you if you’re trying to fix your credit. It may be tempting to be able to skip payments, but it’s not a good idea. A history of regularly paying off your balances is vital to a good credit record. Pay at least the minimum every month, and more if you can afford it.

If you want to fix your credit rating, start paying off your debts. Pick the credit card with the highest interest rate and work on paying that one off first. Then move down the list until you’ve managed to pay everything off. You start with the most first since these are going to cost you the most if you let them sit.

Keep all of your credit card accounts open, provided there are no fees to do so, in order to keep your credit score up. Closing a credit card account may hurt you in the end, so if your credit score is fragile and you need to build it up, keep your accounts open, particularly if they have a balance currently.

Although it requires a lot of time, seven years to be more precise, and a ton of patience, sometimes, simply waiting it out is your best option. Typically, after seven years, bad debt falls off of your credit report. So if you can commit yourself to no new debt for seven years, it could be smooth sailing.

If you are trying to improve your credit history and repair issues, stop using the credit cards that you currently have. By adding monthly payments to credit cards into the mix you increase the amount of maintenance you must do on a monthly basis. Every account you can keep from paying adds to the amount of capital that may be applied to repair efforts.

If you are in excessive debt and need to repair your credit, you must get into contact with your creditors. Hiding from your creditors will only make the situation worse. If you speak with them, they may be able to help you; if you refuse to talk with them, there’s nothing they can do.

Paying your monthly bills in a timely fashion is a basic step towards fixing your credit problems. Letting bills go unpaid exposes you to late fees, penalties and can hurt your credit. If you lack the funds to pay all your monthly bills, contact the companies you owe and explain the situation. Offer to pay what you can. Paying some is much better than not paying at all.

When you need to repair your credit, pay more than the minimum monthly payment on your debts whenever you can. Paying beyond the minimum, cuts down debts faster. In the case of serious debts, the minimum monthly payment may do little more than negate the debt’s interest. Paying off such debts on the minimum plan can take many years.

Know your rights that are protected by the Fair Credit Reporting Act. This will help you with any kind of negotiations and inform you of what you are entitled in the eyes of the law. Knowledge is power and when repairing a credit rating, it is very possibly money in your pocket.

When trying to repair your credit via an online service, make sure to pay attention to the fees. It is a good idea for you to stick with sites that have the fees clearly listed so that there are no surprises that could harm your credit further. The best sites are ones that allow pay-as-you-go and monthly charges. You should also have the option to cancel anytime.

You’re going to need good credit at some point in your life. Having bad credit makes you a pariah in this money-based world we inhabit. Since the economic system isn’t going to change any time soon, you need to use every tool at your disposal to fix that credit score. This article provided some great information you can use, but you’ll still need to put the info into action.Keller Williams Realty-Print

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