If you are having problems getting credit or paying your monthly bills, you may be tempted to turn to businesses that advertise quick and easy solutions to credit problems. But do not be misled. There are no instant solutions. Although some credit counseling businesses “guarantee results or your money back,” you may find that there are hidden strings attached or that the company is gone when you want your money back.
There are steps you can take to help solve your credit problems. However, solving them takes time, patience, and some understanding of the law. This topic threads may help you. It explains why your credit history is important, how to build a credit history and establish credit, and what can be done to improve a bad credit history. Please read the topics that follows this blog. It also suggests ways to help deal with debts you may have, possibly by using a nonprofit Consumer Credit Counseling Service.
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I have been down the road of financial disaster with large amounts of debt, no way to pay, harrassing bill collectors calling and mailing notices.
After 3 years of trying to pay down my debt and deal with negotiating small payments my stress levels skyrocketed and I had nothing but health problems as a result.
I finally decided to file for bankruptcy to have all my debts wiped clean.
I was in fact a great start and I was prepared for the long road to financial recovery with re-building and knowing that I would be denied credit, loans, etc.
Two years down the road and i am starting to get into the same situation.
I was making great money, saving cash, rebuilding credit and then BAM…I was laid off, spent all my savings to survive and recently resorted to living off my credit cards……economic times are tough and I am once again in fear that I will be in debt much sooner rather than later.
I tool the courses that teach you how to spend, save and plan when I filed for the bankruptcy, but I have exhausted all means and now I need help before it gets bad.
Any advice?
It is important that you know , you are not the only one who is going through an extreme hardships and credit problems. Millions of people out there have the same problem like you. You seem like nothing can save you from this quick-sand. Hold on, there’s plenty of resolutions. If you are denied credit, be sure to find out why. Remember, you may have to ask the creditors for this explanation. It may be that the creditor thinks you have requested more money than you can repay on your income. It may be that you have not been employed or lived long enough in the community. You can discuss terms with the creditor and ways to improve your creditworthiness.
Here are several ways you can begin to build up a good
credit history:
— Open a checking account or a savings account, or both. These do not begin your credit file, but may be checked as evidence that you have money and know how to manage it. Cancelled checks can be used to show you pay utility bill or rent regularly, a sign of reliability.
— Apply for a department store credit card. Repaying credit card bills on time is a plus in credit histories.
— Ask whether you may deposit funds with a financial institution to serve as collateral for a credit card; some institutions will issue a credit card with a credit limit usually no greater than the amount on deposit.
— If you’re new in town, write for a summary of any credit record kept by a credit bureau in your former town. (Ask the bank or department store in your own hometown for the name of the agency it reports to.)
— If you don’t qualify on the basis of your own credit standing, offer to have someone cosign your application.If your application for credit is not approved, find out the reasons why. You may wish to ask a person with an established credit history to act as your co-signer. Because a co-signer promises to pay if you don’t,
this can substantially improve your chances of getting credit. Once you have repaid the debt, try again to get credit on your
own.
— If you’re turned down, find out why and try to clear up any misunderstandings. Finding out the reasons may help you qualify the next time you apply.
The advise above sounds as if it was written just for me. I used to have outstanding credit and I let a few small bills send me to ruin as far as credit goes. If at all possible, I’m ready to crawl back to where I was once before, ( if at all possible). I just need to find out the best way to start.