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Credit Repair Home > Mortgage Research > Credit: Credit Repair |
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Credit
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Why does it take so long!
Repairing your credit is a slow, time consuming project with fantastic rewards. Start by paying all current bills on time. Try to bring current all bills that are late. Start with the smallest bill and work your way up to the harder more expensive bills. We recommend a major cut back in consumer spending until the credit cards and monthly bills are under control.
Gather all your monthly bills
Begin by making a list of current credit card balances, monthly payments and
interest rates charged by each creditor. Next develop a plan for reducing
the number of bills. Maybe you can consolidate a few cards onto cards with
higher credit limits. The goal is to eliminate consumer debt.
Start by itemizing your assets and your debts. Paper and pencils are cheap.
Make lists and adjust the information as you make progress. Listing all you
liquid and non liquid assets is important. You need to know what you have
to help reduce your debt. Maybe you can sell some items that you no longer
need to pay down your debt. Make a list of all sources of income and potential
income. Can you borrow money from family, friends, or bank to fix problem?
Communication with your credit card companies and lenders is your main priority.
Let them know now that you are facing a temporary problem with cash flow and
you are working on correcting the problem. Let them know that they will get
paid as soon as you can pay them.
Ask for programs that allow deferring payments or workout plans that buy you time. Postpone filing for bankruptcy as long as you can. If you are at that point, your credit is already messed up. Bankruptcy attorneys do not work for free. The money that you are paying them would go a long way towards debt elimination. There are many times that their services are very necessary. |
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