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Avoiding Declines by Repairing Credit
By Barry Gilbert
Sorry you are declined…Have you ever heard this before
when you went to apply for a loan or a credit card? If
you have, this means that your credit files has some
negative reports and it is time to clean up your act.
Credit files are a report that contains your credit score
and history. Three major companies hold your files and
allow others to view them when you apply for a loan,
credit report, job, apartment, and so on. If that report
or file has negative results you will hear…sorry you are
declined. If you are declined then it is time to get
started to rebuild your life. Credit bureaus obtain their
information about you from all creditors that has done
business with you.
If you missed payments, ignored payments, or else simply
overlooked payments the reports are sent to TransUnion,
Equifax and Experian for review. Once the bureau's has
found negligence against you, your credit scores are
immediately dropped. The lower your score means that you
have fewer chances in life to get a loan, credit card,
apartment, insurance, and so on. The higher your score
means that you have opportunities to buy a new car, get a
home mortgage loan or a major credit card from any source
practically.
The outlook for bad credit ratings then is something we
want to reconstruct rather than ignore since it means our
respect is in jeopardy. Many people around the world are
filing bankruptcy, consulting with debt management
programs, counselors, and other resources to find a
solution to get out of debt. The fact is these people are
adding problems to their lives. When you apply for
bankruptcy this stays on your credit file for 10 years
and in some instances fifteen years.
If you consult with debt management agencies or the
wrong debt management counselors, you are only adding
expenses rather than deducting bills. The law provides us
a degree of protection, but the total outlook is that
when we have bad credit we are walking on pins and
needles for the rest of our lives unless we clean up our
act. Bad credit can lead to judgments against us,
lawsuits, foreclosures, repossessions and so on. When we
have bad credit we are subject to become homeless, broke,
hungry and then some.
The key then to success is to find a solution that works
best for us. If you are working or even on Welfare or
Disability it is possible to reestablish your credit. The
first thing you have to do is make sure your living
arrangements, vehicle, living necessities and so on are
in accordance with your income. If you are spending more
than you are making the chances of you getting out of
debt will decrease. On the other hand, if you monitor
your income and spend within your means you may find a
solution to get out of debt. You might also want to look
into part-time jobs if you are on Welfare of on
Disability.
The sources allow you to make so much money each month.
You will still receive your checks with a little less
income, but for the most part, it is a step in the right
direction since you will be getting back on your own two
feet. In addition, if you are working and making less
than what you are worth you might want to find a higher
paying job that could benefit your future. There are many
options available to building your credit. If you have a
vehicle that is costing you more than you make, you might
want to consider selling the vehicle and purchasing a
used car. Used cars when maintenance is kept often last
and are less expensive than newer vehicles.
If you are paying more than you make on Mortgage you
might want to consider selling your home, paying off your
debts and work toward restoring your life. To avoid
declines it is important that you find a solution to
repair your credit. Relying on others has proven in most
cases to be nothing more than a waste of time. Therefore,
the solution is finding what works for you. About the Author We are committed to helping you to get your credit back
on track, OR get loans or cash that you need. Loans,
Credit Repair, Filing Bankruptcy, Government Grants,
and Government Auctions etc.
http://www.auctionbusinesssite.com/credit
Article Source: http://www.simplysearch4it.com/article/16973.html
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