Repair Credit Report Help

How can i got out of debt and fix my credit report?

Public Comments

1. First limit your current spending so you are not adding to the problem. Here is some additional info. Hope this helps.
2. If you have pulled your credit report I would start by paying off the smaller debts that you can handle. For the larger ones see if the company you owe will give you a settlement offer. This will usually work if you are very delinquent. You WILL have to pay the bills unless you plan on filing bankruptcy. The bankruptcy laws are much harder now and more than likely you will end up paying it back anyway. Also keep in mind that debt is not the only thing that messes up your credit. Having too many credit cards with too much available credit can also hurt you. You want to have a couple of credit cards and keep them about 50% maxed out. Make more than your minimum but don't pay it off in full every month. Credit card companies won't try too hard to retain you if you are not making them any money. If you have paid your bills on time for a year ask for them to lower your percentage rate.
3. http://www.expert-credit-advice.com/
4. 1) Understand what's in your credit report: http://financialbasics.blogspot.com/2006/11/credit-reports-and-credit-reporting.html 2) Learn how to budget: http://financialbasics.blogspot.com/2006/11/creating-budget.html 3) Protect yourself against Identity Theft: http://financialbasics.blogspot.com/2006/11/its-not-me-preventing-and-dealing-with.html Hope it helps
5. Grab a piece of paper and write down each individual bill, how much you owe, the minimum payments for each and total the amount for the minimum payments. If you know how much you make each week/month this will be a little easier…take how much money you have left over after all your bills & credit card minimum payments paid. Take that extra amount and pay it towards your SMALLEST debt, regardless of interest rates. You do this for a couple reasons: dumping your extra money into the largest bill is just getting eaten up by interest and not making much of a dent on the principal, plus you’re STILL dishing payments out to the smallest bill plus interest!! Let’s say you have enough money in the first month to pay off the smallest debt. Now you’ve done three things: reduced the number of debts/creditors against you (score goes up), reduced your debt ratio (score goes up), and by paying this bill off you now have the money you used to pay to that bill added to your “extra bill money”. You gain more ground overall by eliminating your debt from smallest to largest. Now, concentrate all your extra money towards your next smallest debt. As you eliminate all of your smaller debts, you then can concentrate ALL your extra money towards you largest debt. Meanwhile, your score is slowly going up because you have less creditors and a much lower debt ratio. Before you start paying any of the bills, you should first look at your total financial situation. How much money are you taking in and how much are you spending out. Look at what you’re spending all of this on and see if these expenses are actually necessary. If the expenses are unavoidable (cable, electricity, credit card bill, etc) then ok. If the expense is avoidable, ask why…are you dropping $50 a week on pizza? $30 a month on Netflix? Expenses like that can be tweaked and modified so that you can still have fun without throwing money out the window.