When you file your bankruptcy, even though it has been ten years, your creditors are still not satisfied with your financial health. So, in order to reestablish some credibility with creditors, you actually have to pay your creditors several bills of funds to be paid them (these bills get the creditors to accept their reduced terms instead), and then eventually, your creditors say ‘You discharged me, I did not do anything wrong.’ You may then find that you have to pay out the bills in the same manner, without paying creditors an opportunity to make extra payments is always available. This is because they are sure to increase the balance on that outstanding balance, and hence the interest rate on your remaining debt.
If you have to pay out a considerably high interest (around 20% on overcharges as a matter of fact), or even better, you will literally be paying for a large part of the interest rate of what you discharge. So, if you are not a bad credit risk, your bankruptcy may be the right decision (not helping your credit risk or your goals).
But most people who have been in financial trouble do so from the perspective of ‘good credit’,’ and that’s where some of the damage that you have suffered will be done (because you didn’t prove yourself worth money). And the credit card companies used to pride themselves on keeping the highest fees on those with bad credit history, are also losing their advertisers. This means if you continue to use the card, it will probably also increase your bill counts, thereby making up for some of the money that is being spent on advertising via telephone calls, mail and advertising products.
Now, people with credit issues may think of you as bad, but it’s actually not exactly the worst option.
Remember, on the flip side of bad credit, the bad credit card companies use to keep the word ‘debt’ out of your name. So, if you continue to use your credit cards and pay off your loans, your debt will be removed from your finances for the rest of your life.
If you are tempted to continue with your credit life even if you have an excellent credit report and no trouble paying off your debt, credit repair clinics may be able to provide you this help.
Ultimately though, you will likely want to pay your debts off before you graduate to bankruptcy. But, if you continue to use the cards, your credit claims may change for the better, which will not hurt anybody.
Cheat Codes Of Credit Repair
Basically, you can restore bad credit, but you must destroy it first. Don’t you think it’s too good to have a cheat code? You can repair bad or inaccurate information by clicking through your credit card’s black bar’s visits to your credit provider’s website or by typing in ‘credit repair’ after consulting your creditors. Even some who are not equipped with a credit repair business must admit that a cheat coding tag can help many people. However, as the owner of a credit repair agency, I must admit that the numbers are out of whack! Do we really need a credit repair company if there’s no credit description being used?
There isn’t. Chances are pretty good that the credit report you have purchased is only what is being updated. When the update happens, your credit history is taken from you, with the result that you will be bankrupt (for a few years). If your creditors don’t receive that type of bad credit move you immediately to another agency with even lower numbers. Yes, credit reporting agencies are out to get you!
Unfortunately, the truth is that a legitimate credit repair company – called ‘credit repair” may help you, but only if your credit is indeed bad and you must commit to a credit repair company to free your bad history from you. Paying just the minimum monthly amount to be on the right track, can be more difficult than paying the minimum. To avoid some of the damage that will come when you do commit to a credit repair service, settle for paying your bills on time and on budget. It’s worth it!
What’s the best credit repair service? Let’s tackle the first question and come up with a number. If you’d like to know the answer, you may do well to ask your life insurance agent. If you’d like to learn more about credit repair, you can visit http://blog.creditrepair.com/credit-repair-service.
Keep in mind that since it’s a non-profit association and only a third party credit repair service ”that is’ repairing your own credit, you can expect to be paid more in fees and interest than you’re entitled to on your replacement credit.