Bad credit

October 16, 2008

Bad Credit:

It is a condition in which a borrower’s credit history is affected by CCJs(County Court Judgments) CCJs occurs when the borrower is not able to pay its debt. IVAs,( Individual Voluntary Arrangements) IVAs is a formal agreement between the debtor and the creditors. An IVAs’ proposal sets out how the debtor is going to repay the creditors, usually over a period of five years. Some other conditions are like defaults, late payment, bankruptcy (Bankruptcy is a legally declared inability or impairment of ability of an individual or organisation to pay their creditors) etc.

Here are some tips to Repair Bad Credit:

Try to pay all of your bills on time. Don’t go for a late payment because late
payments that are 30 days late or more gives a negative effect on your credit
rating. Reduce the number of credit cards you carry. Write to your creditors to request that they close your accounts and report this status change to all three credit-reporting agencies. Request in writing that your creditors reduce the credit limits on your accounts to lower. Get a secured credit card to help reestablish your credit. You will have to keep a designated amount of money in an account that will be sufficient to cover your charges. Make payments on time .Avoid bankruptcies because a bankruptcy stays on your credit report for up to 10 years. Also avoid tax liens which are for not paying state or federal income taxes or property taxes, and collections because collection accounts and paid tax liens stay on for seven years, and unpaid tax liens will haunt you forever. Get a yearly copy of your credit report to catch any errors.

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Clear your bad credit with a Personal Consolidation Loan

October 12, 2008

Clear your bad credit with a Personal Consolidation Loan

There are many a ways to clear your bad credit (as a credit mess excess credit cards and other unsecured debt) one of the great way is a personal consolidation loan. A personal consolidation loan has been the reason many people have been saved from having to file for bankruptcy, as soon as you will start your new lone program the easier it will be for you to start straightening out your finances again. It works by paying all of the current debt which gives a reflection all of your accounts as paid in full. In place of this the debater gets one lump loan at a lower interest rate than you were currently paying to all of your debtors.

It is a very simple it needs a easy paper work and simpler and easier to fill out than the paperwork at a traditional bank or lending institution. If you don’t have enough time for long lines for your working schedule, then the online entry option is the best option because, the online entry of this form is having only one page, the fields indicated in that has to be filled and after filling when you submit the form the information is retrieved by the lenders.

Before applying for personal consolidation loan online you first identify your own needs. That what you are looking for, means which type of loan you are looking, for what purpose you are need that, check that the loan you are taking is secured or unsecured, and understand all terms and conditions. Once you have made your own list of needs, you can find an appropriate lender. If you are having any problem or unable e to understand that what a particular lender is asking you can email them to make things clear.