How to get out of debt?
I ran into trouble a few years ago with an ex and am in the credit bureau and want out! The problem is that once I make my student loan payments and cost of living expanses there is not much left over. What I want to ask is due to the fact that my credit is bad, how can I get out of it? Is there any lenders out there? I want all money owed rolled into one payment a month, may take a few years to be debt free, but would give me piece of mind.
January 31st, 2010 at 1:55 pm
There is no simple solution to repair your credit rating. Acquiring a new loan to pay off bad debt will not fix your credit rating instantaneously. However, it is not uncommon to wait up to three months after paying off a collection account before a consumer will see an improvement to a credit score.
To improve your credit, and thus establish and maintain a good credit score, you must open, use, and timely pay credit accounts that regularly report to the three major consumer credit reporting companies (Equifax, Experian, and TransUnion). You should pay off open derogatory listings, and you should start making payments on other credit lines to reprove your credit score.
Accounts that should help improve your credit score by reporting positive payment information to the credit bureaus include auto loans, home mortgages, credit cards, and personal loans.
Consumers with negative credit listings, such delinquent accounts, must establish new positive credit lines to try to counterbalance the negative impact of their delinquent items.
As you are inquiring about how to improve your credit score, let me give you some information on how a credit score is calculated. Your credit rating is calculated based on several variables, including:
Payment history counts for approximately 35% of your score and is the most heavily weighted factor used in calculating your credit score. Consistently paying your bills on time has a positive influence on your score, while late or missed payments will hurt you in this area.
Total debt and total available credit counts for about 30% and weighs how much debt you have compared to the total available credit on your accounts. If all of your accounts are maxed out, you will be considered a poor credit risk, because it appears that you are struggling to pay off the debt you have already incurred. If your account balances are relatively low compared to your available credit, this part of the risk analysis should help your overall credit score.
Length of positive credit history counts for about 15%. The longer you maintain accounts in good standing, the better your score will be. This shows that you are able to make a long-term commitment to a creditor and are consistently responsible about making your payments.
Mix of types of credit counts for approximately 10%. Having several different types of credit, such a credit cards, consumer loans, and secured debt, will have a positive influence on your credit score.
The number of new credit applications you have recently completed accounts for about 10% of your score. Applying for too much new credit in a short time period makes indicates that you could be credit risk, as you may be desperately trying to keep your head above water.
These are important factors that impact your credit rating. This is why there is no simple solution to repairing credit. However, if you are considering resolving the debt utilizing a third party your options are typically limited to a debt consolidation loan, credit counseling program, debt settlement program, and bankruptcy. Bankruptcy is typically considered the last resort.
I encourage to visit the links provided below to learn more about each of these options in detail.
I hope this information helps you Find. Learn & Save.
Best,
Bill
http://www.bills.com/blog/
January 31st, 2010 at 1:55 pm
There are organizations out there that will help consolidate your loans (including banks) but they will also want a piece of the pie. It would definitely be worth getting a few consultations. The other thing you can do is find a way to make some extra money on the side. I tutor in the evenings after work and the money is decent. You could do that or find a part time job if your situations allows for it and then make it a point to put all that money towards paying off your debt. If there are certain things that you can cut out of your life for a while, then commit and do that too e.g. cell phone, cable, eating out, buying coffee and put that money aside to pay off your debts. You are in a tough situation but if you put your complete energy and resources towards getting yourself out of debt, you can do it. Best wishes, friend.
January 31st, 2010 at 1:55 pm
Get a second job, get rid of cell phone, cable and all other unnecessary expenses.
Student loans cannot be rolled over.
January 31st, 2010 at 1:55 pm
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