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Weeping Wallets: Advice For Credit Repair Snafus

LabDays – REPAIR: PappLab
credit repair

Image by Ars Electronica
Tables, chairs, benches—all furnishings at Ars Electronica 2010 were made of cardboard (German: Papp) cartons. Mastermind and workshop director of the "PappLab" responsible for turning out these objects is Linz artist Wolfgang Gratt (AT) aka Wodo. Now, under his expert guidance at the Ars Electronica Center, young and young-at-heart designers can come up with cardboard furniture of their own and, when they’re done, take their creations home with them.

credit: rubra

So many people have poor credit these days because of the bad economy, lay offs, and increased cost of everyday living expenses. Fortunately, these tips and tricks will provide useful insight into ways that you can work toward a healthier credit score.

Do not file for bankruptcy if you do not have to. Bankruptcy can make getting credit almost impossible for many years. It may sound like a good idea at the time to rid yourself of all your debt, but it will affect you later on. You may not qualify for auto financing or a credit card after filing for bankruptcy protection.

In order to repair your credit, you should always make your payments on time. Even if you can only pay the minimum, just submit something. Even one missed payment will hurt your credit.

You should know that credit inquiries will hurt your score. If someone inquires about your credit score, it is noted on your report.

You need to carefully scrutinize credit counselors before you consult them for help with repairing your credit. Many counselors are honest and helpful, but others may be less interested in actually helping you. You’ll find that other ones are just scams. Intelligent customers will make sure to determine the legitimacy of a credit counseling agency before acquiring their services.

Look for a trusted credit repair agency to help you. There are a number of shady operators in the credit repair business that can cost you money and do nothing for you. It is sad to see how many people have been taken advantage of by credit repair scams. If you read enough reviews, you can find out which ones are good and which are bad.

The first thing you need to do when repairing your credit is figure out how you are going to pay any outstanding debt. If you have delinquent debt, your credit score will be affected until you pay it off or seven years pass, whichever comes first. Budget realistically, and set aside as much as possible to pay towards your outstanding debt. Your credit score will be improved if you do not have existing debt.

It is illegal for debt collectors or companies to threaten you. If this happens, be sure to document it. You are protected by law, and you need to know that.

Since your credit score measures how often you are late on your bills, the best way to raise your credit score is to pay your bills promptly. Subscribe to payment reminders to help you stay on top of things. There are a lot of different ways to remind yourself to pay your bills. Set it up using your online banking account and have emails sent to yourself. Another way is to use text messages to remind you of a certain payment you need to make.

You can improve your credit score by taking a small loan and paying it back quickly. This process builds good credit history and demonstrates that you understand your credit responsibilities better.

When you have better credit, you will be offered lower interest rates on loans and credit cards. Lower interest rates mean lower payments, which allows you to pay off debt faster. The way you can achieve an excellent credit score is by getting good offers and credit rates that are competitive in order to make paying off debt easier.

Why would you wait until tomorrow to make changes that could be done today? You could easily use the tips that have been provided to better your credit score. Use this information to prevent your credit rating from falling and to gradually raise it so that you can avoid it affecting your life negatively.