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| *Loan,banking and credit>>>credit repair |
How do I repair my credit by making monthly payments? |
I want to repair my credit. I was told I can combine all my bills and send it somewhere and they would allow me to make one monthly payment. I'd like a place that non-profit. Can anyone help? Lets start by clarifying things... Debt consolidation is when you take out a loan to pay off all your other debts, then you pay one loan off at a reduced amount. Debt SETTLEMENT is when you hire a company to contact your creditors and negotiate a reduced balance, lower interest or late fees. You then pay this company to act as a "trustee" and pay off your creditors. Debt SETTLEMENT kills your credit scores. But getting a consolidation loan does not! You will still have the same debt, but now it's only to one person. Debt consolidation is a great way to fix your money problems...but it has great dangers also. Over the past few years the banks have been enticing people to take out these loans. People get them and pay off their credit cards....then turn around and run up those cards all over again. Now they are in twice the amount of debt, and have no way out. The end up filing for bankruptcy. This is the main reason the bankruptcy filings have skyrocketed over the past 5 years. So if you plan to go this route, you MUST get a grip on your credit spending. You may get your doubts very well clarified from http://moneytips.bestmoneymatters.info... . Best wishes! Actually whoever told you that is dead wrong. Consolidating your credit will hurt your credit score. At least for a while. It may make dealing with your finances easier, but it wont help your credit score. The only way to improve your credit score is to follow good credit management from here on out and NEVER miss payments or make late payments. Over time your score will improve. There are very few shortcuts in credit repair. You have the right idea, just keep making payments. Do not do a loan consolidation, this will only hurt your score. Just make at least the minimum payments each month, and save extra cash to pay off any outstanding debt. (if you have any). It will take time, but it will work. READ THE FINE PRINT BEFORE SIGNING ANY AGREEMENTS WITH A COMPANY THAT SAYS THEY ARE DEBT CONSOLIDATION OR DEBT CONSOLIDATION LOANS. THEY END UP HURTING YOU MORE THAN HELPING. |
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