Thursday, May 24th, 2012 at 10:43 pm ?
Get a written copy of any payment plan you negotiate with a creditor. The documentation you gain from the creditor is important in case the company changes ownership or the creditor is no longer interested in the deal. If you have finished paying it off, you should request a confirmation so you can send it to the credit reporting agencies.
Though it is an unsettling prospect, consider asking your credit card provider to reduce the amount of credit extended to you. This will stop you from racking up giant credit card bills, and show lenders you are responsible.
Start reducing your debt. Creditors take into account your income and they compare it to your total debt. If your debt exceeds your assets and income, then most creditors will view you as being too high a risk. There are many people who are unable to immediately pay off their debts; in this scenario, make a payment plan and closely follow it.
Make the minimum monthly payments on your credit cards when trying to improve your credit. Non-payment will be reported, and this puts you back to square one. You can demonstrate your responsibility by making your payments on time, every time.
Part of having a good credit score is being timely with monthly bill payments. Make sure you have some type of payment reminder to ensure you will not have to make a late payment. There are a number of methods you can use to accomplish this. You can set it up through online banking, a calendar or an email reminder.
Engage with the people trying to collect your debt and have open, honest communication. Establish a way forward with them to clear your debt. Let the collector know what you can pay, and how often. They will be willing to negotiate.
As should now be apparent, most of what?s required to get you out of debt in order to salvage your credit is simply common sense. Using this easily-understood information can help you reach your goal.
This article posted by Tom Morgan
Tagged with: credit ? creditor ? creditors ? debt
Filed under: Credit Repair Tips
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