Archive for Credit Repair
What Can Happen To Credit Cards After Foreclosure
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Like so many of you, I too have had my share of financial problems the past couple years. During the good times, I got a little overzealous and purchased a 2nd home and a seasonal vacation rental. Basically this meant that I had 3 mortgage payments and the rental income I received only covered the expenses on the seasonal vacation rental during the summer months. Once winter came around, those came out of my pocket too, so I decided the best thing to do was sell the vacation rental, so on the market it went.
There my listing sat, and sat, and sat, collecting dust with no offers. It got to the point where I could no longer afford to make the payments on the 1st and 2nd, so with much hesitation, knowing I was going to ruin my perfect credit rating of the past 20 years, I stopped making the payments on December 1st, 2008. I had no choice.
The late payment letters and collection phone calls started coming fast and furious by February. I really needed to learn another language or two, because how many times can you tell a collection agent “I don’t have the money” after 3 phone calls from the same lender in ONE WEEK? Maybe if I could say it in Spanish or Greek, they’d understand and stop calling. But no…..persistent buggers they are….and the saga continued until I just stopped answering the phone.
Derogatory Items Remaining After Credit Repair?
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Once you have gone through the initial process of disputing negative items on your credit and have gotten the results back from the credit bureaus, you may find that you have some negative items remaining that need to be dealt with.
Deal With Each Negative Item Individually
It is very important that each questionable item is dealt with individually, except for erroneous personal data. If you attempt to have the credit reporting agency correct several items at once, it will be easier for the agency to claim that your request is frivolous or irrelevant. If disputing multiple items, send each letter at different times, and each in a separate envelope.
The bureaus may attempt to bully you into believing that your request is frivolous, or even unlawful. But the credit reporting agencies are required to assume that all disputes are bona fide, unless there is clear and convincing evidence that it is not. A blanket dispute (i.e. all information is challenged) may be considered evidence that the dispute is frivolous, if you fail to provide any allegations concerning your specific file. Read More→
Raise Your Credit Scores Using This Simple Method
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Too much credit card debt results in low credit scores.
It seems as though you’ll never get out from under all those credit card bills doesn’t it? You make a $50 minimum payment on one card, only to see the balance drop by a whopping $5.00 or so….wow….talk about discouraging. At this pace, you’ll possibly have your bills paid off by the time you reach 70! That’s of course assuming you never charge another dollar, which you know is a fantasy. It’s a great goal in a perfect world, but probably not gonna happen.
Once you have multiple credit cards with high balances, you are stuck in a vicious cycle. If you can only afford to make the minimum payment, then 7/8th’s of your payment is going to go to interest and you’re never going to get anywhere in reducing your principal balance. You know you need to do something about it, but what?
Best Time Of Year For Credit Repair
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Were you aware that the best time of the year to submit disputes to the three major Credit Bureaus is during the holiday season?
Typically staffing at the credit bureaus along with the creditors themselves, who are responsible for verifying disputed information, are a bit short-handed during this time of year due to holidays and vacations.
