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Thursday, 30 October 2008 |
By Stephen Chua
 Many credit repair companies will advise you to pay off you debts so that your credit score will increase immediately. Unfortunately, this may not be the case.
For those people with serous debt issue, there are other related issues that they faced too. These issues include charge-off, begin reported to a collection center and bankruptcy. All these are negative records that can stay in your credit report for seven to ten years. The records do not go away immediately even after you cleared all your debts.
Even for small mistakes like not paying bills on time, it will take some time for the record to be erased from your credit report.
If you have been repaying your bills on time, it will still take time to built a good credit history that can boost your credit score.
For any over-due account that you have paid off, it will be marked as 'paid' in your credit report. Even if your credit score does not show any improvement, creditors and lenders may view the paid item more positively than seeing an unpaid account.
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Last Updated ( Thursday, 30 October 2008 )
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Thursday, 30 October 2008 |
By Anthony Roberts
 One of the worst situations most Americans feel is when they have a bad credit rating. Having a bad credit rating or bad credit score may well mean that your finances are not on its peak yet it does not necessarily mean that having a bad credit is hopeless case. Contrary to common notion, having a bad credit reputation does not necessarily mean the end of your financial life. In fact, many expert financial advisors would see bad credit as an important turning point in one's financial life. Bad credit can indeed be to your advantage if you know how to handle it well and if you take control over it instead of you being controlled with bad credit and endless debts. If you are one of those struggling to pay off debts, then you might want to consider New York refinance programs.
Refinancing existing loans or refinancing mortgage payments with bad credit can also serve to your advantage. Yes, as with any new financing plan, it can put you in deeper debt. Yet, with proper management and guidance, refinancing can help you slowly |
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Last Updated ( Thursday, 30 October 2008 )
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