If you suffer from bad credit, it is most likely that
you've had or you still have unpaid debts in your account.
When was the last time you checked your credit report? Are
you 100% sure that your credit report is accurate and that
there are no unauthorized charges in it?
Your Credit Report and Bad Credit
Why should you take an interest in what your credit report
says about you? Most people do not realize that their low
credit score is actually a result of inaccurate information
on their account. By obtaining a copy of your credit
report, you can examine and file a dispute with the three
big credit bureaus and the creditors themselves. This is a
very important to do BEFORE you apply for any new credit
cards or loans.
What if all the charges in your credit report are correct?
Then examining your report will help you see exactly how
much you owe each of your creditors. You can also review
all the payments you already submitted as well as your
existing balances and unpaid dues. Being aware of these
details will help you create your repayment plan more
effectively.
Working on Your Repayment Plan
If your present repayment terms are too difficult for you,
it's best to talk with your creditors and try to negotiate
with them for a lower interest payment or a settlement
amount. Don't be afraid to explain your present financial
situation so your creditor can see why you're having
difficulty in repaying your debts. Ask for a new repayment
plan that will better suit your current financial capacity.
If you're having a hard time creating a budget, consulting
a legitimate credit counseling agency is advisable. A
government accredited credit counseling organization should
be able to help you create a budget plan and a repayment
plan that works.
Guaranteed Approval Credit Cards and Loans
What about guaranteed approval credit cards and loans?
Should you apply for them? If you're in need of a credit
card or loan now, and can not wait to improve your credit,
then there are still options available for you. A bad
credit credit card can be a tool to help you rebuild your
credit. The key is to find a credit card with a reasonable
interest rate. Find one that reports to the three major
credit bureaus so that your credit report can be updated as
you submit your payments.
Finally, be vigilant in keeping up with your payments ,
avoid charging more than you can afford, and always pay on
time.
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Liz Roberts is a loan consultant with NewHorizon Finance
and has been providing consumers and business owners with
financing since 1989. Join our mailing list for FREE tips
on building and repairing your credit . We also have a list
of recommended bad credit credit cards.
http://www.newhorizon.org/Info/unsecured.htm
Copyright 2007
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