Repairing your credit score will not be accomplished overnight. You will have to change your lifestyle for awhile until things get better and when that happens, you should make sure that this stays that way. If you need help, get a financial adviser who will help you every step of the way so you won’t be in debt again.
The challenge of paying for debt is that you don’t have to pay the amount in a lump sum. The only way to do this is to pay these slowly and to prevent it from being reported, you have to talk with the creditors regarding your situation and work out a payment plan.
If you are successful in making a deal, then you have to make it happen by coming up with the money. This can be achieved by cutting down on your expenses and using this to pay off the debt that has the highest interest rate. Once you have passed that hurdle, it is time to work on the rest.
The objective here is for you to be able to close unneeded or unused accounts so you end up carrying only 2 credit cards left in your wallet.
It is advisable to end the newer ones rather than the old ones and if there are many, do this over a period of several months. You should verify that they were closed so this will also be reflected in your report.
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You can use the same strategy for fixed loan payments but remember that this is just a short term because you will be paying more due to interest but at least it allows you to stay current and aids in credit score repair.
Surely, you want to keep some money to be able to buy necessities like food, clothes and gas. In order to earn interest, you should open a savings account at your back. This gesture also shows creditors that although you have credit problems, you are determined to get yourself out of the hole.
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