How Long Will It Take To Clean My Credit?
Posted on December 16, 2008 - Filed Under Finance | Leave a Comment
How much time before you can have a clean chit? This is indeed a million dollar question. Well, the answer lies within you. This is not something that would disappear overnight - so do not go for any of those companies who promise you this particular "miracle". If you choose this way, you would find that you wasted precious time and money chasing a mirage. Rather, you concentrate all your efforts in gathering information that could set you free.
What you need to do is simple, though time taking:
1. Start at the beginning - make a list of all your debts. Be careful you include absolutely everything. Find out how much time and money would it take you to repay all of these considering you have the money. Be realistic, not wishful. If you find that your income is not sufficient to cover your debts, then calculate how much exactly you can afford to pay without the danger of further slipping into debt.
2. Look up debt consolidation programs - once you have a sum that you can afford to use for repayment, look up for debt consolidation programs that could suit your purpose. You need to find one that gives you the best terms, hence, take your time and do a complete research for the same. A little hurrying up here might cost you thousands of dollars in the long run - so be patient. Gather as much information as you can and do not be ashamed to bargain for the best possible deal.
3. Be regular - regularity in payments is very important. You need to be seen as a responsible person and late payments or missed payments are against this picture. Ensure that you make your payments with extreme regularity.
4. Get a secured credit card - a low limit credit card would help you make in-time repayments and show you in a better light. However, with a bad credit it might be difficult for you to get a credit card. The best would be to apply for a secured card. Do not loose your focus when you use them. Your aim is to sow that you are now a responsible citizen who knows when to charge and is capable of making payments. Be careful that you keep the expenses charged to the minimum and the payments are on time.
5. Negotiate - many creditors are open to negotiations such as reducing the interest rates, freezing the interest rates and even helping you find the best way to repay the debts. Open a dialogue with yours directly - not through intermediaries - and check out this avenues. There are many instances where excellent solutions came out from negotiations and the credit was restored easy and fast.
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