Credit problems? We can erase your bad credit record. Those words are part of ads appearing in newspapers, television, or in the internet. In addition, you hear them on the radio, receive brochures by mail, or get phone calls.
If you are struggling with debt or a low credit rating, here you will find some steps you can take to repair or rebuild your credit. The worst thing you can do is ignore it.
You can take action about your situation. How is this possible? Each person is entitled to a free annual credit report, so you claim the benefit. Once you have the report on hand, go to the section that says collection; this is nothing more than the history of what you have not paid and the companies that you owe money. With patience, pick up the telephone and start contacting the companies to negotiate payment arrangements. It is worth trying.
Credit specialist Ramiro Orta, who has more than 15 years of experience in banking, explained that many people are unaware that most banks want to collect at least some of the amount owed to them, so they will be willing to negotiate with you and you should try.
If your situation is worse than you thought, you really need to find an expert to help you. Do your homework and research companies that are currently in the market offering credit repair services to avoid having them take advantage of you. As the old and well-known saying says, all that glitters is not gold.
Orta said that there are two things that people should know when they try to repair their credit. First, bad credit records expire after seven years and will be removed from your credit history; therefore, banks cannot use them to deny you a credit card again.
The second thing is that once you have fixed your credit, you should start building credit again. To accomplish this, Orta recommends that you deposit an amount of money in a savings account and ask for a loan on the money. Keep it for a period of six months to a year. During this time you will have the advantage of low interest rates, an option in case you need to make repairs to a car, the air conditioning, or in the house.
After a year, the bank will offer you a credit card.
Regardless what your case may be, remember that your bad credit can be fixed, and in the future be more careful with your credit to avoid a snowball effect that cannot be stopped.
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