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  #1  
Unread 09-07-2007, 06:57 AM
zinta zinta is offline
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Turn Bad Credit into Good Credit in Five Steps

Hai,

I am Zinta. I am Newbie to here.

Turn Bad Credit into Good Credit in Five Steps,

1. Reduce your monthly debt load. While conservative institutions refuse to lend money to borrowers with bad credit, there are many companies eager to help--for a price. You'll pay a higher interest rate than a top-shelf borrower, but a debt consolidation loan may be appropriate for reducing your monthly payments and re-establishing good credit.

2. Make your payments. Do whatever you have to do to make your payments. Pay your bills online, have them automatically deducted from your checking account, or mail them ten days early. There is nothing you can do to change your past. However, lenders give more weight to your recent payment history than to what happened years ago. You need to be perfect for at least a year or two to begin putting your bad credit history behind you.

3. Use credit for convenience only. Get rid of all but two or three credit cards. Use them for small purchases only and pay them in full each month. This demonstrates that you can manage credit wisely and gives you something good to show future lenders.

4. Start saving. Your monthly obligations should be lower after you pay off your cards with an appropriate debt consolidation mortgage loan. Don't let the extra money burn a hole in your pocket! Put that money into savings. Some employers allow for a set amount to be deducted from your paycheck each week and deposited into a savings account for you. Keep it up until you have at least two months of expenses as an emergency fund; six months is even better.

5. Protect yourself. Many people end up with bad credit because of unforeseen circumstances. You can hedge your bets for an emergency by obtaining liability, medical, or disability insurance.

Overcoming bad habits or bad luck isn't easy. However, with the right tools, a little discipline, and a little time, you can gain control over your finances. Start today! You'll sleep better tonight, and your future will be brighter tomorrow.
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  #2  
Unread 10-16-2007, 05:30 AM
andrew39 andrew39 is offline
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Re:

Hi,

Nice suggestions given by you. I certainly agreed with you. It is helpful to us.
Thanks for sharing your information.


Good Luck

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  #3  
Unread 10-02-2008, 04:30 PM
BizBlogged1 BizBlogged1 is offline
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Re:Tips

Saving our money will always help us from sudden expenses. Suggested tips will be meaningful when they are followed in a proper way.. Try to avoid unwanted purchases and start planning..


Finance blog, finance, economics, Corporate finance, Personal finance, Investing, Marketing</a>
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  #4  
Unread 11-28-2011, 11:05 AM
Nicholas_B Nicholas_B is offline
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There is some really good stuff here however i do think that it is always hard for people to do that because it cannot be helped - what would you advise for someone who has got them self in a bad situation?
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