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Posted on August 21, 2008 by Matthew Stollinas | Posted under Credit
Questions You Need Answered about Your Credit
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Is there life after bad credit? Having bad credit is not the end of the world, although it might feel that way sometimes. These days when so much hinges on a good credit rating, there are more and more opportunities for you to make good on a bad rating. The best thing to do is shop around for a credit company who is willing to work with you. Each company has its own set of standards when reviewing an individual's account and some may be more lenient than others when rendering a final decision. Some might take into consideration the work you've done to make improvements and actually take a chance on you. The worst that could happen is you get denied. Should I try using an ad for credit help that I got in my email? Be very, very careful about which ads you answer when looking for help re-establishing your credit. Many of these ads are scams that will promise you the moon and deliver absolutely nothing. No one can completely erase bad credit and anyone who claims to be able to do so is lying. Fly by night companies like this will only get you further into debt when you pay them the money you could have been using to pay off some of your creditors. If you are seeking solid financial advice, visit a reputable company and let them help you. Why did my credit suddenly go from being okay to a poor rating? You may be oblivious to a number of factors that can negatively affect your credit. The first one is someone inquiring into your credit history. Your credit history can be examined by credit card, utility, or mortgage companies. If you have taken steps to fix your credit rating recently, remember that it can take a few months for that to actually appear on your credit report. Lack of timely payment of bills might be another problem. Finally, having poor credit may be directly related to the number of charge offs appearing on your credit report. Charge off is a term used to describe a situation when a company realizes you will never pay a bill, for any reason such as forgetting to pay it or simply refusing to pay it. Your failure to pay is written off as a loss when the company does their taxes. Are there any other options available when purchasing a new home? Yes, you can go directly to the homeowner and see if they are willing to sell the house to you under a selling finance agreement. This provides a contract wherein you make payments directly to the actual seller instead of making payments to a bank. Another option would be lease-to-own. When you do take this kind of option you will have to do some homework ahead of time and figure out how much rent is going for a down payment and, after a certain period of time, how much credit you are going to end up with. About The Author: Having gone through credit problems himself, Matthew Stollinas knows first hand the importance of good Christian debt counselors. Matthew chose Family Life Credit, a Christian financial counseling, and received Christian financial counseling there. Today, Matthew is debt free and able to help others with their financial troubles. |
Tags: CHRISTIAN FINANCIAL COUNSELING EXPERTS, CHRISTIAN CONSUMER CREDIT COUNSELING EXPERTS, CHRISTIAN CREDIT COUNSELING SERVICES
