Now it appears that where coming out of the economic slump people have a lot of questions regarding their mortgages, is it a good time to buy a home etc. this is probably the best time to do a loan modification. However, be wary of the many scams that are in the market place to take advantage of unsuspecting homeowners. Some people are so desperate to avoid foreclosure they are easy prey for these scam artists.
I recently did a loan modification on my $1 million plus mortgage and it didn’t cost me one dime. This of course was through my bank. Any legitimate loan modification should not cost you anything! Any company that asked for money up front is more than likely a scam! Most banks are willing to work with homeowners.
The last thing the bank wants is to have foreclosed homes sitting on the market. The bank loses money when no one is paying the mortgage. You have more power than you think! Call your bank and I’m sure they will work with you. Every bank has a loss mitigation department. Their sole purpose is one thing and one thing only, not to lose money. And the bank does this by working with the homeowner to keep them in their home and avoid foreclosure!
Trying to maintain good credit in this economic environment is tough. One of the things I have done is reduce my credit card debt. I have closed three accounts negotiated a repayment plan and pay down the cards I want to keep. It just takes a little discipline and a plan. My credit score has improved drastically by taking those simple steps. When the banks returned to lending on a normal basis having a good credit score will be imperative. So work on it now and do what you can to reduce debt pay down your credit cards and get rid of the ones that you don’t need.
Your credit is very important. While it may seem not to matter in your day to day life, the moment you need to buy a big purchase like a car or a house, or even just apply for a new credit card, your credit score can save you a lot of money… or cost you just as much.
The higher your score, the better. A low score can lead to everything from increased interest rates on credit cards and loans to being denied loans altogether. But fortunately, there are a number of ways you can raise your score, or simply keep it high if it’s already good.
First off, pay all your bills on time. A history of delinquent payments will hurt your credit score more than anything else. And the shorter your credit history is, the more a single late or missed payment can bring the whole thing down. Just as being late to pay bills lowers your score, paying bills on time and consistently will raise it. But it takes a lot longer to raise your credit score in this manner than to lower it. So be careful, and keep a close eye on those bills, whether it’s a minimum payment on your credit card, your monthly internet bill, or even just a parking ticket. If you can help it at all, never, ever let a bill go to collections, because that will be a black mark on your credit report for a long time.
Also, don’t let your debt get out of hand. Having a small balance on a credit card or two won’t hurt you, and if consistently paid off will actually help your score, but owing more money than you conceivably have to multiple creditors will reflect badly on you. This is generally good advice anyway, but it’s particularly relevant to raising your credit score. If you can afford it, paying off all your debts will help your credit score, and at least making the minimum payments is a must.
So basically, pay off your bills and try to keep yourself out of debt. If you’re thinking of applying for a loan soon and your credit isn’t all that great, it will probably pay off to wait on applying for that loan until you’ve spent some time trying to improve your credit. And if you really, really need help, and can afford it, hiring a credit counselor is a good way to raise your score rapidly. But hopefully, just by following these common sense guidelines… and not falling on particularly hard times… you should be able to keep your credit score healthy and high. Good luck.
More Americans are facing credit repair issues as credit card rates go up and credit limits are slashed. FICO scores are plummeting and many people are losing access to the credit they need. When collection letters and dunning calls begin, you are in the middle of a personal credit crisis.
A troubled credit situation will affect not only your ability to get credit but other important parts of your life as well. The stress that comes with this situation will impact on your family, relationships, your employment and even your health. When the stress becomes too much to handle, many people will commit to doing something, anything, to fix it. Thats where the problems of credit repair can make the situation worse.
Credit is an everyday part of American life yet most of us really do not understand how it works. Consumers probably know more about how to treat cancer than they do about how to repair their credit. Not surprisingly, many who try to repair their credit by themselves fail.
If you have a newer car and it needs a tune up you will likely take it to the dealer or a qualified mechanic. Todays card are far more sophisticated and it takes significantly more than a spark plug wrench and busted knuckles to perform a tune up. Taking it to a qualified mechanic who has the knowledge and the tools is almost always less expensive in the long run than trying to do it yourself. Youre willing to pay for the service because it makes sense.
The same applies to repairing your credit.
You can find credit repair kits, how to books, sample letters and a host of other resources both free and for sale on the internet. Attempting to repair your credit using these resources is like trying to repair your car by using the owners manual as your guide. If youre unfamiliar with the repair, then you will find the task frustrating, time consuming, and more expensive in the long term.
Reputable credit repair companies, like the professional mechanic, have the tools, knowledge and experience to perform an effective repair of your credit. Hiring one of these companies relieves you of the responsibility of dealing with the credit reporting and collection agencies. No more phone calls, no more letters, no more frustration. When you have professional representation life becomes less stressful.
However, like most industries, there are good credit repair firms, less than professional firms and some outright scams. When choosing a firm, check the experience of their personnel, insist on a written fee structure, how long have they been in business and what guarantees can they provide if any. Once you have narrowed the field, check the Better Business Bureau and your states Attorney General to see if there are any complaints.
Having a team working for you that can leverage your rights under the consumer protection laws can result in significantly higher FICO scores and access to lower interest rates. For less than your monthly cable bill, you can relieve yourself of the stress of doing the repair yourself and at the same time have more effective results. Professional credit repair firms just makes sense.
While I’m a big proponent of “do it yourself” credit repair there are some legitimate credit repair companies. The following is an example of an honest credit repair company. I will not benefit in any way if you chose to use this company. Remember if you have the time and persistence you can “do it yourself!”
ATLANTA–Peach State Credit Solutions is pleased to announce the “Fresh Start” program designed to award free credit repair to one individual per month.
It is no secret that some have become over-extended while others are still paying for credit mistakes made long ago. These factors, as well as others, lead to a lower credit score. Often times an individual’s credit score is not an accurate picture of their current situation. The simple service that Peach State Credit provides can give most people with bad credit a second chance.
All Peach State Credit Solutions customers will be automatically considered to win. The winning candidate will receive a full refund on the credit restoration service, a value of $695.00. Winners will be chosen on the last Friday of every month starting March 27, 2009.
“It is our ethical responsibility to do what we can do have a positive impact on the community. By helping to restore the credit rating of one individual per month for free, we can be part of the solution. Fresh Start can improve the standard of living for a very deserving individual,” says William Mikula, Manager of Peach State.
“Many can see the huge impact credit has on their daily lives to purchase a car or home, when applying for employment, or even in trying to obtain utility services. Our goal is to raise a general awareness of the individual credit score and the importance of resolving any outstanding issues,” explains Robert Groover, CEO of Peach State.
To apply, fill out the contact page at www.peachstatecredit.com or please email your name, contact phone number, and email address to contact@peachstatecredit.com. You can also apply by mail or in person at:
Peach State Credit Solutions, Inc.
5345 Bells Ferry Road
Atlanta, GA 30102
About Peach State Credit Solutions, Inc.
Peach State Credit Solutions offers a simple credit repair service for a single fee. Utilizing the Fair Credit Reporting Act, the company implements a proven process in assisting clients in working with the credit bureaus to improve their credit scores. The company also offers free credit report analysis.
Peach State Credit Solutions, Inc. is a Devall company
