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Why Improve Credit?

Want to Save Tons of Money? Do a Little Credit Improvement

There are plenty of financing options available to you if you have bad credit.  However, are they really worth it?  Some of these financing options may end up costing you much more money than fixing your credit would.  Independent lending companies that offer bad credit loans often subject their borrowers to predatory lending.  They insist on high interest rates, strict terms and not much room for negotiation.  Payday loans have low limits and must be paid back immediately.  Car title loans and Refund Anticipation Loans are also flawed, mainly because of their high interest rates as well as the high-profit scheme of the lending companies.

In some cases, it really pays off to invest in credit improvement.  How can you work to improve your credit when you’re thousands of dollars in debt?  You may pursue a solution in the way of refinancing, negotiating with creditors or disputing charges on your credit report.  When it comes to debt consolidation, this is a profitable idea that you may want to consider.  However, investigate the company you are working with thoroughly.  The mission of a debt relief agency is to refinance a loan while negotiating with creditors for a lower payoff.  This way, they can consolidate all of the consumer’s bills into one convenient payment.  Without refinancing, this option is useless.  You can try negotiating with creditors on your own.  All that a debt relief company or credit score repair attorney can do, short of taking on your debt, is inform you of any illegal items listed on your credit report.

Some creditors may be willing to reason.  Creditors have been known to drop a consumer’s dated charges just to keep the customer happy.  If you are in major debt, then this may not be an option for you.  However, you can pursue credit improvement by negotiating terms with your creditors as to how much you can send. 

What about the matter of credit disputes?  This is definitely an area of credit improvement that needs attention.  You can contact the creditor directly or the credit bureau for more information.  You will be required to dispute the charges in writing and give the bureau about a month or so to respond.  As per the Fair Credit Reporting Act, the bureaus are required to investigate your dispute claim at no charge to you.  Know that the same act also made it illegal for consumers to take advantage of this system and dispute a charge that is obviously valid. 

Credit improvement is an investment that pays off.  Your negative items are stored for seven years (or ten for bankruptcy) and then wiped clean.  If you make an effort to pay off your most important bills one at a time, you will be returned to a clean slate and be respected by all major credit companies.  This will mean better terms, with lower interest rates, more generous time frames and lower monthly prices.  Having good credit saves you money!

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Credit Success Stories

I had credit problems, and wasn't able to qualify for a regular bank loan or a credit card. Then, I ran into a financial emergency. I found out that I could take out a faxless payday loan quickly and get cash to cover my emergency. The good thing is the lender didn't need to pull my credit history, and I was approved easily. Read More