Bad Credit Repair
If you feel bad simply because you can’t meet your bills expectations at the moment they arrive, then you are not alone.
Even the best of us are struggling to meet some expectation that the system has placed on us.
We calculate weekly the amount we spend on groceries, which are constantly increasing, as well as other bills that are constantly on the rise.
It seems at times it is a no win situation, but the fact is there is always a solution to most problems. The problem most times is some of us do not have the means to find those solutions.
This brings forth more stress and often we feel that we are alone.
If you trying to build your credit status you need to find the resources that can help you get results.
The marketplace offers credit repair kits, which can lead us in the right direction to repairing credit, but the disadvantage is that many of the kits are expensive. Let’s face it, not everyone has the money to spend on commodities that claim to help us.
Some of us struggle harder than others just to survive. Life is forever changing and in order to keep up with the changes we all have to find a solution. Therefore, I am going to tell you where you can get a free credit repair kit.
Your local library stores a wealth of information and it is free to the public. In most libraries that have credit repair kits, credit repair books, or debt management solution books.
Anything you want at your disposal and it is all free information. The library also has copy and fax machines often, and if you notice in the credit repair guide or kit, it will have copies of the letters you can write to your creditors.
Make yourself some copies and once you fill them out as instructed, you are on your way to repairing your credit. The library also has guides or kits for filing bankruptcy.
If you do not see a way out, then you may want to go this route to repair your bad credit.
In most cases, you can do a Pro Bono Bankruptcy, which means you will represent yourself in the courtroom. I just wanted to let you know that if you file a Chapter 7 Bankruptcy, you will have monthly installments to make, but if you file Chapter 13 Bankruptcy then the courts wipe out all your debts. The problem is that bankruptcies remain on credit files for up to ten years or longer. If you can avoid bankruptcy do so, however it is not the end of the world if you do.
I know people personally that filed bankruptcy and was able to get loans for mortgage, cars and so on. If you know what you are, doing you can do anything no matter how bad your situation is. Avoid Debt Consolidation, simply because it is means you will be paying fees and costs to others to get out of debt, which only adds up the bills. You might want to consider a Debt Counselor from a respected organization. It makes sense to check out any business first before spending money or asking for services.
The BBB offers free information on organizations, businesses and corporations. Once you have investigated the service then you will know if the people are really trying to help you. Any service that tells you they can get you out of debt in no time at all is pulling your leg. The fact is even when you pay your bills your credit will continue to list all the bad debts, it will only say after the debt listed - Resolved.
It is important to get copies of your credit reports from TransUnion, Equifax, and Experian. You can find any information you need online.
Knowing your status in life is the beginning of repairing bad credit.
Balance Transfer Credit Cards - Why Switch Cards?
In recent years, credit cards have become a major component of everybody’s life. It started as a convenient spending tool but now it has become a reasonable way to gain access to much needed credit in the form of cash and loans. Keeping a balance on a credit card account is today a very common thing and interest rates are a dominant factor in peoples’ daily finance.
As newer credit cards are issued every year, a balance transfer between credit cards is a common way for many to reduce their monthly payments and fees to lending organizations. If the credit history is kept in good standing, a balance transfer can be much easier and rewarding as most credit cards will be willing to grant a new loan to obtain future customers. Most credit cards offer introductory rates that are as low as zero percent and very often this low interest is kept up to twelve months.
Clearly, if someone has a very high interest rate on a credit card, he or she will save a lot of money if he/she can transfer its’ entire balance into a different credit card. But a balance transfer between credit cards can actually be used effectively for years by switching from one card to another while paying down the overall balance. But that is a dangerous game to play.
Let’s take for example, Mr. X who opens a credit card account at a given rate, say 7.99%. As he uses his card, he decides to carry a balance and just make the minimum payments. Within a few months, his balance or principal will most likely be the same and his minimum payments will only be paying down a percentage of the interest. Let’s assume now that another credit card issuer offers a 2.99% interest rate to Mr. X to transfer his balance. Mr. X will save 5% right off the bat by moving his balance. Furthermore, let’s assume that a year later a third credit card issuer offers 0% interest rate. In this case, Mr. X can transfer the balance yet again, effectively eliminating the interest paid for the period offered.
But obtaining a balance transfer credit card has a few rules that need to be followed. We already mentioned the fact that your credit history must be in good standing. The balance to be transferred should not be too high or at least in the price range that the other credit card is willing to lend. Another important factor is fixed fees that are involved in balance transferring. Because of the potential for significant balance transfer fees, before making a final decision on balance transfer card it is very important to compare the net benefit of the card offer. Simply put, because of added fees and surcharges, the other credit card offering a low or even a 0% interest rate might not be sufficient to justify such transfer.
At least two more elements must be taken into consideration regarding balance transfer credit cards. First to consider is the duration of the lower interest rate offer and second, is the amount of credit available for the actual transfer. The duration must be for a sufficient amount of time and the interest rate at the end of the promotional period must be lower or equal than the original interest rate. In this case, it is possible to find many credit cards that will guarantee the same introductory interest rate for the entire life of the balance that has been transferred.