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Post by israel21 on Aug 16, 2004 23:20:27 GMT -5
Just wanted to say hello and see how the people who were working on improving their credit were doing. Sending the letters of dispute to the credit agencies takes a little time but it works. There may be an even quicker way than that as well but I am still looking into
that. Jsut don't forget to send it certified so you get a return recepit. They sure do get back to you alot quicker than if you didn't send certified. Hope everyone is doing well in their endeavors and pursuits.
Carlos
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Post by israel21 on Aug 16, 2004 23:23:15 GMT -5
We have been working on our credit for some time now. Obviously paying off high interest credit cards should be first priority. We have been following the "pay yourself" first philosphy and it is amazing how that principle can help you become more disciplined. Something about paying yourself first and knowing there is some money set a side, then being disciplined enough to leave it alone, gives you a sense of strength to attack previous poor spending habits.
We transferred our remaining high interest credit cards to lower interest cards and paying of the debt of the smaller balances first (gives you a sense of accomplishment.) We now only have two cards and they are very low interest, so the payments primarily go to principal.
We should be out of credit card debt soon. But, if you don't have the credit yet to get low interest cards, then make sure you pay on time and at least make it a goal to get your balances to half of what your credit limit is. That will help improve your debt ratio.
BTW, if you are looking at your credit report and trying to pay off old debts that were written off. BEWARE. I'm not advocating that you should not pay your debts. But once something becomes a write off, then depending on how long ago it was, the company will eventually destroy the record.. Company policies are different, but most only keep records for ten years (many are less than that.) If you try to pay off an old debt then the file will remain on your record for an additional ten years or so as a payoff on a written off account. Most companies that write off bad debt can take it as a loss on their income statements. When you decide to pay it, then is good for that company (and your conscious I suppose) but the record remains with you for longer than you would have wanted if just left alone to drop off your credit report. Just some thoughts to think about.
Benjie Adams
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Post by kingston on Nov 25, 2004 19:21:42 GMT -5
Use secured loans and credit cards that helps your credit in a big way
Whenever a potential borrower doesn't qualify for a mortgage this is one of the options we tell them about because it helps your score fairly qucikly
Use this responsibly because poor management can hurt you as well so be very careful
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Post by Joe Solis on Jan 28, 2005 17:15:57 GMT -5
I'm not sure how it exactly works (clearing out credit) But I am very Very interested in starting to rectify our credit. What are the first steps in engaging a system to get it started? If anyone can help please let me know.
thanks
Joe
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Post by Jake on Jan 29, 2005 22:46:08 GMT -5
I'm not sure how it exactly works (clearing out credit) But I am very Very interested in starting to rectify our credit. What are the first steps in engaging a system to get it started? If anyone can help please let me know. thanks Joe Joe, I think the best advice is also the simplest advice: If you carry a balance on your credit card(s) . . . pay it off. Start with the one with the highest interest rate first, then pay off the next highest and so on. I wish I could tell you that there's a magic bullet to make it all go away but unfortunately time is a real factor in clearing credit. You might want to check with the Consumer Credit Counseling Service . . . [ftp]http://www.cccsintl.org/[/ftp] I don't have any actual experience with CCCS, but I have heard good things.  |
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Post by Red4Runner on Apr 20, 2005 11:20:18 GMT -5
Israel21 was talking about the "pay yourself first" philosophy and I wanted to add that in addition to developing a healthy discipline it's also very freeing in the sense that I MUST tithe.
Oh, I'm referring to the 3 piggy banks that Robert Kiyosaki mentions: Savings, Investing, and Charity.
And we all know that when you open your hands out to give it also allows you to receive. The charity part is something that I just barely started doing in the last year. It is definitely more about the psychological benefits of knowing that there is an abundance rather than it being about the actual money itself.
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