If you are unable to make your monthly payments, let your creditors know, and try to work out a suitable payment plan with them. A creditor will often times work in conjunction with you to find a plan that they do not report to a credit score if you get a hold of them. Furthermore, this can help to redistribute your financial resources in a way that allows you focus on repaying debts that fall under more stringent terms.
Go over your monthly credit card statements to check for mistakes. Should there be any mistakes, contact the company and talk to them to avoid being reported to the credit companies.
Try not to file for bankruptcy. The record of the bankruptcy appears on your report and affects your credit rating for up to 10 years. Though the idea of ridding yourself of debt can sound appealing, the long term consequences just aren’t worth it. It may be hard to get a credit card or a loan if you declare bankruptcy.
Paying off any debts you have that have high interest rates can help you to avoid paying too much. Creditors are skirting aspects of the law when they hit you with high interest rates. However, you did sign an agreement to pay the interest. You may wish to make a legal claim that the interest rate charged exceeded your state’s statutory limits. You need a plan and schedule when it comes to paying off your debt. They are still going to show up on your credit report but they are going to be marked as paid so you will not have to deal with the ill effects of having unpaid debt that is past due.
It can be stressful to have to deal with a negative credit score. A bad credit score can be particularly irritating if it constantly reminds you of the bad mistakes that caused the drop in your credit score. It’s quite challenging to rebuild your credit, but it’s not impossible! Here are some great ideas to get you back on track.
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